Prescriptive Analytics Market Is Estimated To Witness High Growth Owing To Increasing Demand for Advanced Analytics Solutions
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| Prescriptive Analytics Market |
The global Prescriptive Analytics Market is estimated to be valued at USD 4.9 billion in 2022 and is expected to exhibit a CAGR of 24.0% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Prescriptive analytics involves the use of advanced analytics techniques to
provide recommendations and actions to optimize outcomes based on various
constraints and objectives. It helps in converting data into actionable
insights, enabling organizations to make informed decisions and improve
operational efficiency. The increasing adoption of big data analytics,
cloud-based solutions, and the need for real-time decision-making are driving
the demand for prescriptive analytics solutions across various industry
verticals.
Market Key Trends:
One key trend observed in the prescriptive analytics market is the integration
of artificial intelligence (AI) and machine learning (ML) technologies. AI and
ML algorithms are being increasingly incorporated into prescriptive analytics
solutions to enhance the accuracy and effectiveness of recommendations. These
technologies not only analyze historical and real-time data but also learn from
patterns and trends to provide accurate predictions and suggested actions. The
integration of AI and ML in prescriptive analytics solutions helps
organizations in automating decision-making processes, optimizing business
operations, and predicting future outcomes.
Overall, the prescriptive analytics market is projected to experience high
growth in the coming years, driven by the increasing need for advanced
analytics solutions and the integration of AI and ML technologies. Key players
in the market include IBM Corporation, Ayata, NGDATA, River Logic, Inc., Angoss
Software Corporation, Emcien, Inc., Fair Isaac Corporation, Profitect, Fractal
Analytics Inc., and Nelito Systems Ltd.
PEST Analysis:
Political: The political factors influencing the prescriptive analytics market
include government regulations and policies affecting the use and
implementation of analytics solutions. For example, data privacy and security
regulations can impact the adoption of prescriptive analytics technologies.
Economic: The economic factors influencing the prescriptive analytics market
include the overall economic growth, spending on IT infrastructure, and
budgetary constraints of organizations. As the market expands, businesses are
likely to invest more in prescriptive analytics solutions to improve their
operational efficiency and gain a competitive edge.
Social: The social factors influencing the prescriptive analytics market
include the growing awareness and acceptance of data-driven decision-making
across industries. The demand for prescriptive analytics solutions is driven by
the need for businesses to make informed decisions and optimize their
operations based on data-driven insights.
Technological: The technological factors influencing the prescriptive analytics
market include advancements in artificial intelligence, machine learning, and
big data analytics. These technological developments enable the analysis of
large volumes of data in real-time, leading to more accurate and timely
prescriptive insights.
Key Takeaways:
The global
prescriptive analytics market is expected to witness high growth,
exhibiting a CAGR of 24.0% over the forecast period (2023-2030). The market is
primarily driven by the increasing demand for data-driven decision-making and
the growing adoption of advanced analytics solutions across various industries.
Organizations are realizing the importance of leveraging prescriptive analytics
tools to optimize their operations, reduce costs, and maximize profitability.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the prescriptive analytics market. The
region has a matured IT infrastructure, high adoption rate of advanced
technologies, and a large number of key players operating in the market.
Moreover, the presence of several prominent organizations across industries
such as healthcare, retail, and manufacturing drives the demand for
prescriptive analytics solutions in North America.
Key players operating in the prescriptive analytics market include IBM
Corporation, Ayata, NGDATA, River Logic, Inc., Angoss Software Corporation,
Emcien, Inc., Fair Isaac Corporation, Profitect, Fractal Analytics Inc., and
Nelito Systems Ltd. These key players offer a wide range of prescriptive
analytics solutions and services and are actively involved in partnerships,
collaborations, and product launches to strengthen their market position. They
focus on innovations and advancements in technologies to cater to the evolving
needs of businesses and gain a competitive advantage in the market.
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