Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global prescriptive analytics market size was USD 5.13 Billion in 2022 and is expected to register a rapid revenue CAGR of 24.2% during the forecast period. Rising Internet penetration and usage of social media platforms and demand to increase customer engagement and detection of fraud management, along with incorporation of various technologies such as Cloud, to analyses and store data, are major factors driving market revenue growth. Prescriptive analytics is a technology that leverages analytics techniques, such as predictive analytics, descriptive analytics, and diagnostic analytics, to provide possible outcomes for a provided situation.
Every organization striving for business expansion must make data-driven decisions. Having access to real-time data allows organizations to analyze and process information, which can be used to generate frequent plans for improving business performance and gaining a competitive edge over rivals. In addition, companies are increasingly utilizing business intelligence and analytics tools not only to collect insights but also to make strategic decisions in real time.
Moreover, companies are also working on various Research & Development (R&D) activities, and product launches, by incorporating new and advanced technologies in analytics platforms, which is also expected to drive market revenue growth during the forecast period. For instance, on 21 July 2022, SAP SE acquired Askdata, a startup that specializes in search-driven analytics. This acquisition of Askdata strengthens SAP's capability to assist organizations in making more informed decisions by utilizing AI-powered natural language searches.
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However, lack of standardized parameters for prescriptive analytics, along with rising concerns regarding data privacy and security owing to increasing number of cyber threats and malware attacks are major factors, which could restrain market revenue growth. Prescriptive networks carry a high risk of data breaches. Customers' financial information, business accounts, and other crucial information, such as credit card numbers, are all easily accessible to hackers. Such errors and data leaks from prescriptive sites can cause a corporation to suffer significant financial losses as well as reputational damage. In addition, there is a shortage of efficient algorithms to accurately retrieve the constantly changing data, owing to dynamic nature of data.
Segment Insights
Organization Size Insights:
On the basis of organization size, the global prescriptive analytics market is segmented into large enterprise, Small and Medium Sized Enterprise (SMEs). The large enterprise segment accounted for largest revenue share in the global prescriptive analytics market in 2022. Large enterprises offer more resources and funding towards data analytics, including prescriptive analytics, due to their larger budgets and also has the power to negotiate better pricing with vendors owing to their greater purchasing power and can often afford more advanced analytics tools.
Deployment Mode Insights:
On the basis of deployment mode, the global prescriptive analytics market is segmented into on-premises and cloud. The Cloud segment is expected to register steadily fast revenue growth rate in the global prescriptive analytics market over the forecast period. This is owing to Cloud’s ease of scalability, incorporation of better security features, along with hassle-free accessibility of required data at the time of need. Cloud-based big data solutions have become a preferable option in the e-commerce sector owing to their reliability and maintenance.
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Regional Insights:
The North America market accounted for largest revenue share in the global prescriptive analytics market in 2022 owing to rising number of social users, gaining competitive edge by providing better consumer experience in various end-use sectors, along with rising demand for real-time detection of fraud transactions. For instance, as per the statistics provided by the Government of Canada, there are over 36 million individuals using the Internet, and over 33.1 million individuals using social media. Among the various prescriptive platforms, Facebook has the highest number of users, with over 26 million individuals using the platform.
The Asia Pacific market is expected to register fastest revenue growth rate in the global prescriptive analytics market over the forecast period. This is due to rising demand for data-driven insights and utilization in the identification of retail fraud, along with incorporation of various advanced technologies in analytics are. Various initiatives and programs are also being introduced. For instance, the Social Credit System in China which is a government-backed initiative, focuses on describing a variety of efforts with the goal of increasing the level of 'trust' among the individuals in China. Recent research shows that global companies are losing around USD 4.7 trillion owing to negative Customer Experiences (CX), and businesses based in Singapore are losing approximately USD 11 billion annually for the same reason.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 5.13 Billion |
| CAGR (2023–2032) | 24.2% |
| Revenue Forecast To 2032 | USD 44.99 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, organization size, deployment mode, application, end-use, data type, business function, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Microsoft, SAP, IBM, Salesforce Inc., Oracle, SAS Institute Inc., FICO, River Logic, Inc., Infor, and Ayata |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global prescriptive analytics market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective prescriptive analytics solutions. Some major players included in the global prescriptive analytics market report are:
- Microsoft
- SAP
- IBM
- Salesforce Inc.
- Oracle
- SAS Institute Inc.
- FICO
- River Logic, Inc.
- Infor
- Ayata
Strategic Development
- On 13 April 2023, Certis Oncology Solutions introduced a novel predictive medicine platform, CertisAI, that leverages big data, statistical algorithms, and Machine Learning (ML) to forecast the effectiveness of drugs using gene expression biomarkers. This comprehensive solution for various types of cancer has the potential to hasten the drug development process and companion diagnostics development.
- On 16 September 2022, Ocurate unveiled a fresh approach to assist decision-makers in effectively allocating funds towards the recovery of valuable customers. With a curated approach for each company, product, and customer journey, Ocurate ensures over 90% precision in predicting high-value customers by utilizing custom algorithms and personalized business solutions. Its recently launched Lead Scoring feature is accessible to all clients to determine the potential Lifetime Value (LTV) of specific audiences before making a purchase.
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For the purpose of this report, Emergen Research has segmented global prescriptive analytics market on the basis of type, organization size, deployment mode, application, end-use, data type, business function, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Solutions
- Services
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Large Enterprises
- Small-scale and Medium Sized Enterprise (SMEs)
- Deployment Mode Outlook (Revenue, USD Billion; 2019-2032)
- On-Premise
- Cloud
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Customer Experience Management
- Risk Management and Fraud Detection
- Sales and Marketing Management
- Competitive Intelligence
- Public Safety and Law Enforcement
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Banking, Financing Services & Insurance (BFSI)
- Retail & E-commerce
- Government & Defence
- Telecommunications & Information Technology (IT)
- Healthcare and Lifesciences
- Travel & Hospitality
- Media and Entertainment
- Others
- Data Type Outlook (Revenue, USD Billion; 2019-2032)
- Structured
- Non-Structured
- Business Function Outlook (Revenue, USD Billion; 2019-2032)
- Human Resources (HR)
- Sales
- Operations
- Finance
- Marketing
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle Eats & Africa
- North America
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