Prescriptive Analytics Market
Prescriptive Analytics Market Forecasts to 2028 - Global Analysis By Data Type (Unstructured Data, Structured Data and Semi Structured Data), By Component (Services and Software), By Business Function, By Organization Size, By Deployment Model, By Application, By End User and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2022) |
US $6.0 BN |
Projected Year Value (2028) |
US $19.7 BN |
CAGR (2022 - 2028) |
22.0% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Prescriptive Analytics Market is accounted for $6.0 billion in 2022 and is expected to reach $19.7 billion by 2028 growing at a CAGR of 22.0% during the forecast period. Prescriptive analytics is a method for making decisions regarding the results of company operations. Prescriptive analytics is used in a variety of businesses to improve business operations by maximising trade-offs between objectives like costs or customer service, to boost customer satisfaction, and to identify first-in-market possibilities by using big data. Prescriptive analytics is a system that uses practices and methods including descriptive, diagnostic, and predictive analytics to predict potential outcomes for a given circumstance. Prescriptive analytics typically offers insights such as data on potential outcomes, prior results, and available resources and recommends a course of action or strategy that must be implemented or modified. Moreover, prescriptive analytics not only forecasts potential outcomes but also analyzes why they are likely to occur. Thus, a prescriptive model is frequently used to obtain insight into recommendations related to activities that can benefit from the forecasts. Due to its potential to quantify the impact of future decisions and predict future outcomes, prescriptive analytics are therefore projected to experience a large increase in demand among enterprises worldwide.
According to a study by NASSCOM (National Association of Software and Service Companies), the Indian analytics industry is predicted to reach USD 16 Billion mark by 2025.
Market Dynamics:
Driver:
Increasing acceptance of real-time data access for efficient business operations
Every organisation focusing on its business expansion in a competitive market must use data-driven decision-making. Real-time data accessibility assists firms in processing and analysing data, which is then used to produce regular strategies for improving corporate performance and gaining an advantage over rivals. Also, businesses are utilising the advantages of business intelligence and analytical tools more and more, not only to gather perspectives but also to drive strategic decision-making in real-time. Prescriptive analytics employs ML and AI to identify and recommend an action or collection of activities that can be used to control potential future scenarios.
Restraint:
Data's dynamic nature
Big data's nature depends on its volume, diversity, velocity, variability, and veracity, which makes managing data sets challenging, especially when significant volumes originate from a number of sources. The increase in data leads to a change in the type of data gathered as businesses move towards more data-driven decision-making techniques. Technological advancements have increased the capacity for data collection, and this increase in capacity is likely to cause confusion because diverse types of data with similar effects have become more easily accessible. Predictive analytics is widely used by businesses to overcome obstacles in a competitive industry. Due to the lack of effective and efficient algorithms for retrieving accurate data, the dynamic nature of the data is anticipated to constrain analysis because it is constantly changing.
Opportunity:
Overcoming the shortcomings of existing business intelligence tools
Every company has been impacted by the growing volume of data. The increase in data volume has led to a complexity that traditional BI systems are unable to handle. This has increased the demand for better analytical tools. Today's business users require tools that allow them to respond to operational issues, consumer interaction, business opportunities, and threats. Advanced analytics, which have complemented conventional BI approaches and enabled enterprises to reach real-time decision making, include prescriptive analytics. Both descriptive and predictive analysis can be used to identify prescriptive analysis.
Threat:
Diversity of data models based on business needs
In the past few decades, data growth has expanded at an enormous rate which is restraining the market growth. Owing to big data, businesses are gathering the enormous amounts of data from sensors, cameras, the web, and other sources to distinctly engage with their customers and provide them with personalised guidance and preferential treatment. Several advanced analytics models are required to handle the unstructured data, which is made up of text, video, image, and sound data. For instance, data generated by machines is represented differently than data generated by the web and social media. Supply chain analytics and operational analytics can be used to examine machine-generated data, while social media analytics can be used to analyse online and social network data.
Covid-19 Impact:
Due to lockdowns, travel restrictions, and business closures, COVID-19 has had an impact on the businesses and industries of numerous nations. The closing of numerous plants and factories has had a detrimental influence on production, delivery schedules, and sales of products on the international market. Only a few businesses have already been warned of potential delivery delays and eventual sales declines. Also, the chances for commercial relationships and collaborations are being impacted by the international travel bans implemented by nations in Europe, Asia-Pacific, and North America.
The Banking, Financial Services and Insurance segment is expected to be the largest during the forecast period
Because of the enormous data generation within the banking system, which is responsible for cases of fraud, it is anticipated that the BFSI segment will experience the largest share of the market throughout the anticipated period. The demand for prescriptive analytics to preserve financial sector security is therefore positively rising as a result of reducing risks and fraud-related cases in the financial industry. Also, the results of prescriptive analytics assist the financial sector in raising client satisfaction with their offerings.
