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Prescriptive Analytics Market | Size, Share, Growth | 2023 - 2030

Prescriptive Analytics Market Size (2022  - 2030)

The Global Prescriptive Analytics Market was valued at USD 7.17 billion and is projected to reach a market size of USD 28.31 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 21.68%.

PRESCRIPTIVE

INDUSTRY OVERVIEW

Prescriptive analytics analyses data or content using a variety of methods, including heuristics, sophisticated event processing, neural networks, graph analysis, simulation, and machine learning (ML). It is regarded as an important tool in enterprises for data-driven decision-making, lowering bias or human mistakes, and increasing the effectiveness of many processes. Sophisticated algorithms and technologies, also aid in providing a thorough and accurate type of data gathering and analysis.

Companies now have access to an enormous quantity of data, making it simpler to use the data obtained to generate actual commercial value. This is one of the main reasons why firms need prescriptive analytics, which enables thorough data analysis and the identification of data-driven strategic choices. Additionally, with traditional data analytics techniques, manually identifying suspicious activity has become a taxing effort as a result of the growing number of data kept in a bank's system. Prescriptive analytics is increasingly being used in the banking, financial services, and insurance (BFSI) industry to identify frauds, notify banks of them, and suggest a course of action. Prescriptive analytics may also be used to evaluate a patient's pre-existing ailments, estimate their risk of developing new conditions in the future, and execute customized preventative treatment program as necessary. This is accelerating the need for prescriptive analytics in the healthcare sector along with the increased emphasis on delivering better and higher-quality treatment to patients. Aside from that, prescriptive analytics is becoming more user-friendly by enabling organizations to obtain precise, secure, and real-time data as a result of the growing migration to cloud platforms and the growing cloud data warehouses throughout the world.

COVID-19 IMPACT ON THE PRESCRIPTIVE ANALYTICS MARKET

The dynamics of corporate operations have altered internationally as a result of COVID-19. Although the COVID-19 outbreak has highlighted flaws in business models across industries, it has also presented several opportunities for businesses to digitally transform and expand across regions as the adoption and integration of technologies like cloud, AI, analytics, IoT, and blockchain have grown during the lockdown period. During the first and second quarters of 2020, the industrial and retail sectors both saw a considerable decline in company performance. Prescriptive analytics solutions are becoming more popular across many business activities, however, due to the availability of vaccinations and the significant control the pandemic has undergone, these industries are anticipated to see increased investments over the course of the projected year.

MARKET DRIVERS: 

The market for prescriptive analytics will be driven by the demand for extensive market analytics and the rising importance of big data

One of the main factors driving the expansion of the prescriptive analytics market is the growing acceptance of automated business analytics, which are being used by several businesses across all industries. The capacity for data collection has expanded as a result of technological advancements; yet, the availability of data of various types with comparable effects is likely to cause misunderstanding. The usage of business intelligence tools for descriptive analytics allows you to get insight into the past and present status of your company, while the volume of data evaluated by prescriptive algorithms allows data scientists to see trends and make sound business decisions. Prescriptive analytics can automatically and continuously analyze fresh data to increase prediction accuracy and offer improved alternatives for decision-making.

Prescriptive analytics will experience market expansion thanks to the growing need for business intelligence

Worldwide usage of BI tools has skyrocketed across a wide range of industries, with the market for BI and advanced analytics forecasted to touch over USD 28 billion by the end of 2022. Advanced analytics, which has complemented conventional BI approaches and broadened enterprises' access to real-time decision-making, includes prescriptive analytics. Prescriptive analytics thoroughly examines the data to identify the best outcomes among multiple options under predetermined constraints. Prescriptive analytics is one example of a new analytical capability that insight-driven businesses are using to operate their operations and drive market expansion.

MARKET RESTRAINTS:

The workforce's lack of sophisticated analytical skills is impeding market expansion.

