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Prescriptive Analytics Market

Prescriptive Analytics Market Size, Share & Segmentation by Component (Software and Services), by Deployment (Cloud and on-premise), by Business Function (Operations, Sales, Marketing, Finance, Human Resources), by Application (Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, Energy & Utilities, Transportation & Logistics, Government, Others) by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1589 | June 2022 | Region: Global | 130 Pages

Report Scope & Overview:

The Prescriptive analytics market size was valued at USD 5.3 Bn in 2021 and is expected to reach USD 22.44 Bn by 2028, and grow at a CAGR of 22.9% over the forecast period 2022-2028.

Prescriptive analytics is a type of analytics that uses techniques including predictive analytics, descriptive analytics, and diagnostic analytics to forecast likely outcomes in a given circumstance. Prescriptive analytics often gives information such as potential outcomes, prior performance, and available resources, as well as a course of action or plan to execute or adjust.

Prescriptive analytics market

Furthermore, prescriptive analytics not only forecasts what could happen but also explains why it might happen. As a result, a prescriptive model is frequently used to get recommendations for activities that can benefit from the forecasts. As a result of its capacity to quantify the impact of future actions and give guidance on prospective outcomes, prescriptive analytics is projected to grow in popularity among enterprises all over the world.

In April 2022, IRI and The NPD Group, two major consumer data and insights organizations, announced their merger, giving clients a "view of complete retail purchase and consumption patterns backed by sophisticated, predictive analytics" on IRI's Liquid Data technology platform.

MARKET DYNAMICS:

KEY DRIVERS:

  • The industry of AI and machine learning is advancing at a breakneck pace.

  • Because of the rise in cyber-crime, there is a greater demand for crime prediction and prevention.

RESTRAINTS:

  • The amount, diversity, velocity fluctuation, and authenticity of big data determine its character, which complicates data management.

  • Because data changes over time and there aren't any effective or efficient methods for retrieving proper data, the dynamic nature of data is predicted to limit expansion.

OPPORTUNITY:

  • Every industry in the business world has been touched by the growing volume of data.

  • Security breaches on the internet are causing alarm among enterprises all across the world, but they are also offering new opportunities.

CHALLENGES:

  • Various data models depend on business requirements.

IMPACT OF COVID-19:

In March of 2020, the COVID-19 pandemic made its appearance on the global scene for the first time. Because the COVID-19 virus can be hazardous and even fatal (occasionally), governments have taken a number of steps to combat it, including enacting tougher norms that prioritize hygiene and sanitation.

These actions, however, did not end there. Various country governments established temporary or indefinite quarantines (India.) Many companies and sectors saw a significant drop-in activity. Those industries and sectors that remained functioning were encouraged (and in some cases mandated) to promote remote working to the greatest extent practicable.

MARKET ESTIMATION:

Software products and bundles, as well as services, fall under the component category. Operation management, revenue management, network management, supply chain management, and more categories may be found in the business function section. The deployment sector is further divided into cloud and on-premise deployments. HR, marketing, finance, operations, and sales are the subcategories of the business sector. Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, and Government are all subsectors of the vertical sector.

The deployment sector is further divided into cloud and on-premise deployments. HR, marketing, finance, operations, and sales are the subcategories of the business sector. Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, and Government are all subsectors of the vertical sector. The retail industry vertical is predicted to increase at a positive CAGR throughout the forecast period. As a result of rising client demand and the rise of e-commerce, the retail industry is seeing a massive surge in sales. The advent of big data solutions has resulted in the creation of data in the industry. Furthermore, growing market competition has prompted organizations to maintain efficient operations throughout several supply stages. The following are retail businesses that generate a significant amount of data and can benefit from robust predictive and prescriptive analytics.

