Westford, USA, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Global Prescriptive Analytics Market size was valued at USD 6.20 billion in 2022 and is poised to grow from USD 7.69 billion in 2023 to USD 42.97 billion by 2031, at a CAGR of 24% during the forecast period (2024-2031).
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Recently, the popularity of prescriptive analytics has immensely increased because they offer predictions of potential outcomes and explains when they will likely occur. A prescriptive model is often used to offer information about recommendations related to the activities that can be beneficial from the predictions. The increasing demand for an inclusive market analysis among businesses globally for product differentiating solutions and to maintain the competitive edge are two of the primary factors that is driving the growth of prescriptive analytics market. The extensive use of connected devices such as smartphones, robotics, and sensors are speeding up industrial transformation across every industry, fuelling market growth. The increasing usage of analytics in various industrial verticals helping in the evolution of businesses starting from production facilities to smart organizations. However, the advent of innovative technologies and Internet of Things is also boosting the market expansion. Prescriptive analytics can be considered as the most smart and efficient tools that can support business intelligence. It helps the companies to reduce human mistakes or bias, inform real-time & long-term business operations, and easily map the route to success. Due to such wide range of advantages the adoption of prescriptive analytics is increasing in various industrial sectors. Furthermore, an increase in cyber-crimes, easy accessibility of data to enhance productivity & sales by several end-users are also increasing the demand for BI, boosting the growth of prescriptive analytics.
Browse in-depth TOC on the "Life Science Analytics Market"
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Pest Control Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 7.69 billion |
| Estimated Value by 2031 | $ 42.97 billion |
| Growth Rate | Poised to grow at a CAGR of 24 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Mode, Organization size, Application, Business function, Data type and Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing use of technological advancement like machine learning to get actionable data |
| Key Market Opportunities | Increasing competitive landscape to encourage practise of prescriptive analytics |
| Key Market Drivers | Supportive governmental initiatives to drive advancement in prescriptive analytics market |
Industries Adopting Strategic Decision-making Suggestions for Multiple Businesses will help Market Witness Lucrative Growth Oppurtunites
In present day, it has become easy to get data from a wide range of sources like IoT devices, social media, and enterprise. With these sources prescriptive analytics will get a rich foundation of data that it can analyze and gather actionable insights. It becomes easier for businesses to make more informed decisions, improve operation processes, and discover hidden patterns that were earlier inaccessible with the help of such massive amount and diverse datasets. Furthermore, such explosion of data also boosts innovations in analytics algorithms and technique, further progressing the abilities of prescriptive analytics solutions. With these businesses can deliver useful suggestions for strategic decision-making across industries.
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Rapid Technological Advancements to Detect Unseen Patterns and Reduce Business Risks
The abilities and accuracy of prescriptive analytics software solutions are constantly increasing with the advancements in analytical technologies like machine learning algorithms, natural learning processing, and enhancement of techniques. Such advancements allow businesses to gather profound insights from the data that can help them to make more informed decisions and discover previously unseen patterns or correlations. Furthermore, as new technologies are emerging and maturing the potential applications of prescriptive analytics are expanding across industries. This is developing new opportunities for businesses to enhance operations, reduce risks, and boost growth.
Strong Presence of Market Players to Positively Influence Development of Market in North America
The increasing awareness about the importance of predictive analytics to analyze data is growing its popularity in North America. Factors like rapid technological developments, particularly in machine learning and big data analytics have boosted the adoption of predictive analytics solutions. North America also has a strong presence of prominent market leaders and unique startups, positively influencing the growth of the sector. These amalgamations of factors place North America in the leading position in boosting advancement and adoption of predictive analytics solutions.
Prescriptive Analytics Market Insights
Drivers:
- Increasing need for making informed decisions to maintain a competitive edge in the market
- Emergence of innovative technologies to increase progression of predictive analytics
- Rising emphasis on customer experience and personalization
- High demand for comprehensive analytics solutions to improve business operations
Restraints:
- Lack of skilled workforce with necessary analytical skills
- High expense of maintenance
- Complicated implementation processes
- Rising data security and safety concerns
Key Players in the Prescriptive Analytics Market
The following are the Top Prescriptive Analytics Companies
- IBM (US)
- Microsoft (US)
- Salesforce (US)
- SAP (Germany)
- SAS Institute (US)
- FICO (US)
- Ayata (US)
- Altair (US)
- Alteryx (US),
- Sisense (US)
- Happiest Minds (India)
- Zebra (England)
Key Questions Answered in the Prescriptive Analytics Market
- Who are the prominent players operating in the prescriptive analytics market?
- What are the key drivers of the market?
- Which region is dominating the market of prescriptive analytics?
- What factors are restraining the prescriptive analytics market?
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This report provides the following insights:
- Analysis of key drivers (Rising need to make informed decisions and emergence of innovative technologies), restraints (Rising concerns related to data privacy and safety and issues related to data consistency and reliability), opportunities (Growing focus on customer experience & personalization and high demand for comprehensive analytics solutions), and challenges (Shortage of skilled workforce and high expense of implementation) influencing the growth of prescriptive analytics market
- Market Penetration: Comprehensive information on the product offered by the top players in the prescriptive analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the prescriptive analytics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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