Market Scope & Overview
The prescriptive & predictive analytics market reached a value of USD 16.45 billion in 2022 and is projected to reach USD 69.62 billion by 2030, with a compound annual growth rate (CAGR) of 19.76% during the forecast period from 2023 to 2030, as per the SNS Insider report.
Prescriptive analytics is an advanced branch of data analytics that focuses on providing actionable insights and recommendations to optimize future decisions and outcomes. Prescriptive analytics utilizes a combination of historical data, real-time data, and various analytical techniques, such as machine learning, optimization algorithms, and simulation models, to offer valuable recommendations.
Market Analysis
With the exponential growth of data, businesses are amassing vast repositories of information. Predictive analytics offers a means to extract value from this data deluge by transforming it into actionable insights, leading to better decision-making. The growing adoption of the Internet of Things (IoT) and artificial intelligence (AI) technologies provides a wealth of real-time data. Integrating predictive analytics with these technologies creates opportunities for businesses to optimize operations and deliver seamless user experiences. All these factors to foster growth of the prescriptive & predictive analytics market.
Impact of Recession
Recessions pose challenges for every industry, and the prescriptive & predictive analytics market is no exception. While there might be a temporary contraction in spending on analytics solutions, the demand for prescriptive analytics may grow as companies seek to optimize their operations during difficult times. Predictive analytics becomes increasingly crucial in managing risks and making informed decisions to navigate uncertainties.
Segmentation Analysis
The prescriptive & predictive analytics market is witnessing robust growth, and the dominance of the on-premise and BFSI segments is set to shape the market’s future. While the on-premise segment capitalizes on data security, compliance, and customization, the BFSI segment leverages real-time decision-making, risk management, customer personalization, and fraud detection to gain a competitive advantage.
Regional Status & Analysis
As businesses around the world continue to recognize the value of data-driven decision-making, the prescriptive & predictive analytics market remains a crucial battleground for gaining a competitive edge. With its unwavering commitment to innovation, collaboration between academia and industry, and robust data governance, North America has firmly established itself as the dominant force in this transformative domain.
As data becomes the lifeblood of businesses, the market prospects for both prescriptive and predictive analytics appear extremely promising. Predictive analytics allows organizations to anticipate future events accurately, enabling them to make informed decisions and provide personalized experiences.
Frequently Asked Questions/ Key Reasons to Purchase this Report
Q1. What is the projected outlook for prescriptive & predictive analytics market growth?
Ans: The market is projected to surpass USD 69.62 billion by the year 2030.
Q2. What are the major factors influencing the prescriptive & predictive analytics market?
Ans: The integration of prescriptive analytics with real-time data sources enables organizations to make decisions rapidly, responding promptly to changing market dynamics and gaining a crucial advantage in dynamic industries.
Q3. Who are the leading players in the prescriptive & predictive analytics market?
Ans: Oracle Corporation, SAS Institute Inc., Teradata, Altair Engineering, Inc., SAP SE, IBM Corporation, Microsoft Corporation, ALTERYX, INC, FICO, TIBCO Software Inc.