The Supply Chain Management segment is expected to have the highest CAGR during the forecast period
Throughout the projected period, it is predicted that the supply-chain management segment will have the highest CAGR as several industry sectors, including manufacturing, retail, wholesale, and others, use supply-chain solutions. The management of inventories across all verticals is assisted by supply-chain management technologies. As raw materials are purchased and used in manufacturing, a significant amount of data is generated within the business. However, the supply chain management segment's demand in the prescriptive analytics market is being driven by the organisation's goal of lowering costs and increasing profits.
Region with largest share:
Due to rising adoption costs for new technologies like big data, cloud computing, social media, and mobility, which are anticipated to fuel market expansion throughout the forecast period, the North American region held a dominant position in the prescriptive analytics market in 2021 and is expected to have the largest market share during the projection period. Additionally, the volume of data across the verticals rises proportionately with the adoption of new technology. For important insights that assist in developing company strategies, organisations need an analytical tool. As a result, prescriptive analytics helps organisations create business strategies based on current information.
Region with highest CAGR:
As most would consider normal to drive the development of the market over the forecast period, the North American region is expected to have the highest CAGR. This is due to expanding spending on the reception of new advances like huge information, cloud innovation, web-based entertainment, and portability innovations, among others. Furthermore, increasing the acceptance of new innovations generally boosts the volume of information across all verticals. In order to get essential data that helps in the creation of business methodologies, organisations need a scientific instrument.
Key players in the market
Some of the key players in Prescriptive Analytics market include INFOR, ORACLE CORPORATION, TERADATA CORPORATION, SALESFORCE.COM, INC., FAIR ISAAC CORPORATION, SAP SE, TIBCO SOFTWARE INC., IBM Corporation, INTERNATIONAL BUSINESS MACHINES CORPORATION, Frontline Systems Inc, RIVER LOGIC, INC., Altair Engineering Inc, SAS INSTITUTE INC., Microsoft Corporation and Profitect.
Key Developments:
In September 2021, Infor launched the next generation of hospitality management solution that puts mobile capabilities for exceptional personalized guest services in the spotlight.
In August 2021, Sisense launched the latest Sisense Q2 2021 which allows organizations to build extensible insights, explore latest features, explore additional dimensions with Sisense Explanations, and infuse images into pivot tables.
In May 2021, SAS announced to reinforce the foundation for data and analytics success by incorporating new data management solutions into its cloud native SASViya platform.
In March 2021, IBM launched its Cloud Satellite which offers cloud services to its clients anywhere. Using this, clients can automate deployment and management of cloud native services for both development and operations, resulting in increasing business agility.
In November 2020, IBM launched 5G and Edge Computing which helps businesses bringing computation and data storage closer to the source of the data, which further makes it easier to act on the insights generated from the data.
In August 2020, Talend released the 2020 update of its Talend Data Fabric solution for expanding cloud capabilities to meet the customer needs.
Data Types Covered:
• Unstructured Data
• Structured Data
• Semi Structured Data
Components Covered:
• Services
• Software
Business Functions Covered:
• Sales
• Finance
• Human Resources
• Marketing
• Operations
Organization Size Covered:
• Small and Medium Sized Enterprises
• Large Enterprises
Deployment Models Covered:
• Cloud
• On Premises
• On Demand
Applications Covered:
• Operations Management
• Network Management
• Risk Management
• Revenue Management
• Workforce Management
• Supply Chain Management
• Other Applications
End Users Covered:
• Banking, Financial Services and Insurance
• Healthcare and Life Sciences
• Retail and E Commerce
• Telecom and Information Technology
• Manufacturing
• Media and Entertainment
• Travel and Hospitality
• Energy and Utility
• Government and Defense
• Transportation and Logistics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Prescriptive Analytics Market, By Data Type
