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Prescriptive Analytics Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Prescriptive Analytics Market Market
The Business Research Company presents an extensive market research report on the Prescriptive Analytics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The prescriptive analytics market size has grown exponentially in recent years. It will grow from $6.8 billion in 2023 to $8.57 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. The growth in the historic period can be attributed to increasing volume and complexity of data, advancements in machine learning algorithms, rise of big data analytics, industry-specific adoption, increasing awareness of analytics benefits.
The prescriptive analytics market size is expected to see exponential growth in the next few years. It will grow to $21.58 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to real-time prescriptive analytics, integration with internet of things (iot), expansion in cloud-based solutions, advancements in explainable ai, customization for specific business needs. Major trends in the forecast period include cross-industry collaboration, advancements in machine learning algorithms, focus on real-time prescriptive analytics, cross-industry adoption, ethical and explainable prescriptive analytics.
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Key Market Players:
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. are prominent players in the industry.
Market Drivers:
The rising adoption of the Internet of Things (IoT) is expected to propel the growth of the prescriptive analytics market going forward. The Internet of Things (IoT) refers to the overall network of interconnected devices and the technology that enables communication between them and the cloud. Prescriptive analytics utilizes the Internet of Things (IoT) to provide real-time data from connected devices and sensors. This data can be analyzed to identify patterns and trends and provide insights into what actions should be taken. For instance, in May 2023, according to IoT Analytics State of IoT-Spring 2023 report, there were 14.3 billion active IoT connections globally in 2022, up 18% from 2021. Further, there will be 16.7 billion active endpoints worldwide in 2023, a 16% increase in connected IoT devices. Therefore, the rising adoption of the Internet of Things (IoT) is driving the growth of the prescriptive analytics market.
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Market Segments Include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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