Prescriptive Analytics Market Overview: Analysis & Growth Forecast 2024-2033

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Overview and Scope

Prescriptive analytics is a technique that analyzes data and delivers rapid advice on improving business procedures to meet specific anticipated results. It uses a statistical approach that identifies the most effective course of action required in a particular circumstance based on data. The main goal of prescriptive analytics is to optimize business processes, mitigate risk, and maximize opportunities.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the prescriptive analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prescriptive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the prescriptive analytics market report are Microsoft Corporation, Koch Industries Inc., The International Business Machines (IBM) Corporation, Oracle Corporation, SAP SE, Salesforce Inc., Infor, SAS Institute Inc., Teradata corporation, Fair, Isaac and Company (FICO), TIBCO Software Inc., Altair Engineering Inc., Talend SA, Happiest Minds Technologies, Mitek Analytics, BOARD International S.A., Pros Inc., Zilliant Inc., Logi Analytics Inc., Sisense Inc., RapidMiner Inc., Improvado, Stitch Data, River Logic Inc., Ayata, Ngdata Inc.

The prescriptive analytics market report table of contents includes: