Prescriptive Analytics Market Estimated to Exceed US$ 13.23 Billion Globally By 2027: IMARC Group

IMARC Group's latest research report, titled "Prescriptive Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," The market reached a value of US$ 3.69 Billion in 2021. Looking forward, IMARC Group expects the global prescriptive analytics market to reach a value of US$ 13.23 Billion by 2027, exhibiting a CAGR of 22.50% during 2022-2027. Prescriptive analytics represents the branch of advanced analytics that examines data or content using various techniques, such as simulation, graph analysis, complex event processing, neural networks, recommendation engines, heuristics, machine learning (ML), etc. It is considered a valuable tool for reducing human error or bias, data-driven decision-making, optimizing the efficiency of operations, etc. Prescriptive analytics assists in providing a comprehensive and accurate form of data aggregation and analysis via algorithms. Consequently, it finds wide-ranging applications across several industries, including retail, healthcare, manufacturing, energy and utilities, transportation and logistics, media and entertainment, etc.

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Important Attribute and highlights of the Report:

Detailed analysis of the global market share
Market Segmentation by component, deployment mode, business function, organization size and industry vertical.
Historical, current, and projected size of the market in terms of volume and value
Latest industry trends and developments
Competitive Landscape for Prescriptive Analytics Market
Strategies of major players and product offerings

The increasing product adoption for allowing businesses to analyze data comprehensively and identify data-driven strategic decisions is primarily driving the prescriptive analytics market. Additionally, the rising utilization of prescriptive analytics in the banking, financial services, and insurance (BFSI) sector to flag and detect frauds, alert the bank, provide a recommended course of action, etc., is further catalyzing the market growth. Besides this, the inflating need for prescriptive analytics in the healthcare industry to assess pre-existing conditions of patients and implement specific preventative treatment plans accordingly is acting as another significant growth-inducing factor. Moreover, the growing consumer inclination towards cloud platforms and the expanding cloud data warehouses are also positively influencing the global market. Apart from this, the introduction of advanced technologies, including data mining, augmented and virtual reality, big data, etc., is anticipated to fuel the prescriptive analytics market over the forecasted period.

Key Players Included in Global Prescriptive Analytics Market Research Report:

Altair Engineering Inc.
Alteryx Inc.
Fair Isaac Corporation
International Business Machines Corporation
Microsoft Corporation
Oracle Corporation
River Logic Inc.
Salesforce Inc.
SAP SE
SAS Institute Inc.
Teradata Corporation
TIBCO Software Inc.
Zebra Technologies Corporation

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COVID-19 Impact Overview:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Key Market Segmentation:

Breakup by Component:

Software
Services
Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Business Function:

Operations
Sales
Marketing
Finance
Human Resources

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Industry Vertical:

BFSI
Healthcare
IT and Telecommunications
Retail
Media and Entertainment
Manufacturing
Energy and Utilities
Transportation and Logistics
Government
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

TOC for the Prescriptive Analytics Market Research Report:

Preface
Scope and Methodology
Executive Summary
Introduction
Global Prescriptive Analytics Market
SWOT Analysis
Value Chain Analysis
Price Analysis
Competitive Landscape

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