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Prescriptive Analytics Market Share

ID: MRFR//1947-HCR | 100 Pages | Author: Shubham Munde| November 2024

The Prescriptive Analytics market is influenced by a myriad of factors that collectively shape its dynamics and growth trajectory. One key determinant is technological advancements. As technology continues to evolve, the capabilities of prescriptive analytics solutions are enhanced, allowing businesses to make more informed and strategic decisions. The integration of artificial intelligence and machine learning algorithms has played a pivotal role in empowering prescriptive analytics tools to analyze vast datasets and provide actionable insights.

Market demand is another crucial factor shaping the landscape of prescriptive analytics. With businesses increasingly recognizing the importance of data-driven decision-making, the demand for advanced analytics solutions, including prescriptive analytics, has surged. Organizations across various industries are seeking ways to optimize their operations, minimize risks, and gain a competitive edge, driving the adoption of prescriptive analytics tools.

The availability and accessibility of data contribute significantly to the effectiveness of prescriptive analytics. As the volume of data generated continues to grow exponentially, prescriptive analytics tools have a wealth of information to analyze, leading to more accurate and reliable insights. The quality of data also plays a vital role, as accurate and relevant data is essential for the success of prescriptive analytics models.

Regulatory and compliance requirements are another set of factors influencing the prescriptive analytics market. Industries such as healthcare and finance, which are subject to stringent regulations, find prescriptive analytics valuable in ensuring compliance while optimizing processes. The ability of prescriptive analytics to provide real-time insights helps organizations in these regulated sectors adhere to compliance standards and avoid potential risks.

Global economic conditions and market trends also impact the prescriptive analytics market. In times of economic uncertainty, businesses seek ways to cut costs, improve efficiency, and maximize returns on investment. Prescriptive analytics, with its ability to identify cost-saving opportunities and optimize resource allocation, becomes a strategic asset for organizations navigating challenging economic environments.

The competitive landscape and vendor ecosystem within the prescriptive analytics market are additional influential factors. The presence of established players with a strong market share and innovative startups introducing disruptive technologies contribute to the overall competitiveness of the market. Mergers and acquisitions, strategic partnerships, and product innovations are common occurrences in this dynamic market, shaping its structure and evolution.

Moreover, the level of awareness and education among businesses about the benefits of prescriptive analytics influences its adoption. Organizations that understand the potential of prescriptive analytics in improving decision-making and driving business outcomes are more likely to invest in and implement these solutions. As awareness spreads and case studies showcase successful implementations, the momentum for prescriptive analytics adoption is likely to increase.

Lastly, the scalability and flexibility of prescriptive analytics solutions impact their market penetration. Businesses, regardless of size, seek solutions that can scale with their growing data needs and adapt to changing business requirements. Prescriptive analytics solutions that offer scalability and flexibility are better positioned to meet the diverse needs of organizations operating in dynamic and evolving business environments.

In conclusion, the prescriptive analytics market is shaped by a complex interplay of technological advancements, market demand, data availability, regulatory requirements, economic conditions, competitive dynamics, awareness, and scalability. As these factors continue to evolve, the prescriptive analytics market is expected to grow and mature, offering organizations powerful tools to navigate the complexities of the modern business landscape.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2022
Historical Data	2019 & 2021
Forecast Period	2023-2030
Growth Rate	19.12% (2023-2030)

Prescriptive Analytics Market Highlights:

Prescriptive Analytics Market Trends

Prescriptive Analytics Market Analysis

Prescriptive Analytics Market Share

Prescriptive Analytics Companies

Prescriptive Analytics Market Overview

Prescriptive Analytics Market Size was valued at USD 5.19 billion in 2022. The Prescriptive Analytics market industry is projected to grow from USD 5.50 Billion in 2023 to USD 22.30 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.1% during the forecast period (2023 - 2030).

Prescriptive analytics is a system that uses analytics methods including descriptive, diagnostic, and predictive analytics to suggest potential outcomes for a given circumstance. Descriptive predictive and prescriptive analytics typically offers insights such as data on potential outcomes, prior results, and available resources and suggests a course of action or strategy that must be implemented or changed.

Figure 1: Prescriptive Analytics Market Size, 2024-2032 (USD Billion).

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Prescriptive Analytics Market Trends

Increasing Application of Real Time Data for Business Operation

Every corporation focusing on its business expansion in the cutthroat market must use data-driven decision-making. Real-time data accessibility aids firms in processing and analyzing data, which is then utilized to produce regular strategies for improving corporate performance and to gain an advantage over rivals.

Additionally, businesses are utilizing the advantages of business intelligence and analytical tools more and more, not only to gather perspectives but also to drive strategic decision-making in real-time. Prescriptive data analysis employs ML and AI to identify and suggest an action or collection of activities that can be utilized to control potential future circumstances. The best example of prescriptive model in action is Amazon, which uses user data to suggest related products to customers based on their prior purchases.

real-time accessibility of data has become increasingly popular in recent years due to the benefits it brings to businesses. In today's fast-paced business environment, companies require immediate access to accurate and relevant information in order to make informed decisions, respond to changing market conditions, and improve operational efficiency.

