The global demand for Prescriptive Analytics Market is presumed to reach the market size of nearly USD 62.19 BN by 2030 from USD 9.12 BN in 2022 with a CAGR of 27.12% under the study period 2023 - 2030.
Prescriptive analytics is a type of analytics that uses techniques including predictive analytics, descriptive analytics, and diagnostic analytics to forecast likely outcomes in a given circumstance. Prescriptive analytics typically provides information such as potential outcomes, prior performance, available resources, and a course of action or plan to execute or adjust. Prescriptive analytics not only analyzes what might happen but also explains why it might happen.
Market Dynamics
A prescriptive model is commonly used to acquire insight into recommendations for activities that can benefit from the forecasts. As a result of its ability to quantify the impact of future decisions and provide guidance on future outcomes, prescriptive analytics is projected to grow in popularity among enterprises worldwide. The rise in demand for comprehensive market analytics solutions among businesses worldwide for product differentiation and to stay competitive in the global market is a significant factor fueling the growth of the worldwide prescriptive analytics market. Increased usage of connected devices like robots, sensors, and smartphones is causing industrial evolutions across industries worldwide, likely enhancing market growth. Analytics adoption is converting businesses from manufacturing facilities to smart organizations across numerous industrial sectors. Furthermore, factors like the emergence of new technologies and the introduction of the Internet of Things (IoT) are likely to propel the market forward. However, the lack of advanced analytical skills among workers, and the variety of data models based on business expectations, may hinder the prescriptive analytics market's growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of prescriptive analytics. The growth and trends of prescriptive analytics industry provide a holistic approach to this study.
Market Segmentation
This section of the prescriptive analytics market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Component
By Deployment
By Business Function
- Operations
- Sales
- Marketing
- Finance
- Human Resources
By Industry Vertical
- Healthcare
- Bfsi
- It & Telecommunications
- Retail
- Media & Entertainment
- Manufacturing
- Energy & Utilities
- Transportation & Logistics
- Government
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Prescriptive Analytics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Prescriptive Analytics Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the prescriptive analytics market include Fair, Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, and Tibco Software Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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