The Prescriptive analytics Market size was valued at USD 6.51 Bn in 2022 and is expected to reach USD 33.90 Bn by 2030, and grow at a CAGR of 22.9% over the forecast period 2023-2030.
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.
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.
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.
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.
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
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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
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. & Other Players
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.51 Bn |
| Market Size by 2030 | US$ 33.90 Bn |
| CAGR | CAGR of 22.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 |
Ans: - The estimated market size for the Prescriptive Analytics market for the year 2030 is USD 33.90 Bn.
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 Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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
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