The complicated analytics process and a shortage of trained labor with advanced analytics understanding are some of the issues limiting the growth of the prescriptive analytics industry. Prescriptive analytics is not foolproof since they are susceptible to distortions like data constraints and other unaccounted-for exogenous variables. The ability to alter data and use unique algorithms to uncover hidden value is essential to the success of prescriptive analytics. Prescriptive data's ability to be useful is also influenced by how well the decision model represents the effects of the actions under consideration. However, an advanced analytics solution provides a collection of strategies to address these issues using statistical and technological methodologies, eventually assisting in the making of strategic and fact-based decisions.

PRESCRIPTIVE ANALYTICS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 - 2030

Base Year

2022

Forecast Period

2023 - 2030

CAGR

21.68%

Segments Covered

Type, Component, Enterprise, Deployment, End-user and By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

FAIR ISAAC CORPORATION, INTERNATIONAL BUSINESS MACHINES CORPORATION, INFOR, ORACLE CORPORATION, RIVER LOGIC, INC., SALESFORCE.COM, INC., SAP SE, SAS INSTITUTE INC., TERADATA CORPORATION, TIBCO SOFTWARE INC.

This research report on the Prescriptive Analytics Market has been segmented and sub-segmented based on Type, Component, Enterprise, Deployment, End-user and By Region.

PRESCRIPTIVE ANALYTICS MARKET – BY TYPE

  • Risk Management
  • Operation Management
  • Revenue Management
  • Network Management
  • Workforce Management
  • Supply Chain Management
  • Others

Based on the type, the Prescriptive Analytics Market is segmented into Risk Management, Operation Management, Revenue Management, Network Management, Workforce Management, Supply Chain Management and Others. During the anticipated time, the supply chain management segment is projected to be the biggest segment. The many organizational verticals, such as discount, retail, assembly, and others, use supply chain solutions. Solutions for supply-chain management make it easier to manage stock placement across all industries. The association generates a significant amount of data from the time that natural resources are acquired until they are delivered to the assembly. The board portion of the prescriptive analytics market will become more interested in supply chain management as a result of cutting costs and increasing association benefits.

PRESCRIPTIVE ANALYTICS MARKET – BY COMPONENT

  • Software
  • Services
  • Professional Services
  • Managed Services

Based on the component, the Prescriptive Analytics Market is segmented into Software, Services, Professional Services and Managed Services. Over the projection period, a significant CAGR is projected in the service category. Prescriptive analytics solutions are increasingly being deployed across a variety of business verticals, which is projected to raise the need for pre-and post-deployment services. This is the key factor driving the growth of the service market. The market has been divided into support and maintenance, training and consulting, and deployment/installation services based on the kind of service provided. Over the projection period, it is estimated that the deployment/installation services category would see a substantial CAGR. This is due to the increasing use of prescriptive analytics tools on cloud platforms. Over the course of the projection period, the training and consulting category is predicted to see phenomenal market growth. Transferring sufficient knowledge about how the solution works to employees is facilitated by training and consulting services. It aids businesses in overcoming the difficulty of finding skilled workers. Therefore, the rise of the category during the projection period is driven by the fact that these services assist firms in improving their overall performance and revenue creation.

PRESCRIPTIVE ANALYTICS MARKET – BY ENTERPRISE SIZE

  • Large enterprises
  • Small and medium-sized enterprises (SMEs)

Based on the component, the Prescriptive Analytics Market is segmented into large enterprises and small & medium enterprises (SMEs). Large enterprises made up the largest group of them in 2021. Large enterprises generate enormous volumes of data every day as a result of their extensive geographic reach and client bases. As a result, they are using prescriptive analytics more frequently to make wise choices, enhance operations, keep current clients and draw in new ones, raise profit margins, and lower potential hazards.

