Global Prescriptive Analytics Market

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 News

  • 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. 
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FAQs

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).

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. '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)'

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.

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.

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. 

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Global Prescriptive Analytics Market

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