According to the latest report by IMARC Group, titled “Prescriptive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global prescriptive analytics market size reached US$ 4.8 Billion in 2022. Prescriptive analytics refers to an advanced form of analytics that leverages both historical and predictive data to suggest actions to optimize future decisions or outcomes. The primary objective of prescriptive analytics is to provide businesses with precise recommendations regarding what action to take to attain a particular goal or solve a complex problem. Additionally, it utilizes various techniques and tools such as algorithms, machine learning, computational modelling procedures, and several types of analytics, such as decision tree, Monte Carlo simulation, and neural networks. This form of analytics aids in quantifying the effect of future decisions in order to guide optimal possible outcomes. It is increasingly becoming the cornerstone of decision-making processes in diverse business sectors, including healthcare, finance, retail, and logistics.
Global Prescriptive Analytics Market Trends:
As for the global prescriptive analytics market, several key drivers and trends are influencing its growth. Currently, one of the primary factors propelling this market is the increasing emphasis of organizations on digitization and data-driven decision-making. This escalating reliance on data is inspiring the adoption of prescriptive analytics for better business intelligence and actionable insights. Along with this, rapid advancements in AI and machine learning are fueling the development and implementation of sophisticated prescriptive analytics tools. Another vital market driver is the growing need to adopt new technology solutions that ensure efficiency and competitiveness in an ever-evolving business landscape. Coupled with this is the trend of incorporating prescriptive analytics in business processes for superior risk management, reducing operational costs, and enhancing overall business performance. In addition, the proliferation of big data and the growing awareness of its potential to facilitate informed decision-making are driving market growth. Apart from this, the industry is witnessing a rising trend of developing cloud-based prescriptive analytics solutions, aiming to offer scalable, flexible, and cost-effective solutions to businesses, irrespective of their size. Furthermore, the emergence of IoT and the consequent data explosion is creating a positive market outlook. Looking forward, the market value is projected to reach US$ 16.1 Billion by 2028, expanding at a CAGR of 21.43% during 2023-2028.
- Based on the component, the market has been segmented into software and services. Currently, software dominates the market, holding the largest share.
- On the basis of the deployment mode, the market is segregated into on-premises and cloud-based. Presently, on-premises accounts for the largest market share.
- Based on the business function, the market has been segmented into operations, sales, marketing, finance, and human resources.
- On the basis of the organization size, the market has been bifurcated into small and medium-sized enterprises and large enterprises.
- Based on the industry vertical, the market is segregated into BFSI, healthcare, IT and telecommunications, retail, media and entertainment, manufacturing, energy and utilities, transportation and logistics, government, and others. Among these, BFSI accounts for the largest market share.
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Currently, North America holds the largest market share.
- The competitive landscape of the market has also been examined, with some of the key players being Altair Engineering Inc., Alteryx Inc., Fair Isaac Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, River Logic Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc. and Zebra Technologies Corporation.
|Base Year of the Analysis
||Component, Deployment Mode, Business Function, Organization Size, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Altair Engineering Inc., Alteryx Inc., Fair Isaac Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, River Logic Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc. and Zebra Technologies Corporation.
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