Predictive analytics is changing the future of emerging economies. They are relying more heavily on digital technology to improve productivity. Big data is playing an important role in helping them achieve this. At first glance, this sounds like a perfect recipe for success in those markets. However, according to 7 Ninjas, a software development company, it is easy to overlook the role of technological advancements in those parts of the world. Although they tend to lag other countries when it comes to adapting new technology, they are catching up rather quickly. The market for mobile apps is rising at an accelerated pace. According to analysts, the market for mobile apps is expected to reach $189 billion by the end of next year. As the market grows, a variety of new trends are beginning to take hold. Globalism is one of the biggest changes impacting the mobile app development industry. New advances in predictive analytics will help mobile app developers navigate these changes and develop better technology to adapt. Predictive analytics is especially important for developers creating apps in emerging markets. Here is an overview of the role that big data technology is going to play as more app developers try to capture market share in these developing economies.
Predictive analytics will play a role in developing apps that will be appropriate for future forms of technology in emerging markets
Customers in emerging markets tend to use older devices than their counterparts in other countries. This is something that Uber discovered when they decided to create an app for customers in India and several other emerging economies. They discovered that the majority of customers in those regions were using smartphones that were at least five years old. Therefore, they decided to build a special app for those regions that was compatible with their preferred devices.
“We found that more than 80-85% of our users are on Android platform. We looked at our Android audience in emerging markets and found that the majority of our audience relied on devices which were from 2014 or older, as per the year-class scale for mobile phones. While these people were booking rides, we felt we could do a lot more to improve their experience,” Shirish Andhare, Head of Product and Growth, Uber India told The Next Web.
Predictive analytics algorithms will help developers monitor the pace of technological progress in various countries. They will be able to use this information to make sure that they roll out new apps that will be compatible with the hardware that will be commonplace in those countries in the near future.
Predictive analytics captures rapidly changing variables in an increasingly global world
Experts often debate the impact that globalism has on wealthier, more developed countries. However, it is probably having a much stronger effect on developing economies. A number of socio-political trends are emerging and driving profound change in countries that have historically preserved certain customs for hundreds of years. App developers that rely heavily on historical documentation to develop mobile applications for customers will be making poorly founded decisions. Instead, they should use big data to get real-time insights into customer behavior and psychographic tendencies. Monitoring incremental changes in these variables will help them get better understandings of their preferences when choosing mobile apps. Predictive analytics algorithms make it easier to forecast new social trends in these regions. Mobile app developers can use a variety of big data sources to assimilate this information for their predictive analytics algorithms.
Identifying market demand for different solutions
Mobile applications are crucial to solving a variety of challenges in our everyday lives. They have only recently started to play a role in emerging economies, but they are poised to be more important than ever in those areas. Mobile application developers need to be able to forecast demand for the various solutions they offer. Understanding the changes in various markets is going to be one of the most important steps. Predictive analytics technology is able to forecast demand for various solutions. You can rely on a variety of sources, including:
- Market data for existing products and services
- Analytics data from Google Trends
- Regression analysis between products and service sales and various social political trends in various parts of the world
- Data from similar countries that made early progress on various milestones
Predictive analytics will help developers make sure they are creating apps that will be easy to monetize in emerging economies.