Prescriptive Analytics Market: Segmented By Components (Software and Services): By Deployment (Cloud and On-Premise): By Industrial Vertical (Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing and Others) Global Analysis by Market size, share & trends for 2020-2021 and forecasts to 2031
Prescriptive Analytics Market to surpass USD 64.5 million by 2031 from USD 10.16 million in 2021 at a CAGR of 18.49% within the coming years, i.e., 2021-31.
Prescriptive analytics is a technology that controls analytics procedures such as prophetic analytics, graphic analytics, and investigative analytics to provide conceivable results for a provided situation. Typically, prescriptive analytics provides visions such as information regarding probable outcomes, past act, existing resources, and mentions a course of action or strategy required to implement or change. Prescriptive analytics not just forecasts what can occur, but also offers the purpose of why it will happen. Hence, a prescriptive model is widely used to gain reference insights associated with actions that can take benefit of the predictions.
Together with increase in demand for all-inclusive market analytics keys among businesses across the world for product differentiative solutions and to stay modest in the global market boost the market growth. Furthermore, rise in acceptance of connected devices such as robots, smartphones, sensors are flourishing the industrial evolutions among industries across the world which in turn is expected increase growth of the market.
Prescriptive Analytics Market is segmented by Deployment into Cloud and On-Premise. On-premise segment held a major share of the Prescriptive Analytics market. The on-premises deployment model offers privacy, security, and confidential constraints to the organizational data. Hence, most of the administrations are accepting the on-premises deployment model particularly industry verticals like healthcare, BFSI, defense, etc. where privacy and security has extreme importance. Moreover, advanced analytics helps these organizations by providing real-time intelligence to take rapid decisions.
Prescriptive Analytics Market is segmented by Industrial verticals into Healthcare, BFSI, IT & Telecommunications, Retail, Media & Entertainment, Manufacturing, and Others. The market for Retails segment accounted for the largest market share. The growing competition, wide collection of product offerings, increasing customer complications, etc. vigor the retailers to use analytics. Retail Analytics helps firms’ goal and reach out to new customers, forecast store traffic, and prevent fraud and theft. Owing to the rising demand for consumer goods and growth in e-commerce, the retail sector is observing important growth in its sales paving way for the application of big data solutions
Rise In Demand for Comprehensive Market Analytics
The major driving component that influences the growth of the global Prescriptive Analytics Market to include soar in demand for complete market analytics explanations among businesses across the world for product differentiative solutions and to stay modest in the global market. Rise in acceptance of associated devices such as smartphones, robots, sensors, and others is proliferating the industrial growths among industries across the globe which in turn is likely to boost Prescriptive Analytics Market.
Growth in demand for cloud-based predictive analytics
Cloud computing is endlessly moving toward systematic ICT models, as companies are influenced toward services given by third parties. This influence is due to economic models that offer elasticity, flexibility, and adaptability to shifting needs of one’s environment. Hence, analytics and cloud convergence are a key components anticipated to drive the Prescriptive Analytics Market growth.
Severe Complex analytical mechanism
The workflow of predictive analytics is considered to be complex which can not be accessed by everyone. An individual who has vast knowledge of the subject can only solve the mechanism of Prescriptive Analytics. Moreover, the nature of data is complex which makes it restrained for the market. Thus, hamper the growth of Prescriptive Analytics Market.
The arrival of the COVID-19 pandemic has now become a universal matter and has also affected development of the Prescriptive Analytics market. Global sales of Prescriptive Analytics for key verticals are predictable to increase in the forecast period. The social distancing rules imposed by the government in various countries has driven the growth as Prescriptive Analytics. Many countries are strictly locked, forcing various sectors to close. Due to the closure, manufacturing activities are paralyzed and this has reduced the demand for Prescriptive Analytics. In the second half of 2020, some countries began to lift restrictions and gradually start commercial activities in different sectors, and even if the blockade is lifted it will be a challenge for the manufacturing sector to return to normal working conditions, this will hamper the growth of Prescriptive Analytics Market.
Fair Isaac and Company (FICO)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Prescriptive Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is estimated to contribute the largest share of the Prescriptive Analytics Market during the forecast period owing to rise in need for analytical marketing solutions and with high adoption of analytical framework among players in this region. Moreover, large number of players functioning in this region also influence to drive growth of the market in North America. The North American market holds a major share of the global market. The market in the region is projected to register the highest CAGR during the forecast period. Asia Pacific is also estimated to expand at higher rate.
|Market size value in 2021||USD 11.83 million|
|Revenue forecast in 2031||USD 64.5 million|
|Growth Rate||CAGR of 18.49%% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Components, Deployment, Industrial Vertical, End-user, and Region|
|Region scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Fair Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, Tibco Software Inc., Effidence|
The Prescriptive Analytics Market size was estimated at USD 10.16 million in 2021 and is expected to reach 64.5 million by 2031.
Key players: Fair Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, Tibco Software Inc., Effidence and other prominent players.
On-premise segment and Retail Segment are anticipated to hold the largest Prescriptive Analytics Market.
Drivers: Rise In Demand for Comprehensive Market Analytics and Growth in demand for cloud-based predictive analytics
Prescriptive analytics is a technology that controls analytics procedures such as prophetic analytics, graphic analytics, and investigative analytics to provide conceivable results for a provided situation. Typically, prescriptive analytics provides visions such as information regarding probable outcomes, past act, existing resources, and mentions a course of action or strategy required to implement or change.
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