What Has Been the Growth of the Prescriptive Analytics Market So Far?
The prescriptive analytics market has seen considerable growth due to a variety of factors.
• In recent times, the prescriptive analytics market has seen an exponential increase in its size. It is projected to expand from $8.57 billion in 2024 to $10.8 billion in 2025, with a compound annual growth rate (CAGR) of 26.1%.
Factors that contributed to the growth during the historic period include the escalating volume and data complexity, enhancement in machine learning algorithms, the surge in big data analytics, adoption specific to industries, and a growing understanding of the advantages of analytics.
What Are the Future Growth Projections for the Prescriptive Analytics Market?
The prescriptive analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The prescriptive analytics market is predicted to undergo significant expansion in the coming years, expected to reach a valuation of $27.4 billion by 2029 with a CAGR of 26.2%.
This growth over the predicted period is due to factors such as the rise of real-time prescriptive analytics, incorporation with the Internet of Things (IoT), augmentation in cloud-based solutions, advancements in comprehensible AI, and customization to cater to specific business needs. Key concurrent trends in the predicted period comprise of inter-industry cooperation, advancements in machine learning algorithms, emphasis on real-time prescriptive analytics, adoption across different industries, and the development of ethical and easily understandable prescriptive analytics.
What Are The Core Factors Supporting Growth In The Prescriptive Analytics Market?
The growing integration of the Internet of Things (IoT) is predicted to spur the expansion of the prescriptive analytics market. IoT constitutes a comprehensive network of interconnected gadgets, where technology facilitates communication between them and the cloud. Prescriptive analytics makes use of IoT to procure real-time data from connected devices and sensors. This data is then combed through to pinpoint patterns and trends, and provide guidance on potential courses of action. As per the IoT Analytics State of IoT—Spring 2023 report, in May 2023, the number of active IoT connections worldwide in 2022 was 14.3 billion, an 18% rise from 2021. Moreover, by 2023, there will be 16.7 billion active endpoints globally, marking a 16% growth in connected IoT devices. Hence, the burgeoning integration of the Internet of Things (IoT) is fueling the expansion of the prescriptive analytics market. The surge in internet accessibility and the burgeoning use of social networking platforms are anticipated to drive the growth of the prescriptive analytics market in the foreseeable future. The Internet comprises a worldwide network of interlinked devices, including machines, servers, mobile phones, and electronic gadgets, all capable of communication through a common set of standards. Social networking platforms—be it apps or websites—allow users to connect, engage, exchange information, and establish associations with individuals with shared interests or backgrounds. Prescriptive analytics can aid businesses in scrutinizing social media data to glean insights into consumer behaviour and preferences. In July 2023, data from the Search Engine Journal, a U.S.-based digital magazine that focuses on SEO, PPC, and digital marketing news and strategies, stated that there are 5.17 billion social media users worldwide. These users represent 63.7% of the global population and almost 95% of all internet users. Between April 2022 and April 2023, social media users increased by 150 million, representing a YoY growth of 3.2%. Consequently, the surge in internet accessibility and the growing use of social networking platforms are propelling the prescriptive analytics market.
What Are The Major Segments Within The Global Prescriptive Analytics Market?
The prescriptive analytics market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SME’s)
4) By Application Type: Risk Management, Operations Management, Revenue Management, Network Management, Supply Chain Management, Workforce Management
5) By Industry Vertical: Manufacturing, Energy And Utilities, Media And Entertainment, Transportation And Logistics, Healthcare And Life Sciences, Retail And Consumer Goods, Banking Financial Services And Insurance (BFSI), Information Technology And Telecommunications, Other Industry Verticals
Subsegments:
1) By Software: On-Premises Software, Cloud-Based Software, Integrated Analytics Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
Pre-Book The Prescriptive Analytics Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Prescriptive Analytics Market?
Key players in the prescriptive analytics market are creating groundbreaking technologies like retail prescriptive analytics systems in an effort to propel growth for their companies. These systems are software tools that make use of data evaluation and machine learning methodologies to provide specialized recommendations and actions for retailers. For example, Kepler Analytics, a technology firm based in Australia, introduced its retail prescriptive analytics system in January 2023. This innovative system pinpoints previously unnoticed sales chances at a zone-specific level and offers instantaneous suggestions to significantly increase sales and profitability across either one or a group of stores. The prescriptive analytics system capitalizes on data collected via the firm's distinct in-store sensors. This information offers store managers a comprehensive feedback cycle, enabling the retail outlet to gauge the actions that were executed and identify those that contributed to maximum sales expansion.
Who Are the Key Players In The Prescriptive Analytics Market?
Major companies operating in the prescriptive analytics market report are:
• Microsoft Corporation
• Koch Industries Inc.
• The International Business Machines (IBM) Corporation
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• Infor
• SAS Institute Inc.
• Teradata corporation
• Fair
• Isaac and Company (FICO)
• TIBCO Software Inc.
• Altair Engineering Inc.
• Talend SA
• Happiest Minds Technologies
• Mitek Analytics
• BOARD International S.A.
• Pros Inc.
• Zilliant Inc.
• Logi Analytics Inc.
• Sisense Inc.
• RapidMiner Inc.
• Improvado
• Stitch Data
• River Logic Inc.
• Ayata
• Ngdata Inc.
What Is The Most Dominant Region In The Prescriptive Analytics Market?
North America was the largest region in the prescriptive analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prescriptive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