Additionally, by having real-time data access, companies can monitor key performance indicators, track inventory levels, and monitor customer behavior in real-time, allowing them to make informed decisions and respond quickly to changes. This helps to reduce the time and resources needed for manual data collection and analysis, and allows organizations to respond more quickly to business opportunities and challenges.

Moreover, real-time data access can also help to improve collaboration and communication within an organization. By having immediate access to the latest information, teams can work more closely together and make decisions more effectively, leading to improved productivity and better results.

Overall, the rise in popularity of real-time data accessibility is driven by the need for businesses to be more agile and efficient in order to stay competitive in today's rapidly changing business landscape.

Prescriptive Analytics Market Segment Insights

Prescriptive Analytics Application Insights

During the anticipated time, the supply chain management segment is anticipated to be the largest. The various organizational verticals, including discount, retail, assembling, and others, implement supply chain solutions. Solutions for supply-chain management assist in managing stock arrangements across all industries. The association generates a significant amount of data from the time that natural material is acquired until it is sent to the assembly. The board segment of the prescriptive analytics market will become more interested in supply chain management in order to reduce costs and increase association benefits.

In August 2021:Sisense released the newest Sisense Q2 2021, enabling businesses to create extendable insights, explore the newest capabilities, discover new dimensions with Sisense Explanations, and incorporate photos into pivot tables.

In May 2021:SAS has announced plans to strengthen its data and analytics capabilities by integrating new data management solutions into its SASViya platform, which is built for cloud-based operations. This move is aimed at providing a solid foundation for successful data and analytics operations and helping customers maximize the value of their data.

Figure 2: PRESCRIPTIVE ANALYTICS MARKET, BY APPLICATION, 2022 & 2030 (USD BILLION)

Prescriptive Analytics Region Insights

Prescriptive analytics market share in North America was the largest in 2022 and is expected to hold this position during the forecast period. The increase in demand for analytical marketing solutions and the widespread use of analytical framework among businesses in this sector are related to this. In addition, the large number of competitors operating in this area contributes to the market's growth in North America. Additionally, North American nations' highly developed IT infrastructure has facilitated a widespread use of prescriptive data analytics tools by regional enterprises.

Figure 2: PRESCRIPTIVE ANALYTICS MARKET, BY REGION, 2022 & 2030 (USD BILLION)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Prescriptive Analytics Key Market Players & Competitive Insights

The market has a large number of important companies. Due to the market's high CAGR and lucrative revenue sources, they are entering it. This is true despite the fact that substantial entry barriers are created by hefty research and development expenditures. Businesses are surviving by making greater investments in R&D, forming alliances, mergers, and acquisitions, as well as by introducing new, more cutting-edge products and services.

In the market for prescriptive analytics, Ayata is a significant American competitor. By entering the prescriptive analytics industry with new solutions, it is maintaining its competitive edge. The company utilizes cutting-edge technology and draw inspiration from the Central Nervous System of the human body (CNS.) Its products and services forecast potential future situations and their expected results using a combination of structured and unstructured data.

Key Companies in the Prescriptive Analytics market includes

FICO (U.S.)

Ayata (U.S.)

IBM Corporation (U.S.)

River Logic, Inc. (U.S.)

Angoss Software (U.S.)

Frontline (U.S.)

Profitect (U.S.)

Panoratio (Germany),

TIBCO Software (U.S.)

NGData (Belgium)

Prescriptive Analytics Industry Developments

Kepler Analytics Launches Retail Prescriptive Analytics System

On 27th Jan, 2023 Kepler Analytics an international provider of foot traffic monitoring and sales optimization solutions for retailers has announced that it has launched new Prescriptive Analytics System that identifies potentially overlooked sales opportunities on a zone-by-zone level and delivers recommendations in real time to immediately increase sales and profits throughout a store or group of stores.

Teradata and FICO launch integrated, advanced analytic solutions

On 19th May 2023, Teradata and FICO, the analytics software provider has announced they plan to bring to market integrated advanced analytic solutions for real-time payments fraud, insurance claims, and supply chain optimisation. The solution will bring together FICO’s FICO Falcon Fraud Manager, with its consortium data and neural network models, and Teradata’s capabilities in enterprise-scale AI/predictive and prescriptive analytics.

In March 2021

IBM launched Cloud Satellite, which provides cloud services to its clients everywhere. Clients can use this to automate cloud native service deployment and management for both development and operations, which will increase company agility.

In November 2020

IBM introduced 5G and Edge Computing in order to enable businesses move computation and data storage closer to the data source and make it even simpler for enterprises to act on the insights derived from the data.

Prescriptive Analytics Market Segmentation

Prescriptive Analytics Component Outlook

Software

Services

Prescriptive Analytics Application Outlook

Operation Management

Revenue Management

Others

Prescriptive Analytics Deployment Outlook

On Demand

On Premise

Prescriptive Analytics Organization Outlook

Prescriptive Analytics Business Sector Outlook

HR, Marketing

Finance

Operation

Prescriptive Analytics Vertical Outlook

BFSI

Healthcare

IT/ Telecom

Manufacturing

Government

Prescriptive Analytics Regional Outlook

North Americas
- U.S.
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World

Prescriptive Analytics Companies

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