New York, US, July 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Prescriptive Analytics Market, By Component, By Application, By Deployment, By Organization, By Business Sector, By Vertical – Forecast”, will touch USD 16.23 billion at a 21.2% CAGR by 2030.
Prescriptive Analytics Market Overview
The increase in cyber-crimes coupled with the requirement for crime prevention & prediction will boost Prescriptive Analytics market growth over the forecast period. Various firms are using new technologies such as Internet of Things (IoT), Big Data, & real-time analytics to improve business outcomes and obtain a competitive advantage in the market. Prescriptive analytics uses large data, machine learning, artificial intelligence, and business processes to make correct decisions about how to handle business problems. This will offer robust opportunities for the Prescriptive Analytics market over the forecast period.
Prescriptive Analytics Market Report Scope:
| Report Metrics | Details |
| Market Size | USD 16.23 Billion by 2030 |
| CAGR | 21.2% From 2021 to 2030 |
| Base Year | 2019 |
| Forecast Period | 2021 To 2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | FICO (U.S.), Ayata (U.S.), IBM Corporation (U.S.), River Logic, Inc. (U.S.), Angoss Software (U.S.), Frontline (U.S.), Profitect (U.S.), Panoratio (Germany), TIBCO Software (U.S.), NGData (Belgium) |
| Key Market Opportunities | The increased use of Big Data and the Internet of Things (IoT) is creating real opportunities in the prescriptive analytics market. \r\n This is driven by greater demand in the corporate world for access to data that describe events and phenomena as they occur. |
| Key Market Drivers | The fact that many businesses are operating routine and/or basic business functions is driving growth in the prescriptive analytics market. This was a trend that started approximately five years ago. |
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Restraints
Dynamic Nature of Data to act as Market Restraint
The dynamic nature of data, diversity of data models resting on business needs, and complex analytical workflow may act as market restraints over the forecast period.
Challenges
High Investment Cost to act as Market Challenge
The high investment cost, dearth of trained professionals, safety concerns, and issues associated with data integrity may act as market challenges over the forecast period.
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Prescriptive Analytics Market Segmentation
The global prescriptive analytics market is bifurcated based on vertical, business sector, organization, deployment, application, and component.
By component, the prescriptive analytics market is segmented into software and service.
By application, SCM will lead the market over the forecast period.
By deployment, on-premise will dominate the market over the forecast period.
By organization, SME will spearhead the market over the forecast period.
By business sector, the prescriptive analytics market is segmented into operation, finance, marketing, and HR.
By vertical, BFSI will have the lions share in the market over the forecast period.
COVID-19 Analysis
COVID–19 has transformed the way business is done over the world. Though the COVID–19 epidemic showed faults in business models across verticals, it also created opportunities for organizations to digitalize and expand across regions as the use and integration of technologies such as AI, cloud, analytics, blockchain, and IoT increased throughout the lockdown period. The retail and industrial industries had a significant reduction in firm performance in the first and second quarters of 2020. These industries are expected to receive significant investment over the forecast period as vaccines get more widely accessible and the crisis is controlled better, as prescriptive analytics solutions gain popularity across multiple business functions.
Prescriptive Analytics Market Regional Analysis
North America to Lead Prescriptive Analytics Market
In the global prescriptive analytics market, North America is predicted to hold the highest share. The rising technological improvements in the region are key factors encouraging the growth of the market. Market growth would be aided by the rising number of key players across regions. Because advanced analytics were used early and heavily throughout the bulk of its businesses, the United States dominates the market. The country's retail sector is rapidly expanding. This is due to an increase in the need for analytical marketing solutions, as well as a higher adoption of analytical framework amid regional players.
Furthermore, the large number of competitors operating in the region is a factor driving market growth in North America. Furthermore, North American countries' well-developed IT infrastructure has accelerated the adoption of the prescriptive analytics solution among enterprises in the region. In 2017, the North America region dominated the prescriptive analytics market, owing to increased investment on new technologies like as cloud technology, big data, mobile technologies, and social media which are expected to drive market development all through the forecast period. Increased use of new technologies leads to an increase in data volume across all verticals. Organizations need an analytical tool to gather critical insights that aid in the formulation of company strategies. As a result, prescriptive analytics assists businesses in developing business plans based on real-time data. Because of the increased demand for analytical marketing solutions, this region dominates the market.
APAC to Have Admirable Growth in Prescriptive Analytics Market
Due to the increased use of prescriptive analytics via a lot of small and medium business enterprises in emerging nations such as India and China in the region, Asia Pacific is expected to provide the biggest revenue share in the global market. The market for prescriptive analytics in Asia Pacific is predicted to grow rapidly. The market for predictive analytics is being driven by the rising use of big data analytics solutions and tools in Asia Pacific. In addition, increasing volumes of data must be properly managed and examined for a better understanding of it and make necessary forecasts or analyses. Thus, market growth through 2027 is predicted to be favorable.
Furthermore, significant technical advances and the introduction of new analytical tools and methodologies by leading industry vendors are expected to fuel market expansion over the forecast period. Due to the ever-expanding threat landscape, security spending in APAC is increasing considerably. Traditional ways of managing and mitigating modern assaults are no longer sufficient. As a result, prescriptive analytics suppliers in this region concentrate on product line developments. In the global prescriptive analytics market, China, India, & Australia have all shown significant development potential.
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The market in the region is likely to be driven by economic development, increased investments in AI and ML, and increased usage of advanced analytical technologies for improved decision making.
Prescriptive Analytics Market Key Players
Eminent market players profiled in the global prescriptive analytics market report includes,
- FICO (U.S.)
- Ayata (U.S.)
- IBM Corporation (U.S.)
- River Logic Inc. (U.S.)
- Angoss Software (U.S.)
- Frontline (U.S.)
- Profitect (U.S.)
- Panoratio (Germany)
- TIBCO Software (U.S.)
- NGData (Belgium) and among others.
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