The Prescriptive Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Prescriptive Analytics Global Market Report 2024, The prescriptive analytics market size has grown exponentially in recent years. It will grow from $6.8 billion in 2023 to $8.57 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. The growth in the historic period can be attributed to increasing volume and complexity of data, advancements in machine learning algorithms, rise of big data analytics, industry-specific adoption, increasing awareness of analytics benefits.
The prescriptive analytics market size is expected to see exponential growth in the next few years. It will grow to $21.58 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to real-time prescriptive analytics, integration with internet of things (iot), expansion in cloud-based solutions, advancements in explainable ai, customization for specific business needs. Major trends in the forecast period include cross-industry collaboration, advancements in machine learning algorithms, focus on real-time prescriptive analytics, cross-industry adoption, ethical and explainable prescriptive analytics.
The rising adoption of the Internet of Things (IoT) is expected to propel the growth of the prescriptive analytics market going forward. The Internet of Things (IoT) refers to the overall network of interconnected devices and the technology that enables communication between them and the cloud. Prescriptive analytics utilizes the Internet of Things (IoT) to provide real-time data from connected devices and sensors. This data can be analyzed to identify patterns and trends and provide insights into what actions should be taken. For instance, in May 2023, according to IoT Analytics State of IoT—Spring 2023 report, there were 14.3 billion active IoT connections globally in 2022, up 18% from 2021. Further, there will be 16.7 billion active endpoints worldwide in 2023, a 16% increase in connected IoT devices. Therefore, the rising adoption of the Internet of Things (IoT) is driving the growth of the prescriptive analytics market.
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The prescriptive analytics market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SME’s)
4) By Application Type: Risk Management, Operations Management, Revenue Management, Network Management, Supply Chain Management, Workforce Management
5) By Industry Vertical: Manufacturing, Energy And Utilities, Media And Entertainment, Transportation And Logistics, Healthcare And Life Sciences, Retail And Consumer Goods, Banking Financial Services And Insurance (BFSI), Information Technology And Telecommunications, Other Industry Verticals
Major companies operating in the prescriptive analytics market are developing innovative technologies, such as retail prescriptive analytics systems, to deliver growth for their organizations. Retail prescriptive analytics systems are software solutions that use data analysis and machine learning algorithms to provide specific recommendations and actions to retailers. For instance, in January 2023, Kepler Analytics, an Australia-based technology company, launched the retail prescriptive analytics system. This new system identifies potentially overlooked sales opportunities on a zone-by-zone level. It gives real-time recommendations to instantly boost sales and profits throughout a store or group of stores. The prescriptive analytics system utilizes data gathered by the company’s unique in-store sensors. It provides store managers with an entire feedback loop, allowing the retailer to understand what actions were taken and determine which ones led to the biggest sales growth.
The prescriptive analytics market report table of contents includes:
1. Executive Summary
2. Prescriptive Analytics Market Characteristics
3. Prescriptive Analytics Market Trends And Strategies
4. Prescriptive Analytics Market – Macro Economic Scenario
….
32. Global Prescriptive Analytics Market Competitive Benchmarking
33. Global Prescriptive Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Prescriptive Analytics Market
35. Prescriptive Analytics Market Future Outlook and Potential Analysis
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