Prescriptive analytics is a technology that leverages analytics techniques such as predictive analytics, descriptive analytics, and diagnostic analytics.
PORTLAND, PORTLAND, OR, UNITED STATE, December 8, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, “Prescriptive Analytics Market by Component (Software and Services), Deployment (Cloud and On-premises), Business Function (Human Resources, Sales, Marketing, Finance, and Operations), and Industry Vertical (Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, Energy & Utilities, Transportation & Logistics, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global prescriptive analytics market generated $1.96 billion in 2018, and is expected to reach $12.35 billion by 2026, registering at a CAGR of 26.6% from 2019 to 2026.
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Based on business function, the operations segment held the largest market share in the global prescriptive analytics market, contributing for nearly one-third of the total market share in 2018, and is expected to maintain its lead position throughout the forecast period. This is due to inclination of enterprises across the globe toward implementation of analytical solutions in its business operation processes. However, the marketing segment is estimated to grow the fastest CAGR of 28.6% from 2019 to 2026, owing to its ability to provide insights based on marketing strategies.
Based on industry vertical, the BFSI segment contributed for nearly one-fifth of the total share of the global prescriptive analytics market in 2018, and is estimated to dominate in terms of revenue during the forecast period. This is attributed to increase in need for optimization of business processes in financial institutes such as banks. However, the manufacturing segment is expected to register the fastest CAGR of 30.1% from 2019 to 2026, owing to its features such as prescriptive maintenance that are useful in the assembly lines and manufacturing plants.
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Based on region, North America held the highest market share in 2018, accounting for nearly two-fifths of the global prescriptive analytics market, and will maintain its lead position during the forecast period. This is due to well-developed IT infrastructure that led to early adoption of automation processes in the region. On the other hand, Asia-Pacific is expected to portray the largest CAGR of 29.5% from 2019 to 2026, owing to rise in demand in government institutes along with integration of analytics into existing predictive models of organizations operating in this region.
The global demand for advanced market analytics solutions has surged, driven by businesses seeking more sophisticated tools. This uptrend is further fueled by the emergence of cutting-edge technologies like big data and the Internet of Things (IoT), which have spurred the utilization of analytics to dissect extensive data silos. Furthermore, the rising preference for cloud-based predictive analytics is projected to be a key catalyst for market expansion. Nevertheless, it’s important to note that the substantial initial setup costs and expenses related to the implementation of analytics technology are significant factors that are expected to somewhat hinder the growth of the prescriptive analytics market.
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Surge in requirement for extensive market analytics solutions, advent of new technologies including big data and IoT, and rise in demand for cloud-based predictive analytics drive the growth of the global prescriptive analytics market. However, high cost of investment and intricate analytical workflow restrain the market growth. On the other hand, increase in adoption of measures for cybercrime prediction and prevention and surge in expenditure on development of big data infrastructure create new opportunities in the market.
The report primarily centers on examining the potential for growth, limitations, and a comprehensive analysis of the prescriptive analytics market. Within this study, an evaluation of the prescriptive analytics industry is conducted through Porter’s five forces analysis. This analysis seeks to grasp the influence of several factors, including the strength of supplier negotiations, the level of competitiveness among rivals, the potential for new entrants, the presence of substitutes, and the negotiating capacity of buyers, all of which collectively shape the trends within the prescriptive analytics market.
Leading Market Players:
➢ Fair, Isaac and Company (FICO)
➢ IBM Corporation
➢ Oracle Corporation
➢ River Logic, Inc.
➢ Salesforce.com Inc.
➢ SAP SE
➢ SAS Institute Inc.
➢ Teradata Corporation
➢ Tibco Software Inc.
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