The prescriptive analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Prescriptive Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Prescriptive Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Prescriptive Analytics Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
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
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Prescriptive Analytics Market Report Structure
3. Prescriptive Analytics Market Trends And Strategies
4. Prescriptive Analytics Market – Macro Economic Scenario
5. Prescriptive Analytics Market Size And Growth
…..
27. Prescriptive Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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