Prescriptive Analytics Market
Growing prominence of big data, advanced technologies such as IoT & AI and increasing demand for effective data-driven decision making fuel the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, October 21, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Prescriptive Analytics Market to Grow at a CAGR of 26.6% to Reach USD 12.35 Billion by 2026 .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Rise in requirement for extensive market analytics solutions, emergence of new technologies including big data and IoT, and increase in demand for cloud-based predictive analytics drive the growth of the global prescriptive analytics market. Whereas, high cost of investment and intricate analytical workflow impede the market growth. On the other hand, rise in adoption of measures for cybercrime prediction and prevention and increase in expenditure on development of big data infrastructure offers new opportunities to the market.
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The global prescriptive analytics market segmentation includes component, business function, deployment, industry vertical, and region. Based on business function, the market is divided into human resources, sales, marketing, finance, and operations. The operations segment held the largest market share in the global prescriptive analytics market, accounting for nearly one-third of the total market share in 2018, and is expected to maintain its lead position throughout the forecast period. However, the marketing segment is anticipated to grow the fastest CAGR of 28.6% from 2019 to 2026.
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Based on industry vertical, the market is segmented into healthcare, BFSI, IT and telecommunications, retail, media and entertainment, manufacturing, energy and utilities, transportation and logistics, government, and others, and others. The BFSI segment contributed for nearly one-fifth of the total share of the global prescriptive analytics market in 2018, and is expected to dominate in terms of revenue during the forecast period. However, the manufacturing segment is anticipated to register the fastest CAGR of 30.1% from 2019 to 2026.
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Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America held the largest market share in 2018, contributing to nearly two-fifths of the global prescriptive analytics market. In contrary, the Asia-Pacific region is expected to portray the largest CAGR of 29.5% from 2019 to 2026.
The key players analyzed in the report include IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, Teradata Corporation, Fair, Isaac and Company (FICO), SAP SE, SAS Institute Inc., and Tibco Software Inc.
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Key Finding of The Prescriptive Analytics Market:
• By component, the software segment dominated the prescriptive analytics market. However, the services segment is expected to exhibit significant growth during the forecast period in the debt collection software industry.
• On the basis of deployment, the on-premise segment is anticipated highest revenue share in 2018.
• By business function, the operations segment accounted for the highest revenue in 2018 due to rise in need to optimize business processes among organizations across the globe.
• Depending on industry vertical, the BFSI segment generated the highest revenue in 2018. However, the retail sector is expected to witness considerable growth in the near future.
• Region wise, Asia-Pacific is expected to witness a significant growth in terms of CAGR in the upcoming years.
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