USD 39.99 billion
Prescriptive Analytics Market Size, Share, Growth Analysis, By Component(Software, Services (Professional Services, Managed Services)), By Deployment Mode(Cloud, On-premises), By Organization size(Large Enterprises, Small & Medium Enterprises (SMEs)), By Application(Risk Management, Operation Management, Revenue Management, Network Management), By Business function(HR, Sales, Marketing, Finance), By Data type(Unstructured, Semi-structured, Structured), By Vertical(BFSI, Retail and eCommerce, Media and Entertainment, Manufacturing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45C2035 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
59
|Figures:
77
Prescriptive Analytics Market Insights
Global Prescriptive Analytics Market size was valued at USD 6.20 billion in 2022 and is poised to grow from USD 7.69 billion in 2023 to USD 42.97 billion by 2031, at a CAGR of 24% during the forecast period (2024-2031).
Businesses and organisations that already use descriptive analytics tools and solutions are better positioned to implement predictive and prescriptive analytics solutions. Since companies can forecast using historical data and run algorithms, they use these solutions more successfully. According to the National Academy of Medicine, unnecessary services cost the US healthcare industry 750 billion dollars annually. By determining the likelihood that a certain patient will get a particular ailment, predictive analytics can reduce financial waste and save up to 15% of its budget. The growing investment in big data infrastructure globally, the rise in cybercrimes, and the demand for crime prediction and prevention will all contribute to the market growth for prescriptive analytics in the years to come. These factors, along with the overwhelming shortcomings of traditional business intelligence tools, are also expected to contribute to this growth.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
On-Premises
Growth Rate
19.34% CAGR
Prescriptive Analytics Market ($ Bn)
Country Share for North America Region (%)
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Prescriptive Analytics Market Segmental Analysis
Global Prescriptive Analytics Market is segmented based on component, deployment mode, organization size, application, business function, data type, vertical, and region. Based on Component, the market is segmented into Software, and Services. Based on Deployment mode, the market is segmented into Cloud and On-premises. Based on Organization size, the market is segmented into Large, Small & Medium (SMEs). Based on Application, the market is segmented into Risk management, Operation management, Revenue management, Network management, Workforce management, Supply Chain management, and Others (asset management, customer relationship management). Based on Business function, the market is segmented into HR, Sales, Marketing, Finance, Operations. Based on Data type, the market is segmented into Unstructured, Semi-structured, Structured. Based on Vertical, the market is segmented into BFSI, Retail and eCommerce, Media and Entertainment, Manufacturing, Travel and Hospitality, Energy and Utilities, Telecom and IT, Transportation and Logistics, Healthcare and LifeSciences, Government and Defence, and Others (Agriculture, Academics, and Research). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Deployment Mode
On-premises solutions held a dominant share exceeding 45% in 2022. This enduring popularity stems from the control and customization on-premises IT offers organizations. Additionally, it minimizes reliance on external internet connections and potentially safeguards sensitive data from cyberattacks. These advantages are expected to continue attracting large enterprises seeking a secure and customizable IT environment. Furthermore, the financial services sector (BFSI) often opts for on-premises solutions due to heightened security concerns around fraud, such as fake account creation and unauthorized account access. This preference for on-premises deployment by BFSI companies strengthens the overall market for on-premises solutions.
The cloud segment is poised for explosive growth in the coming years. This surge is driven by the increasing adoption of both cloud computing and the Internet of Things (IoT). Cutting-edge cloud analytics tools are also playing a key role, as they revolutionize how businesses manage, organize, and utilize the data generated by their digital channels.
Analysis by Organization Size
Large companies dominated the market in 2022, holding a hefty share exceeding 60%. This dominance is fueled by their extensive use of advanced analytics solutions like customer and business analytics. These tools help them manage massive customer databases and assets. Additionally, big data analytics is a growing trend among large enterprises. They leverage it to increase profits, refine their analytical skills, and bolster risk management capabilities. Ultimately, big data analytics empowers these businesses to gain deeper insights from their data and deliver critical information to key decision-makers.
Despite being dwarfed by large firms, SMEs held a respectable market share exceeding 35% in 2022. This segment is expected to see a growing appetite for advanced analytics solutions. The increasing demand for data visualization tools, like dashboards, is a key driver. Additionally, SMEs are turning to advanced analytics to enhance customer service and make data-driven decisions in the face of inherent business risks.
Prescriptive Analytics Market By Deployment Mode
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Prescriptive Analytics Market Regional Insights
North America accounted for a significant market share of over 45% of the worldwide advanced analytics market. This can be linked to the availability of the infrastructure necessary for the application of cutting-edge analytics and to the rise in the use of cutting-edge technologies like AI and machine learning. For example, Microsoft Corporation recently announced a partnership with Consumer Value Store (CVS) Health, a provider of healthcare solutions, to create cutting-edge solutions to assist consumers in improving their health. To automate operations, CVS Health would use cognitive services from Azure including Computer Vision and Text Analytics for Health. By increasing CVS Health's multi-cloud presence to more than 1,500 new and current business apps on its cloud, the Azure services will hasten the company's digital transformation.
