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.

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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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Prescriptive Analytics Market Insights

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