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The Prescriptive Analytics market has witnessed significant growth and transformation in recent years, marking a distinct shift in the way organizations leverage data to make informed decisions. Prescriptive analytics goes beyond descriptive and predictive analytics by not only providing insights into what is likely to happen but also recommending actions to optimize outcomes. This emerging market has gained traction across various industries as businesses increasingly recognize the value of proactive decision-making.
One notable trend in the Prescriptive Analytics market is the integration of artificial intelligence (AI) and machine learning (ML) algorithms. These technologies play a pivotal role in analyzing vast datasets, identifying patterns, and recommending optimal courses of action. As organizations strive to enhance their decision-making processes, the adoption of AI-driven prescriptive analytics solutions has become a strategic imperative.
Moreover, the demand for real-time prescriptive analytics solutions has surged, driven by the need for instant and dynamic decision support. In today's fast-paced business environment, organizations require actionable insights in real time to respond promptly to changing market conditions. Real-time prescriptive analytics empowers decision-makers to make quick and informed choices, thereby gaining a competitive edge.
Another key trend shaping the Prescriptive Analytics market is the increasing focus on industry-specific solutions. As businesses become more specialized, there is a growing recognition that generic analytics models may not effectively address the unique challenges of each sector. Consequently, vendors in the prescriptive analytics space are developing industry-specific solutions tailored to the needs and nuances of particular verticals, such as healthcare, finance, manufacturing, and retail.
The rise of cloud-based prescriptive analytics solutions is also noteworthy. Cloud computing offers scalability, flexibility, and accessibility, making it an attractive option for organizations seeking cost-effective and efficient analytics solutions. Cloud-based prescriptive analytics enables businesses to leverage advanced analytics capabilities without the need for significant upfront investments in infrastructure and technology.
Furthermore, the Prescriptive Analytics market is witnessing increased collaboration between analytics solution providers and industry experts. This collaboration aims to combine domain expertise with advanced analytics capabilities, ensuring that the prescriptive insights generated are not only data-driven but also contextually relevant. This trend reflects a broader acknowledgment that successful prescriptive analytics requires a deep understanding of the specific challenges and opportunities within a given industry.
In conclusion, the Prescriptive Analytics market is experiencing a paradigm shift driven by advancements in technology, a growing emphasis on real-time decision support, industry-specific solutions, the adoption of cloud-based models, and collaborative partnerships. As organizations continue to navigate an increasingly complex business landscape, the ability to not only predict outcomes but also prescribe optimal actions is becoming a critical differentiator. The evolving trends in the Prescriptive Analytics market underscore the importance of staying abreast of technological developments and industry-specific needs to harness the full potential of prescriptive analytics for informed and strategic decision-making.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The rising usage of Big Data and the Internet of Things (IoT). |
| Market Dynamics | Increasing Application of Real Time Data for Business Operation |
Prescriptive Analytics Market Highlights:
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
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FICO (U.S.)
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Ayata (U.S.)
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IBM Corporation (U.S.)
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River Logic, Inc. (U.S.)
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Angoss Software (U.S.)
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Frontline (U.S.)
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Profitect (U.S.)
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Panoratio (Germany),
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TIBCO Software (U.S.)
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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
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Software
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Services
Prescriptive Analytics Application Outlook
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Operation Management
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Revenue Management
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SCM
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Others
Prescriptive Analytics Deployment Outlook
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On Demand
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On Premise
Prescriptive Analytics Organization Outlook
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SME
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LBU
Prescriptive Analytics Business Sector Outlook
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HR, Marketing
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Finance
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Operation
Prescriptive Analytics Vertical Outlook
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BFSI
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Healthcare
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IT/ Telecom
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Manufacturing
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Government
Prescriptive Analytics Regional Outlook
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North Americas
- U.S.
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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