Over the course of the projected period, the Asia Pacific market is anticipated to display a significant CAGR of 23.5%. The widespread usage of big data analytics tools and solutions in the region is what is fueling the regional market's expansion. Additionally, several businesses in the area are making significant investments in customer analytics to boost productivity and efficiency. Additionally, local tour operators like China Ways LLC, TNT Korea Travel, and Trafalgar are putting analytical technologies to work in traffic management, train breakdowns, and the monitoring of bus and train schedules.
Prescriptive Analytics Market By Region
- Largest
- Fastest
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Prescriptive Analytics Market Dynamics
Prescriptive Analytics Market Drivers
Focus on Customer Experience and Personalization to Bolster Sales
- Customer-centricity is a key driver across industries. Prescriptive analytics enables businesses to personalize customer experiences by analyzing customer data, preferences, and behavior patterns. This helps organizations deliver targeted marketing campaigns, personalized recommendations, and tailored product offerings.
- The exponential growth in data volume, variety, and velocity has created a need for advanced analytics techniques. Prescriptive analytics leverages sophisticated algorithms to analyse vast amounts of structured and unstructured data, enabling organizations to derive actionable insights and make data-driven decisions.
Prescriptive Analytics Market Restraints
Lack of Skilled Workforce to Hinder Market Growth
- Prescriptive analytics requires expertise in data science, statistical modelling, machine learning, and programming. The shortage of skilled professionals with the necessary analytical skills can pose a challenge to organizations looking to implement prescriptive analytics. The scarcity of talent capable of understanding complex data sets and deriving actionable insights may limit the widespread adoption of prescriptive analytics solutions.
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Prescriptive Analytics Market Competitive Landscape
Details about each company are provided by the prescriptive analytics market competitive landscape. An overview of the business, financial information, revenue, market potential, investments in R&D, new market initiatives, regional presence, firm strengths and weaknesses, product introduction, and application domination are among the specifics provided. Only the companies' focus on the prescriptive analytics industry is addressed by the aforementioned data points.
Prescriptive Analytics Market Top Player’s Company Profiles
- IBM (US)
- Microsoft (US)
- Salesforce (US)
- SAP (Germany)
- SAS Institute (US)
- FICO (US)
- Ayata (US)
- Altair (US)
- Alteryx (US),
- Sisense (US)
- Happiest Minds (India)
- Zebra (England)
- RapidMiner (US)
- Qlik (US)
- River Logic (US)
- Frontline Systems (US)
- Netformx (US)
- Mitek Analytics (France)
- Panorat.IO (US)
- BOARD International (Switzerland)
- Domo, Inc. (US)
Prescriptive Analytics Market Recent Developments
- In June 2024, Neo4j and Snowflake announced a strategic partnership to integrate Neo4j's graph data science capabilities into the Snowflake AI Data Cloud. This collaboration aims to simplify complex data analysis by enabling users to execute over 65 graph algorithms directly within the Snowflake environment using SQL. By eliminating the need to move data between platforms, this partnership empowers organizations to extract deeper insights, make faster decisions, and gain a competitive edge.
- In May 2024, Charlee.ai, a leader in AI-powered insurance analytics, and ICEYE, a global expert in satellite-based disaster management, have joined forces to transform flood monitoring and claim processing in the Property & Casualty (P&C) insurance industry. This strategic partnership aims to leverage the power of artificial intelligence and satellite imagery to enhance flood detection, risk assessment, and claims processing, ultimately benefiting both insurers and policyholders.
- In April 2024, FICO and Atto formed a strategic alliance to leverage Open Banking data for improved credit risk assessment. By combining FICO's expertise in analytics and risk modeling with Atto's Open Banking technology, the partnership aims to develop predictive models that provide lenders with more accurate and up-to-date insights into borrower behavior. This collaboration will enable lenders to make more informed lending decisions, reduce credit risk, and enhance customer experiences through personalized offerings.
Prescriptive Analytics Key Market Trends
- One key market trend in the global prescriptive analytics market is the growing adoption of AI-driven decision-making solutions across various industries. Organizations are increasingly recognizing the value of prescriptive analytics in optimizing operations, enhancing customer experiences, and achieving competitive advantages. This trend is driven by the need to make data-informed decisions in real-time, enabling companies to respond to dynamic market conditions effectively. With advancements in machine learning and big data technologies, prescriptive analytics is becoming more accessible and affordable, attracting a broader range of businesses. As a result, the global prescriptive analytics market is expected to continue its rapid growth in the coming years.
Prescriptive Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the prescriptive analytics market has witnessed substantial growth in recent years, driven by the increasing demand for data-driven decision-making across various industries. The market size is expected to reach significant figures in the coming years, with a compound annual growth rate (CAGR) reflecting a strong growth trajectory. While the prescriptive analytics market offers immense growth opportunities, it also faces challenges. These include data privacy concerns, the need for skilled talent, integration complexities, cost considerations, and cultural resistance to change. However, overcoming these challenges presents opportunities for organizations to gain a competitive advantage and unlock the full potential of prescriptive analytics.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.20 billion |
| Market size value in 2031 | USD 42.97 billion |
| Growth Rate | 24% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Prescriptive Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Prescriptive Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Prescriptive Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Prescriptive Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Prescriptive Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Prescriptive Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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