5.1 Introduction
5.2 Unstructured Data
5.3 Structured Data
5.4 Semi Structured Data
6 Global Prescriptive Analytics Market, By Component
6.1 Introduction
6.2 Services
6.2.1 Managed Services
6.2.2 Professional Services
6.3 Software
7 Global Prescriptive Analytics Market, By Business Function
7.1 Introduction
7.2 Sales
7.3 Finance
7.4 Human Resources
7.5 Marketing
7.6 Operations
8 Global Prescriptive Analytics Market, By Organization Size
8.1 Introduction
8.2 Small and Medium Sized Enterprises
8.3 Large Enterprises
9 Global Prescriptive Analytics Market, By Deployment Model
9.1 Introduction
9.2 Cloud
9.3 On Premises
9.4 On Demand
10 Global Prescriptive Analytics Market, By Application
10.1 Introduction
10.2 Operations Management
10.3 Network Management
10.4 Risk Management
10.5 Revenue Management
10.6 Workforce Management
10.7 Supply Chain Management
10.8 Other Applications
11 Global Prescriptive Analytics Market, By End User
11.1 Introduction
11.2 Banking, Financial Services and Insurance
11.3 Healthcare and Life Sciences
11.4 Retail and E Commerce
11.5 Telecom and Information Technology
11.6 Manufacturing
11.7 Media and Entertainment
11.8 Travel and Hospitality
11.9 Energy and Utility
11.10 Government and Defense
11.11 Transportation and Logistics
11.12 Other End Users
12 Global Prescriptive Analytics Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Infor
14.2 Oracle Corporation
14.3 Teradata Corporation
14.4 Salesforce.Com, Inc.
14.5 Fair Isaac Corporation
14.6 Sap Se
14.7 Tibco Software Inc.
14.8 IBM Corporation
14.9 International Business Machines Corporation
14.10 Frontline Systems Inc
14.11 River Logic, Inc.
14.12 Altair Engineering Inc
14.13 Sas Institute Inc.
14.14 Microsoft Corporation
14.15 Profitect
List of Tables
1 Global Prescriptive Analytics Market Outlook, By Region (2020-2028) ($MN)
2 Global Prescriptive Analytics Market Outlook, By Data Type (2020-2028) ($MN)
3 Global Prescriptive Analytics Market Outlook, By Unstructured Data (2020-2028) ($MN)
4 Global Prescriptive Analytics Market Outlook, By Structured Data (2020-2028) ($MN)
5 Global Prescriptive Analytics Market Outlook, By Semi Structured Data (2020-2028) ($MN)
6 Global Prescriptive Analytics Market Outlook, By Component (2020-2028) ($MN)
7 Global Prescriptive Analytics Market Outlook, By Services (2020-2028) ($MN)
8 Global Prescriptive Analytics Market Outlook, By Managed Services (2020-2028) ($MN)
9 Global Prescriptive Analytics Market Outlook, By Professional Services (2020-2028) ($MN)
10 Global Prescriptive Analytics Market Outlook, By Software (2020-2028) ($MN)
11 Global Prescriptive Analytics Market Outlook, By Business Function (2020-2028) ($MN)
12 Global Prescriptive Analytics Market Outlook, By Sales (2020-2028) ($MN)
13 Global Prescriptive Analytics Market Outlook, By Finance (2020-2028) ($MN)
14 Global Prescriptive Analytics Market Outlook, By Human Resources (2020-2028) ($MN)
15 Global Prescriptive Analytics Market Outlook, By Marketing (2020-2028) ($MN)
16 Global Prescriptive Analytics Market Outlook, By Operations (2020-2028) ($MN)
17 Global Prescriptive Analytics Market Outlook, By Organization Size (2020-2028) ($MN)
18 Global Prescriptive Analytics Market Outlook, By Small and Medium Sized Enterprises (2020-2028) ($MN)
19 Global Prescriptive Analytics Market Outlook, By Large Enterprises (2020-2028) ($MN)
20 Global Prescriptive Analytics Market Outlook, By Deployment Model (2020-2028) ($MN)
21 Global Prescriptive Analytics Market Outlook, By Cloud (2020-2028) ($MN)
22 Global Prescriptive Analytics Market Outlook, By On Premises (2020-2028) ($MN)
23 Global Prescriptive Analytics Market Outlook, By On Demand (2020-2028) ($MN)
24 Global Prescriptive Analytics Market Outlook, By Application (2020-2028) ($MN)
25 Global Prescriptive Analytics Market Outlook, By Operations Management (2020-2028) ($MN)
26 Global Prescriptive Analytics Market Outlook, By Network Management (2020-2028) ($MN)
27 Global Prescriptive Analytics Market Outlook, By Risk Management (2020-2028) ($MN)
28 Global Prescriptive Analytics Market Outlook, By Revenue Management (2020-2028) ($MN)
29 Global Prescriptive Analytics Market Outlook, By Workforce Management (2020-2028) ($MN)
30 Global Prescriptive Analytics Market Outlook, By Supply Chain Management (2020-2028) ($MN)
31 Global Prescriptive Analytics Market Outlook, By Other Applications (2020-2028) ($MN)
32 Global Prescriptive Analytics Market Outlook, By End User (2020-2028) ($MN)
33 Global Prescriptive Analytics Market Outlook, By Banking, Financial Services and Insurance (2020-2028) ($MN)
34 Global Prescriptive Analytics Market Outlook, By Healthcare and Life Sciences (2020-2028) ($MN)
35 Global Prescriptive Analytics Market Outlook, By Retail and E Commerce (2020-2028) ($MN)
36 Global Prescriptive Analytics Market Outlook, By Telecom and Information Technology (2020-2028) ($MN)
37 Global Prescriptive Analytics Market Outlook, By Manufacturing (2020-2028) ($MN)
38 Global Prescriptive Analytics Market Outlook, By Media and Entertainment (2020-2028) ($MN)
39 Global Prescriptive Analytics Market Outlook, By Travel and Hospitality (2020-2028) ($MN)
40 Global Prescriptive Analytics Market Outlook, By Energy and Utility (2020-2028) ($MN)
41 Global Prescriptive Analytics Market Outlook, By Government and Defense (2020-2028) ($MN)
42 Global Prescriptive Analytics Market Outlook, By Transportation and Logistics (2020-2028) ($MN)
43 Global Prescriptive Analytics Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.