- Regression analysis can be used to statistically estimate the relationship between several variables by finding a curve or line that best fits the specified variable. The analysis is used to predict real outcomes and to understand the relationship between variables.
- Regression analysis comprises some variations, such as multiple linear, linear, and nonlinear. The most common models are multiple linear and simple linear. Nonlinear regression analysis is often used for more complex data sets where the dependent and independent variables have a nonlinear relationship.
- The process of performing a regression analysis helps to surely determine which factors can be ignored, which are most important, and how these factors affect each other.
- Regression analysis tools help to examine the relationships between two variables based on a sample and provide an equation for a chart that is used to predict trends in data.
- In statistics, it is very difficult to understand random numbers in a table; in this case, regression analysis tools can help to make a better prediction using an equation.
- Regression analysis is a useful statistical technique that an organization can use to determine the degree to which certain independent variables affect dependent variables. The possible scenarios for performing regression analysis to generate actionable and valuable business insights are endless.
- The global regression analysis tool market is expected to grow during the forecast period as these tools provide detailed information that can also be used to improve products and services.
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Global Regression Analysis Tool Market: Dynamics
Global Regression Analysis Tool Market: Key Drivers
- In several cases, it is necessary to use regression analysis tools in the field of biomedical signal processing to assess the suitability of parameterization techniques to predict and quantify the health status of the subject, which is analyzed on selected rating scales to assess the severity of a disease. This is one of the main drivers for the growth of the regression analysis tool market.
- Results of a regression analysis tool are more reliable and precise for decision making; so the high accurateness of the result is one of the main factors that drives the market.
- The regression analysis tool eliminates time-consuming and tedious processes because it eliminates the need to run the same tests over and over again. This again drives the market.
- However, as products are updated, testing becomes rather complex, as even a small change can cause unexpected problems in the existing functionality. This can restrain the growth of the regression analysis tool market.
Impact of COVID-19 on the Global Regression Analysis Tool Market
- The increase in COVID-19 cases worldwide is causing a financial slowdown and millions of people are working from home for the first time during the epidemic. This is likely to change the traditional corporate culture. Therefore, demand for digital or cloud-based solutions and the use of regression analysis tools is increasing in every sector.
- Thus, COVID-19 has a positive impact on the regression analysis tool market and is projected to propel the market in the next few years.
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North America to Hold Major Share of the Global Regression Analysis Tool Market
- The global regression analysis tool market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to have the major share of the regression analysis tool market during the forecast period due to the local presence of regression analysis software and services.
- Technological advances in analytics and cloud in the European region have resulted in strong adoption of the regression analysis tool in the region, which is expected to significantly boost the regression analysis tool market in Europe.
- The Asia Pacific market is rising rapidly due to the increasing adoption of advanced technologies, steady economic growth, and smart city projects.
Global Regression Analysis Tool Market: Competition Landscape
- Various key players such as MathWorks Inc., and SAS Institute Inc. are active in the regression analysis tool market.
- In June 2017, CAMO Software AS declared a universal partnership with Metrohm’s AG, a supplier of precision instruments. Metrohm’s Vision Air 2.0 software supports forecast models that were created with the Unscrambler X software from CAMO’s and offers a convenient import and export function to enable sample analysis and measurements to be carried out in the Metrohm’s Vision Air software.
- SAS comprises accurate techniques for small data sets, modern approaches for analyzing data with missing values, and powerful statistical modeling tools for large data tasks.
Key players operating in the global regression analysis tool market include:
- MathWorks, Inc.
- International Business Machines Corp. (IBM)
- SAS Institute Inc.
- StataCorp LLC
- Minitab Inc.
- GraphPad Software Inc.
- Lumina Decision Systems
- TIBCO Software Inc.
- QlikTech International AB
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