Prescriptive Analytics Market size was valued at USD 6.20 billion in 2022 and is poised to grow from USD 7.69 billion in 2023 to USD 42.97 billion by 2031, at a CAGR of 24% during the forecast period (2024-2031).
Businesses and organizations that use descriptive analytics tools and solutions are better positioned to develop predictive and prescriptive analytics solutions. They make better use of these solutions because firms can forecast using previous data and run algorithms. Prescriptive analytics enables businesses to personalize customer experiences by analyzing their data, preferences, and behavior patterns. This enables businesses to provide targeted marketing campaigns, personalized advice, and tailored product offerings.
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Top Player’s Company Profiles
- IBM (US)
- Microsoft (US)
- Salesforce (US)
- SAP (Germany)
- SAS Institute (US)
- FICO (US)
- Ayata (US)
- Altair (US)
- Alteryx (US),
- Sisense (US)
- Happiest Minds (India)
- Zebra (England)
- RapidMiner (US)
- Qlik (US)
- River Logic (US)
- Frontline Systems (US)
- Netformx (US)
- Mitek Analytics (France)
- Panorat.IO (US)
- BOARD International (Switzerland)
- Domo, Inc. (US)
Pioneering Decision-Making: Revolution of Prescriptive Analytics in Modern Business Dynamics
The global prescriptive analytics market is also driven by the high pace of acceptance of AI-driven decision-making solutions across industries. The value of prescriptive analytics is slowly being understood by organizations. It helps the organization to optimize operations and enhance customer experiences to gain a competitive edge. This trend enables organizations to drive data-driven decisions in real-time. It allows them to respond rapidly to the changing market conditions. With the innovations in machine learning and big data technology, prescriptive analytics has become more accessible and less expensive, which also makes it appealing to more types of companies. Huge growth is henceforth expected in the prescriptive analytics market during the upcoming years.
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Segments covered
Component
Software, Services (Professional Services, Managed Services)
Deployment Mode
Cloud, On-premises
Organization size
Large Enterprises, Small & Medium Enterprises (SMEs)
Application
Risk Management, Operation Management, Revenue Management, Network Management, Workforce Management, Supply Chain Management, Others (Asset Management, Customer Relationship Management)
Business function
HR, Sales, Marketing, Finance, Operation
Data type
Unstructured, Semi-structured, Structured
Vertical
BFSI, Retail and eCommerce, Media and Entertainment, Manufacturing, Travel and Hospitality, Energy and Utilities, Telecom and IT, Transportation and Logistics, Healthcare and LifeSciences, Government and Defense, Others (Agriculture, Academics, and Research)
Strategic Insights: Competitive Dynamics in Prescriptive Analytics
The Business of prescriptive analytics is highly competitive. There are some key competitors in this business who deploy very high-end artificial intelligence and machine learning for prescriptive decisions. Big businesses that lie in this field are IBM, SAS, and Microsoft, with them focusing on increasing real-time decision-making capability and using big data technologies. New entrants are seen as driving innovation and often lower the technological barriers to offer much domain-focused specialized solutions. The impetus in an industry that is consistently changing is to build strategic partnerships and technological breakthroughs for maintaining a competitive edge.
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Key Developments in Prescriptive Analytics for Enhanced Decision-Making
- May 2024: The partnership of Charlee.ai and ICEYE will be directed at enhancing the monitoring of floods and claims processing within Property & Casualty insurance. In this collaborative partnership, AI and satellite imagery combine to increase the efficiency of flood detection, risk assessment, and processing of claims on both sides: insurers and policyholders.
- June 2024: Neo4j and Snowflake have formed a strategic partnership to incorporate Neo4j graph data science into the Snowflake AI Data Cloud. This collaboration is making complex data analysis more convenient by allowing users to execute over 65 graph algorithms natively in the environment of Snowflake via SQL, allowing companies to gain deeper insights with greater speed and to make faster decisions for competitive advantage. This is done by eliminating the need for data transfer between platforms.
- April 2024: FICO and Atto formed a strategic partnership to harness Open Banking data to improve credit risk assessments. By combining FICO’s analytics and risk modeling skills with Atto’s Open Banking technology, the collaboration wants to develop predictive models that provide lenders with more accurate and up-to-date information about borrower behavior.
Analyzing Competitive Landscape of Prescriptive Analytics Market
The prescriptive analytics industry has grown rapidly in recent years, owing to increased demand for data-driven decision-making in various industries. The market is predicted to expand rapidly in the coming years, with a CAGR that indicates a strong upward trend. The prescriptive analytics sector has huge development potential. It also faces challenges such as concerns about data security, the requirement for qualified workers, integration issues, economic constraints, and cultural resistance to change.
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