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Forecast 2024: Prescriptive Analytics Market Dynamics & Growth
prescriptive analytics market
According to The Business Research Company's, The prescriptive analytics market size has grown exponentially in recent years. It will grow from Customise$6.8 billion in 2023 to $8.57 billion in 2024 at a compound annual growth rate (CAGR) of 26.0%. Customise 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 Customise$21.58 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. Customise 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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Market Drivers and Trends:
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.
CustomiseRevolutionizing Retail With Innovative Retail Prescriptive Analytics SystemsCustomise
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.Customise
Prescriptive Analytics Market 2024 Key Insights:
• The prescriptive analytics is expected to grow to Customise$21.58 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. Customise
• Surging Demand For Large-Scale Energy Storage Powers Growth In The Vanadium Market
• Rising Focus Towards Product Advancement To Attain Maximum Revenues
• CustomiseNorth AmericaCustomise was the largest region in the prescriptive analytics market in 2023. CustomiseAsia-PacificCustomise 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
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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