PRESCRIPTIVE ANALYTICS MARKET – BY DEPLOYMENT

  • Cloud
  • On-premises

Based on the deployment, the Prescriptive Analytics Market is segmented into Cloud and On-premises. Among these, the On-premises deployment type will account for the bulk of market shares in the Prescriptive Analytics Market from 2023 - 2030. The majority of enterprises are preferring the on-premises deployment strategy, especially in industry verticals like BFSI, Health care, military, etc. where confidentiality and security are of the highest significance. Additionally, these sectors benefit from sophisticated analytics by getting real-time information to make quick judgments.

PRESCRIPTIVE ANALYTICS MARKET - BY END-USERS

  • Healthcare
  • BFSI
  • IT & Telecommunications
  • Retail
  • Media & Entertainment
  • Manufacturing
  • Energy & Utilities
  • Transportation & Logistics
  • Government
  • Others

Based on the deployment, the Prescriptive Analytics Market is segmented into Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, Energy & Utilities, Transportation & Logistics, Government and Others. During the forecast period of 2022–2030, the Retail segment is anticipated to lead the Prescriptive Analytics Market with a CAGR of 20.3%. Retailers are forced to embrace analytics due to factors including growing consumer complexity, broad product options, and fierce rivalry. Forecasting shop traffic, reaching out to potential consumers, and preventing theft and fraud are all made possible by retail analytics. The retail industry is seeing considerable development in its sales as a result of the increasing demand for consumer products and the expansion of e-commerce, opening the way for the use of big data solutions. Additionally, the industry's escalating competitiveness has pushed participants to assure effective delivery at all phases of the process. Analysis may be used to discover valuable consumers and keep them, as well as to find new customers and entice them with worthwhile deals. For instance, Walmart, the largest retailer in the world with over 20,000 locations across 28 countries, is constructing the largest private cloud in the world to handle 2.5 petabytes of data every hour. By utilizing big data, predictive analytics enables merchants to design their stock, renewal management, and promotion techniques while lowering risk and unpredictability. The demand for the Prescriptive Analytics Market is being driven by all of the aforementioned factors over the projected period.

PRESCRIPTIVE ANALYTICS MARKET - BY REGION

  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • The Middle East
  • Africa

By region, the Prescriptive Analytics Market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. During the forecast period of 2022–2030, North America is anticipated to have the largest market share in the prescriptive analytics industry, accounting for 34% of the total market share. Due to its early and widespread adoption of advanced analytics across the bulk of its industries, the United States dominates the North American market for prescriptive analytics. The country's a retail and e-commerce sales are anticipated to rise from USD 514.58 billion in 2021 to USD 755.36 billion by 2025. Because of this, merchants are now utilizing predictive analytics to acquire a competitive edge. For instance, Amazon uses predictive analytics to make judgments about its product selection strategy, which enables the firm to pinpoint the things that customers purchase, view, and return. The National Academy of Medicine estimates that the US healthcare sector wastes 750 billion dollars on needless treatments. By examining the possibility that a certain patient would contract a particular ailment, predictive analytics may eliminate financial waste and save up to 15% of its budget. The flourishing digital economy in the U.S., which gives the Prescriptive Analytics Market an extra edge, is another factor contributing to the fact that key suppliers of the Prescriptive Analytics Market in 2021 were located there.

PRESCRIPTIVE ANALYTICS MARKET - BY COMPANIES

Some of the major players operating in the Prescriptive Analytics Market include:

  1. FAIR ISAAC CORPORATION
  2. INTERNATIONAL BUSINESS MACHINES CORPORATION
  3. INFOR
  4. ORACLE CORPORATION
  5. RIVER LOGIC, INC.
  6. SALESFORCE.COM, INC.
  7. SAP SE
  8. SAS INSTITUTE INC.
  9. TERADATA CORPORATION
  10. TIBCO SOFTWARE INC.

