The Prescriptive & Predictive Analytics Market Size was valued at USD 17.8 Billion in 2023 and is expected to reach USD 96.3 Billion by 2031 and grow at a CAGR of 23.5% over the forecast period 2024-2031.
Based on data, predictive analytics provides firms with actionable insights. It provides probabilistic forecasts of future outcomes. Companies use these facts to estimate future developments. Furthermore, the basis of predictive analytics is built on probability.
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Prescriptive analytics is a branch of business analytics that assists in determining the optimal course of action to take in a particular circumstance. It is a type of analytical tool used for both descriptive and predictive analysis. It is useful in business analysis to forecast not just what will happen and when it will happen, but also why it will happen. Furthermore, it aids in the suggestion of choice options, the mitigation of future risk, and the incorporation of fresh data to re-predict and re-prescribe better decision possibilities.
Business rules, algorithms, machine learning (ML), and computational modeling methods are used in prescriptive analytics. This approach is used to process data from a variety of sources, including historical and transactional data, real-time data streams, and Big Data. Businesses and enterprises that currently use descriptive analytics tools and solutions are better positioned to deploy predictive and/or prescriptive analytics solutions. The availability of past data from which to forecast and run algorithms allows them to make better use of these solutions.
KEY DRIVERS:
The requirement for in-depth market analyses.
The rising importance of big data will propel the Prescriptive and Predictive Analytics Market.
RESTRAINTS:
The dynamic nature of data and the complex analytical procedure.
Concerns about data security.
OPPORTUNITY:
bridging the gaps in typical business intelligence tools.
Increasing internet penetration and use of linked and integrated technologies.
CHALLENGES:
Integration of data from disparate sources
The workforce lacks sophisticated analytical skills.
COVID-19 started in Wuhan in December 2019 and has since expanded rapidly around the world. In terms of confirmed cases and reported deaths, the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the worst impacted nations. Due to lockdowns, travel bans, and commercial shutdowns, COVID-19 has had an impact on economies and businesses in a number of nations. The closure of numerous facilities and factories has disrupted worldwide supply chains, severely impacting manufacturing, delivery schedules, and product sales in the global market. Few corporations have already acknowledged anticipated delays in product deliveries and a drop in future product sales. Furthermore, worldwide travel prohibitions enforced by nations in Europe, Asia-Pacific, and North America are impacting commercial cooperation and partnerships.
MARKET ESTIMATION:
During the forecast period 2022-2028, the On-premises deployment strategy is expected to account for the majority of shares in the Prescriptive and Predictive Analytics Market. Because the on-premises deployment model provides confidentiality and privacy parameters to organizational data, most organizations are adopting it, particularly in industry verticals such as BFSI, health care, defense, and others where confidentiality and security in statistical modeling tools are critical. Furthermore, enhanced diagnostic analytics assists these companies by delivering real-time intelligence that allows them to make quick judgments.
During the forecast period 2022-2028, the Retail category is predicted to lead the Prescriptive and Predictive Analytics Market with the greatest CAGR. The increased rivalry, diverse product offers, increasing consumer complexity, and other factors compel merchants to employ analytics. Retail Analytics assists businesses in targeting and reaching out to new customers, forecasting shop traffic, and preventing theft and fraud. The retail industry is seeing a considerable increase in sales as a result of growing consumer demand and e-commerce expansion, opening the door for the introduction of big data solutions. Furthermore, increased market competitiveness has motivated businesses to ensure efficient functioning throughout multiple phases of supply. It is feasible to identify valued consumers and keep them, as well as identify new customers and entice them with valuable offers, using descriptive and other sophisticated analytics in Business Intelligence systems.
On The Basis of Deployment
On-Premise
Cloud
On The Basis of Industry
BFSI
Retail
Healthcare And Pharmaceutical
It And Telecom
Others
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North America is estimated to account for the majority of the overall market share in the Prescriptive and Predictive Analytics Market during the forecast period 2022-2028, followed by the Asia-Pacific region. Because of its early and extensive use of advanced analytics across the bulk of its industries, the United States dominates the North American market for prescriptive analytics. The country's retail and e-commerce sales are likely to rise. As a result, retailers are turning to predictive analytics to gain a competitive advantage. Furthermore, a significant number of major vendors in the Prescriptive and Predictive Analytics Market in 2021 were based in the United States, and these vendors are benefiting significantly as a result of the country's thriving digital industry, which provides an additional advantage to the growth of Prescriptive and descriptive Analytics solutions.
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 Oracle Corporation, SAP SE, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Altair Engineering, Inc., ALTERYX, INC, FICO, Teradata, TIBCO Software Inc.& Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 17.8 Bn |
| Market Size by 2031 | US$ 96.3 Bn |
| CAGR | CAGR of 23.5% From 2023 to 2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Deployment (On-Premise and Cloud) • By Industry (BFSI, Retail, Healthcare and Pharmaceutical, It and Telecom, 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 | Oracle Corporation, SAP SE, IBM Corporation, Microsoft Corporation, SAS Institute Inc., Altair Engineering, Inc., ALTERYX, INC, FICO, Teradata, TIBCO Software Inc. |
| Key Drivers | • The requirement for in-depth market analyses. • The rising importance of big data will propel the Prescriptive and Predictive Analytics Market. |
| Market Challenges | • Integration of data from disparate sources • The workforce lacks sophisticated analytical skills |
Ans: - The Prescriptive & Predictive Analytics market size was valued at USD 16.45 Bn in 2022.
Ans: - Bridging the gaps in typical business intelligence tools and Increasing internet penetration and use of linked and integrated technologies.
Ans: - During the forecast period 2022-2028, the Retail category is predicted to lead the Prescriptive and Predictive Analytics Market with the greatest CAGR.
Ans: - North America is estimated to account for the majority of the overall market share in the Prescriptive and Predictive Analytics Market during the forecast period 2022-2028.
Ans: - The primary growth tactics of Prescriptive & Predictive Analytics market participants include merger and acquisition, business expansion, and product launch.
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 & Predictive Analytics Market Segmentation, by Deployment
8.1 On-Premise
8.2 Cloud
9. Prescriptive & Predictive Analytics Market Segmentation, Industry
9.1 BFSI
9.2 Retail
9.3 Healthcare and Pharmaceutical
9.4 It and Telecom
9.5 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Oracle Corporation
11.1.1 Financial
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 SAP SE
11.3 IBM Corporation
11.4 Microsoft Corporation
11.5 SAS Institute Inc.
11.6 Altair Engineering, Inc.
11.7 ALTERYX, INC
11.8 FICO
11.9 Teradata
11.10 TIBCO Software Inc.
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
13. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete 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 at a stage wherein we can provide our clients best and accurate investment to output ratio.
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The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of 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 university as well as individual libraries.
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.
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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
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