USD 39.99 billion
Report ID:
SQMIG45C2035 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
59 |
Figures:
77
Global Prescriptive Analytics Market size was valued at USD 39.99 billion in 2022 and is poised to grow from USD 47.72 billion in 2023 to USD 196.35 billion by 2031, at a CAGR of 19.34% 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.
Global Market Size
USD 39.99 billion
Largest Segment
Cloud
Fastest Growth
On-Premises
Growth Rate
19.34% CAGR
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Global Prescriptive Analytics Market is segmented on the basis of component, deployment mode, organization size and region. By component, the market is segmented into software, services, professional services, managed services. By deployment mode, the market is segmented into cloud and on-premises. By organization size, the market is segmented into large, small & medium By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Prescriptive Analytics Market Analysis by Deployment Mode
In 2022, the on-premise market share was greater than 45%. On-premise solutions allow organizations more freedom and control over how to customize their IT infrastructure, while also reducing their dependency on the internet and protecting important company information from theft and fraud. These benefits are anticipated to influence significant organizations to decide on on-premise deployment. Businesses in the BFSI sector also choose the on-premise option due to growing concerns over frauds such as new account fraud and account takeovers. It's excellent news for the segment's growth that on-premise enterprises are less vulnerable to these frauds.
Over the projection period, the cloud segment is anticipated to experience rapid expansion. Cloud solutions are predicted to become more popular as IoT and cloud computing become more widely used. The management, organization, and use of data produced by businesses' digital channels is still influenced by cutting-edge cloud analytics technologies.
Prescriptive Analytics Market Analysis by Organization Size
Having a market share of over 60% in 2022, large firms accounted for the majority of the market. The increased use of advanced analytics solutions, such as customer analytics and business analytics, to manage the enormous databases of customers and assets in large businesses is largely responsible for the segment's growth. In addition, a number of important businesses are implementing big data analytics to boost their earnings, improve analytics expertise, and assist risk management capabilities. Big data analytics also helps businesses understand their data more thoroughly and provide critical information to those who need it.
In 2022, the Small & Medium Enterprises (SMEs) market share was greater than 35%. The need for advanced analytics solutions by SMEs is predicted to increase in response to the increased demand for dashboards for data visualization. In order to improve customer service and make better judgements in light of inherent risks, SMEs also use advanced analytics solutions.
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In 2022, 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.
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Prescriptive Analytics Market Drivers
Focus on Customer Experience and Personalization to Bolster Sales
Prescriptive Analytics Market Restraints
Lack of Skilled Workforce to Hinder Market 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.
Prescriptive Analytics Market Top Player’s Company Profiles
Prescriptive Analytics Market Recent Developments
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 2023 | USD 39.99 billion |
Market size value in 2031 | USD 196.35 billion |
Growth Rate | 19.34% |
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Prescriptive Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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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Product ID: SQMIG45C2035