Steady Expansion Forecast for Prescriptive Analytics Market, Projected to Reach $27 Billion by 2029

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What Is the Expected CAGR for the Prescriptive Analytics Market Through 2025?
There has been an exponential increase in the size of the prescriptive analytics market recently. It is projected to expand from a market size of $8.57 billion in 2024 to $10.7 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 24.9%. The growth during the historical period is linked to multiple factors including a surge in the amount and complexity of data, progress in machine learning algorithms, the emergence of big data analytics, adoption specific to certain industries, and a greater understanding of the advantages of analytics.

What's the Projected Size of the Global Prescriptive Analytics Market by 2029?
In the coming years, the prescriptive analytics market size is anticipated to experience massive expansion. By the year 2029, it is projected to reach a value of $27 billion, exhibiting a compound annual growth rate (CAGR) of 26.0%. The growth during this projected period is attributed to factors such as the emergence of real-time prescriptive analytics, integration with the Internet of Things (IoT), the proliferation of cloud-based solutions, enhancements in explainable AI, and tailoring to meet individual business demands. Salient trends during the forecast period include cross-industry alliances, improvements in machine learning algorithms, emphasis on real-time prescriptive analytics, widespread adoption across various industries, and the development of ethical and explainable prescriptive analytics.

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Top Growth Drivers in the Prescriptive Analytics Industry: What's Accelerating the Market?
Expectations are high for the prescriptive analytics market to experience significant growth, largely due to the increasing adoption of the Internet of Things (IoT). Essentially the IoT is a large interconnected network of devices that facilitate communication between each other and the cloud. Using this technology gives prescriptive analytics access to real-time data from these connected devices and sensors, for analysis to uncover patterns, trends and to determine appropriate actions. The IoT Analytics State of IoT-Spring 2023 report in May 2023 showed a global total of 14.3 billion active IoT connections in 2022, an increase of 18% from 2021. Further projections suggest there will be 16.7 billion active endpoints across the world in 2023, representing a 16% rise in IoT connected devices. With the rapid adoption rate of the Internet of Things (IoT), the prescriptive analytics market stands to benefit greatly.

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What Trends Will Shape the Prescriptive Analytics Market Through 2029 and Beyond?
Top players in the prescriptive analytics market are focusing on the development of novel technologies, including retail prescriptive analytics systems, to foster organizational growth. These systems act as software solutions, employing data analysis and machine learning algorithms to offer specific advice and directives to retail businesses. For instance, Kepler Analytics, a tech firm from Australia, unveiled its retail prescriptive analytics system in January of 2023. This novel system identifies potential sales opportunities that might have been missed at different store zones. Its function is to provide on-the-spot advice to improve sales and profit margins across a single store or a chain of stores. The system uses information collected by proprietary in-store sensors of the company. It presents store managers with a comprehensive feedback loop, facilitating retailers to comprehend the undertaken initiatives and pinpoint the ones that resulted in substantial sales escalations.

What Are the Main Segments in the Prescriptive Analytics Market?
The prescriptive analyticsmarket 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, Healare 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 Top Companies are Driving Growth in 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.

Which Regions Will Dominate the Prescriptive Analytics Market Through 2029?
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

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