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Transforming the Prescriptive Analytics Market in 2025: IOT-Powered Growth Driving Force Behind The Prescriptive Analytics Market
Prescriptive Analytics Market
The prescriptive analytics market has grown exponentially in recent years. It will rise from $8.57 billion in 2024 to $10.8 billion in 2025, at a CAGR of 26.1%. The growth is driven by the increasing volume and complexity of data, advancements in machine learning algorithms, the rise of big data analytics, industry-specific adoption, and greater awareness of analytics benefits.
The prescriptive analytics market is expected to experience exponential growth, reaching $27.4 billion by 2029, with a CAGR of 26.2%. The growth is driven by real-time prescriptive analytics, IoT integration, cloud-based solutions expansion, advancements in explainable AI, and customization for specific business needs. Trends include cross-industry collaboration, machine learning algorithm improvements, a focus on real-time analytics, and ethical prescriptive analytics.
What Factors Are Fueling Growth in the Prescriptive Analytics Market?
The growing adoption of the Internet of Things (IoT) is anticipated to drive the prescriptive analytics market. IoT refers to a vast network of interconnected devices that communicate via the cloud. Prescriptive analytics leverages IoT by analyzing real-time data from connected devices and sensors to identify trends, patterns, and actionable insights. For example, the IoT Analytics State of IoT-Spring 2023 report indicated that there were 14.3 billion active IoT connections globally in 2022, marking an 18% rise from 2021. The number is expected to reach 16.7 billion in 2023, reflecting a 16% increase. As a result, the increasing adoption of IoT is fueling the prescriptive analytics market.
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Which Leading Companies Are Shaping the Growth of 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 Are the Major Trends Shaping the Prescriptive Analytics Market?
Companies in the prescriptive analytics market are advancing technological innovations, such as retail prescriptive analytics systems, to drive business growth. Retail prescriptive analytics systems are software solutions that leverage data analysis and machine learning algorithms to provide retailers with actionable recommendations. For instance, in January 2023, Kepler Analytics, an Australia-based technology company, launched a retail prescriptive analytics system designed to uncover overlooked sales opportunities at a zone-specific level. The system offers real-time recommendations to optimize sales and profits across stores. By utilizing data collected from Kepler's in-store sensors, store managers can access a complete feedback loop, enabling them to assess the effectiveness of specific actions on sales growth.
What Are the Key Segments of the 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
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Which Region Dominates 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
What Is Covered In The Prescriptive Analytics Global Market Report?
- Market Size Analysis: Analyze the Prescriptive Analytics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Prescriptive Analytics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Prescriptive Analytics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Prescriptive Analytics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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