A blog posting by Vinay Balasubramanium for his Entrepreneurial Marketing class at the Foster School of Business, University of Washington:
Snap Analytx was started by Madhu Reddy, an ex-Microsoft product marketing manager in 2013 to address a fundamental problem in the world of predictive analytics – shortage of data scientists and lack of easily consumable predictive models for analysis.
Predictive analytics empowers organizations to plan for the future by providing tools to analyze historic information and identify future trend and transform an uncertainty into a usable action with high probability. The world of predictive analytics has been the exclusive realm of ivory-tower statisticians and data scientist who rarely interact with everyday line of business decision makers. The goal of Snap Analytx is to bridge this gap between predictive model creators (supply side) and model consumers (organizations) by creating an open marketplace for predictive models and foster transparent collaboration between the model authors and model consumers (data scientist). They provide simple tools for model authors (non-data scientist) to build predictive models and showcase their models to the end buyers (data scientists) and provide a simple platform for deploying and managing these models. A simple way to think about Snap Analytx – Heroku (open deployment platform) + eBay (marketplace).
Globally, the predictive analytics market was valued at USD 2,087.3 million in 2012 and is forecast to grow at 17.8% CAGR from 2013 – 2019. According to a new market report “Predictive Analytics Market published by Transparency Market Research, the market for predictive analytics software is forecast to reach USD 6,546.4 million globally by 2019. The market growth is driven by increased demand for ‘customer intelligence’ and ‘fraud and security intelligence’ software. Cloud hosted predictive analytics software solution is seen as an emerging market and is expected to drive growth in the near future. The market opportunity for Snap Analytx is huge. They are creating a new market and lowering the barrier to entry for organizations looking to realize the power of predictive analytics. They are the only open marketplace for predictive model. Being the first in the market, has given them undue advantage to build both the supply side and the demand side of the market and provide a platform for non-data scientist to easily use and consume models for analysis.
Snap Analytx mission is to “enable more organizations to take advantage of the power of predictive analytics in decision-making — by making predictive analytics more accessible, more affordable and easier to use”. Their value proposition is to make it easy for model authors to create, publish and monetize models and model buyers to buy and deploy models for analysis in a low-cost and scalable way. The primary distribution channel today is their website (http://snapanalytx.com). End users can directly buy and deploy the models from the website (one time transactions or subscription model) – B2C model. They are also looking to partner with big data cloud providers (Azure, Amazon, and Rackspace) to be their de-facto marketplace for predictive models (B2B play). In addition, they are also looking to provide consulting services to organizations who are looking to customize an existing models or build new models. Additionally, Snap Analytx is starting to increase the presence in linked-in discussions groups for predictive analytics and closely following popular bloggers who regularly blog for KDnuggets.com. Getting the word out about Snap Analytx in these forums will help them build the supply side of their business and get a critical number of models in their market place. The demand side will eventually follow.