Predictive & Prescriptive Analytics Market to grow from a market value of USD 5.52 billion in 2017 to USD 16.84 billion by the end of 2023| Major Vendors - IBM CORPORATION, SAS INSTITUTE INC., CLARABRIDGE INC., GOODDATA, CRIMSON HEXAGON INC., ADOBE SYSTEM

Market Analysis:

Predictive analytics is the practice of extracting information from existing data. It helps users determine and understand the buying patterns of customers, and predict future trends for an organization. Prescriptive analytics is dedicated to obtaining the best course of action for a presented situation. Prescriptive analytics is associated with both descriptive and predictive analytics.

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The growing demand for consumer goods indirectly boosts the adoption rate of predictive & prescriptive analytics tools, due to the fact that many retail organizations and online retail stores are using this software to analyze, predict, and provide a solution for any demanding situation. All major sectors, such as BFSI and healthcare, use predictive analytics for the development of effective methods for managing customer relationships, predicting end-user behavior, and improving customer loyalty, and retention policies. The increasing demand for consumer goods creates a need for major vendors in the retail space, to focus on customer retention and attracting new customers with effective and substantiated marketing techniques, backed by relevant data.

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Market Segments:
Predictive & Prescriptive Analytics Market is segmented by:
1. End User: Government and Defense, BFSI, Healthcare, Retail, Media and Entertainment, IT & Telecom, Industrial (Automotive, Manufacturing, Energy, and Utilities), Others (Hospitality, Agriculture, Logistics)
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017 - IBM launched IBM Analytics Engine, which marked the start of a new stage in the evolution of big data analytics. The IBM Analytics Engine separates the compute and storage infrastructure.

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