Unlock the power of predictive and prescriptive analytics with our in-depth market analysis. Explore revenue projections, deployment options, and industry-specific applications for a competitive edge.
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The global predictive and prescriptive analytics market is forecast to reach a market size of USD 64.58 Billion by 2028, and register a significantly high CAGR, according to latest analysis by Emergen Research. The market for predictive and prescriptive analytics has grown significantly in recent years, and this growth is anticipated to continue for some time to come. Utilising data, statistical algorithms, and machine learning strategies, predictive analytics determines the likelihood of future outcomes based on historical data. Prescriptive analytics goes a step further by offering suggestions for action to improve results.
The expanding accessibility of big data is one of the main factors driving this market. As more data is gathered via various means, there is an increasing need to interpret it and glean insightful information. This problem can be solved by predictive and prescriptive analytics, which enable businesses to make data-driven decisions with increased certainty and precision.
The rising demand for individualised customer experiences is another market-driver. Businesses can adjust their products and services to fit specific client needs by using predictive analytics to better understand customer behaviour and preferences. Increased client satisfaction and loyalty may result from this.
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But there are also some limitations to take into account. The scarcity of qualified specialists is one of this market’s main problems. There is a present dearth of individuals with the specialised knowledge and competence needed for predictive and prescriptive analytics. This might restrict market expansion in the ensuing years.
Concerns about data security and privacy could also act as a barrier. Data breaches and cyber attacks are becoming more likely as firms gather more data. Customers’ trust may be eroded as a result, which may restrict the use of predictive and prescriptive analytics.
Despite these obstacles, the market is anticipated to grow in a number of ways during the next few years. Predictive and prescriptive analytics tools that are cloud-based are becoming more and more popular. Large volumes of data can be stored and analysed using cloud computing, which makes it a desirable alternative for companies of all sizes.
Predictive and Prescriptive Analytics Market Segmentation:
The global predictive and prescriptive analytics market has been segmented by Emergen Research based on type, deployment, application, end-use, and region. In terms of type, the market is divided into services and solutions, with solutions being further segmented into customer relationship management, fraud detection, risk management, and performance management. When it comes to deployment, the market is categorized into on-premises and cloud-based solutions.
The application segment includes various categories such as human resource, talent analytics, sales and marketing, marketing analytics, behavioral analytics, finance, collection analytics, operations, distribution management, inventory planning, and others. The end-use segment of the market is segmented into retail, telecommunications, mining, energy, manufacturing, healthcare, automotive, government, defense, BFSI, logistics, entertainment, sports, gaming, and others.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- Solution segment is expected to lead in terms of revenue CAGR of 25.4% during the forecast period due to its ability to provide end-to-end solutions that can help businesses optimize their operations and improve their decision-making processes. The solution segment of the predictive and prescriptive analytics market includes various sub-segments such as customer relationship management, fraud detection, risk management, and performance management. One of the major drivers of the solution segment is the increasing demand for personalized customer experiences.
- Cloud segment is projected to account for largest market share over the forecast period due to its various advantages over traditional on-premises deployment models. The cloud-based deployment model of predictive and prescriptive analytics offers numerous benefits such as scalability, flexibility, accessibility, and cost-effectiveness. With cloud-based deployment, businesses can quickly scale their analytics operations up or down as needed, without having to worry about investing in additional hardware or software. Additionally, cloud-based analytics solutions offer greater flexibility, as they can be accessed from anywhere with an internet connection. This enables businesses to leverage data insights and make informed decisions in real-time, regardless of their location.
- In terms of revenue contribution to the global predictive and prescriptive analytics market, the operation segment is projected to lead during the forecast period due to its ability to optimize and streamline various operational processes within businesses. The operations segment includes sub-segments such as inventory planning, distribution management, and collection analytics. One of the key drivers of the operations segment is the increasing demand for improved supply chain management. Predictive and prescriptive analytics can help businesses better manage their inventory levels, track shipments, and optimize distribution routes.
- Healthcare segment is projected to account for comparatively higher market share during the forecast period due to its ability to optimize and streamline various operational processes within businesses. The operations segment includes sub-segments such as inventory planning, distribution management, and collection analytics. Predictive and prescriptive analytics can help businesses better manage their inventory levels, track shipments, and optimize distribution routes.
- North America market is projected to account for the highest revenue share as compared to other regional markets over the forecast period due to several factors that are driving the growth of the predictive and prescriptive analytics market in North America. One of the key drivers is the increasing adoption of advanced technologies such as machine learning, artificial intelligence, and big data analytics across a wide range of industries. In addition, North America is home to a large number of established players in the predictive and prescriptive analytics market, including software vendors, system integrators, and consulting firms.
- Key market participants include Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, SAP SE, SAS Institute Inc., Salesforce.com, Inc., Qliktech Inc., Tableau Software, Inc., TIBCO Software Inc., and Pegasystems Inc.
- Boemska Technology Solutions Ltd. was purchased by SAS Institute Inc. in January 2021. By acquiring this company, SAS will be able to lower the price of cloud-based analytics solutions and improve the portability of such solutions into business and mobile applications.
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About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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