NOTABLE HAPPENING IN THE PRESCRIPTIVE ANALYTICS MARKET

  • PRODUCT LAUNCH- Infor introduced its next-generation hotel management solution in September 2021, emphasizing mobile capabilities for outstanding, customized guest services.
  • PRODUCT LAUNCH- The newest Sisense Q2 2021 was released by Sisense in August 2021, enabling businesses to create extendable insights, explore the newest capabilities, discover new dimensions with Sisense Explanations, and include photos into pivot tables
  • EXPANSION- In May 2021, SAS declared that it will strengthen the basis for the success of data and analytics by integrating new data management tools into its SASViya platform, which is built entirely on the cloud.
  • PRODUCT LAUNCH- IBM debuted the Cloud Satellite in March 2021, providing cloud services to customers worldwide. Clients may automate the deployment and maintenance of cloud-native services using this for both development and operations, which increases business agility.
  • PRODUCT LAUNCH- IBM introduced 5G and Edge Computing in November 2020 to assist businesses in putting computing and data storage closer to the source of the data, making it even simpler to act on the insights gleaned from the data.
  • PRODUCT LAUNCH- To enhance cloud capabilities to satisfy client expectations, Talend announced the 2020 upgrade of its Talend Data Fabric product in August of that year.

Chapter 1.PRESCRIPTIVE ANALYTICS MARKET     – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2.PRESCRIPTIVE ANALYTICS MARKET     – Executive Summary

2.1. Market Size & Forecast – (2022 – 2026) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-16 Impact Analysis

      2.3.1. Impact during 2022 - 2026

      2.3.2. Impact on Supply – Demand

Chapter 3.PRESCRIPTIVE ANALYTICS MARKET     – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4.PRESCRIPTIVE ANALYTICS MARKET     - Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porter's Five Force Model

       4.4.1. Bargaining Power of Suppliers

       4.4.2. Bargaining Powers of Customers

       4.4.3. Threat of New Entrants

       4.4.4. Rivalry among Existing Players

       4.4.5. Threat of Substitutes

Chapter 5. PRESCRIPTIVE ANALYTICS MARKET     - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6.PRESCRIPTIVE ANALYTICS MARKET     – By TYPE

6.1. Risk Management

6.2. Operation Management

6.3. Revenue Management

6.4. Network Management

6.5. Workforce Management

6.6. Supply Chain Management

6.7. Others

Chapter 7.PRESCRIPTIVE ANALYTICS MARKET     – By COMPONENT

7.1. Software

7.2. Services

7.3. Professional Services

7.4. Managed Services

Chapter 8.PRESCRIPTIVE ANALYTICS MARKET     – By ENTERPRISE SIZE

8.1.  Large enterprises

8.2. Small and medium-sized enterprises (SMEs)

Chapter 9.PRESCRIPTIVE ANALYTICS MARKET     – By DEPLOYMENT

9.1. Cloud

9.2. On-premises

Chapter 10.PRESCRIPTIVE ANALYTICS MARKET     – By END-USE 

10.1. Healthcare

10.2. BFSI

10.3. IT & Telecommunications

10.4. Retail

10.5. Media & Entertainment

10.6. Manufacturing

10.7. Energy & Utilities

10.8. Transportation & Logistics

10.9. Government

10.10. Others

Chapter 11.PRESCRIPTIVE ANALYTICS MARKET     – By Region

11.1. North America

11.2. Europe

11.3. The Asia Pacific

11.4. Latin America

11.5. The Middle East

11.6. Africa

Chapter 12.PRESCRIPTIVE ANALYTICS MARKET      – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

12.1. FAIR ISAAC CORPORATION

12.2. INTERNATIONAL BUSINESS MACHINES CORPORATION

12.3. INFOR

12.4. ORACLE CORPORATION

12.5. RIVER LOGIC, INC.

12.6. SALESFORCE.COM, INC.

12.7. SAP SE

12.8. SAS INSTITUTE INC.

12.9. TERADATA CORPORATION

12.10. TIBCO SOFTWARE INC.

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