The global Prescriptive Analytics Market is estimated to be valued at USD 4.9 billion in 2022, growing at a CAGR of 24.0% during the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Prescriptive analytics is a branch of advanced analytics that uses a combination of descriptive and predictive models to provide actionable intelligence and optimize decision-making processes. This market offers a wide range of products and solutions that analyze historical data, simulate future scenarios, and recommend the best course of action to achieve desired outcomes. The need for prescriptive analytics products is driven by the increasing demand for data-driven decision-making, as organizations seek to improve operational efficiency, reduce costs, and enhance customer satisfaction.
Market Key Trends:
One key trend in the prescriptive analytics market is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms enable the automation of data analysis and decision-making processes, allowing organizations to rapidly process large volumes of data and generate real-time insights. This trend is driven by the growing availability of big data and the need for faster and more accurate decision-making in various industries such as finance, healthcare, retail, and manufacturing. The integration of AI and ML technologies in prescriptive analytics solutions is expected to drive market growth and innovation in the coming years.
The Prescriptive Analytics market is expected to experience a high growth rate, exhibiting a CAGR of 24.0% over the forecast period of 2023-2030. This growth can be attributed to the increasing adoption of prescriptive analytics solutions across various industries, such as healthcare, retail, and manufacturing.
Threat of New Entrants: The threat of new entrants in the Prescriptive Analytics market is relatively low, mainly due to the high barriers to entry. These barriers include the need for advanced technology and expertise in data analysis, as well as the extensive resources required to develop and maintain prescriptive analytics solutions.
Bargaining Power of Buyers: The bargaining power of buyers in the Prescriptive Analytics market is moderate. While there are a significant number of buyers in the market, they are highly dependent on the key players for advanced analytics solutions. However, buyers have the option to switch suppliers if they find more competitive pricing or better product offerings.
Bargaining Power of Suppliers: The bargaining power of suppliers in the Prescriptive Analytics market is relatively high. Key players in the market, such as IBM Corporation and Fair Isaac Corporation, hold strong positions and have established relationships with customers. This gives them the leverage to negotiate favorable terms and maintain their market dominance.
Threat of New Substitutes: The threat of new substitutes in the Prescriptive Analytics market is low. Prescriptive analytics solutions provide unique value by leveraging advanced algorithms and machine learning techniques to generate actionable insights. The high cost and complexity of developing such substitutes make it unlikely for them to pose a significant threat to the market.
Competitive Rivalry: The competitive rivalry in the Prescriptive Analytics market is intense. Key players like IBM Corporation, Ayata, and Fractal Analytics Inc. compete for market share through continuous product innovation, strategic partnerships, and mergers/acquisitions. This intense competition drives market growth and fosters the development of advanced prescriptive analytics solutions.
The global Prescriptive Analytics market is expected to witness high growth, exhibiting a CAGR of 24.0% over the forecast period. This growth is driven by the increasing demand for advanced analytics solutions across various industries. The market is dominated by key players such as IBM Corporation, Ayata, and Fractal Analytics Inc., who are continuously investing in research and development to stay at the forefront of the market.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the Prescriptive Analytics market. This can be attributed to the presence of major technology companies and the increasing adoption of analytics solutions in sectors like healthcare and retail.
The 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 players have a strong market presence and offer a wide range of prescriptive analytics solutions to cater to the diverse needs of customers.
Overall, the Prescriptive Analytics market is poised for significant growth in the coming years, driven by the increasing demand for actionable insights and the advancement of technology in analytics.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it