KEY MARKET SEGMENTS:

On The Basis of Component:

  • Software

  • Services

On The Basis of Deployment:

  • CLOUD

  • ON-PREMISE

On The Basis of Business Function:

  • Operations

  • Sales

  • Marketing

  • Finance

  • Human Resources

On The Basis of Industry Vertical:

  • Healthcare

  • BFSI

  • IT & Telecommunications

  • Retail

  • Media & Entertainment

  • Manufacturing

  • Energy & Utilities

  • Transportation & Logistics

  • Government

  • Others

Prescriptive analytics market

REGIONAL ANALYSIS:

The North American area has the largest market share for prescriptive analytics. This significant market share is due to a number of causes. Increased Internet use and access, as well as technology improvements, are among them.

Asia-Pacific has the fastest-growing prescriptive analytics market of any region. The increased usage of cloud services and other sorts of information technology is significantly driving growth there (IT.)

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Fair Isaac Corporation, International business machines corporation, Infor, Oracle Corporation, River Logic, inc., Salesforce.com, inc., Sap Se, SAS institute inc., Teradata corporation, Tibco software inc.

Prescriptive analytics Market Report Scope:
Report Attributes Details
Market Size in 2021  US$ 5.3 Bn
Market Size by 2028  US$ 22.44 Bn
CAGR   CAGR of 22.9% From 2022 to 2028
Base Year  2021
Forecast Period  2022-2028
Historical Data  2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Component (Software and Services)
• by Deployment (Cloud and on-premise)
• by Business Function (Operations, Sales, Marketing, Finance, Human Resources)
• by Application (Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, Energy & Utilities, Transportation & Logistics, Government, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Fair Isaac Corporation, International business machines corporation, Infor, Oracle Corporation, River Logic, inc., Salesforce.com, inc., Sap Se, SAS institute inc., Teradata corporation, Tibco software inc.
Key Drivers • The industry of AI and machine learning is advancing at a breakneck pace
• Because of the rise in cyber-crime, there is a greater demand for crime prediction and prevention
Market Opportunities • Security breaches on the internet are causing alarm among enterprises all across the world, but they are also offering new opportunities

 


Frequently Asked Questions (FAQ) :

Ans: - The estimated market size for the Prescriptive Analytics market for the year 2028 is USD22.44Bn.

Ans: - The industry of AI and machine learning is advancing at a breakneck pace and because of the rise in cyber-crime, there is a greater demand for crime prediction and prevention.

Ans: -The segments covered in the Prescriptive Analytics Market report for study are on the basis of component deployment, business function, and industry vertical.

Ans: - The major key players are Fair Isaac Corporation, International business machines corporation, Infor, Oracle Corporation, River Logic, inc., Salesforce.com, inc., Sap Se, SAS institute inc., Teradata corporation, Tibco software inc.

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Prescriptive Analytics Market Segmentation, by Component

8.1 Software

8.2 Services

 

9. Prescriptive Analytics Market Segmentation, by Deployment

9.1 CLOUD

9.2 ON-PREMISE

 

10. Prescriptive Analytics Market Segmentation, by Business Function

10.1 Operations

10.2 Sales

10.3 Marketing

10.4 Finance

10.5 Human Resources

 

11. Prescriptive Analytics Market Segmentation, by Industry Vertical

11.1 Healthcare

11.2 BFSI

11.3 IT & Telecommunications

11.4 Retail

11.5 Media & Entertainment

11.6 Manufacturing

11.7 Energy & Utilities

11.8 Transportation & Logistics

11.9 Government

11.10 Others

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13. Company Profiles

13.1 Fair Isaac Corporation

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2. International business machines corporation

13.3 Infor

13.4 Oracle Corporation

13.5 River Logic, inc.

13.6 Salesforce.com, inc.

13.7 Sap Se.

13.8 SAS institute inc.

13.9 Teradata corporation

13.10 Tibco software inc.

 

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

 

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but is not limited to getting rid of the many typos, duplication of numbers, or missing any important information. The people involved in this process include technical content writers, research heads, and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.