Propelled by explosive growth of big data. Prescriptive analytics provides recommendations on the best course of action based on real-time insights derived from multiple data sources. It helps organizations optimize operations and make smarter decisions by predicting consequences of actions and recommending the best choice for the situation based on historical analysis. Prescriptive analytics products like software and services are increasingly being adopted across industries like healthcare, BFSI, retail and ecommerce, transportation and logistics to improve operational efficiency. The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Explosive growth of big data. The emergence of big data has enabled organizations across industries to gain valuable insights by analyzing massive amounts of data coming from different internal and external sources on a daily basis. Prescriptive analytics processes this big data to identify patterns and predict future outcomes and behaviors to recommend evidence-based actions. As volumes of data continue ballooning, demand for prescriptive analytics solutions that leverage this big data is growing. Prescriptive analytics solutions allow businesses to capitalize on big data by recommending best actions for achieving goals such as increased revenue, improved customer experience and reduced risks and costs. This has become a major trend driving increased adoption of prescriptive analytics globally as organizations look to gain competitive advantage by leveraging data-driven decision making. Prescriptive analytics can analyze both structured and unstructured big data streaming in real-time to provide customized, prescriptive recommendations.
Strength: Prescriptive analytics provides recommendations and predicts outcomes for decision making which helps organizations make informed decisions. It has the ability to prescribe optimal courses of action based on an analysis of large amounts of data.
Weakness: Significant upfront investments are required for setting up the necessary infrastructure, skills, and technologies for implementing prescriptive analytics projects. Lack of relevant data and understanding of the business context can limit its effectiveness.
Opportunity: Increasing volume and variety of data generated across organizations is creating opportunities for leveraging prescriptive analytics for advanced decision making. It can help optimize operations, transform business processes, and drive new revenue streams.
Threats: Privacy and security of sensitive organizational data analyzed by prescriptive analytics models is a major threat. Model accuracy can degrade over time if data patterns change rapidly. Lack of explainability of some complex predictive models is also a challenge.
The Global Prescriptive Analytics Market Size is expected to witness high growth.
Regional analysis: North America region currently dominates the prescriptive analytics market and is expected to continue its dominance during the forecast period. Significant investments in advanced analytics by organizations to gain competitive advantages is driving market growth in the region.
Key players operating in the prescriptive analytics are Steris Corporation, Noxilizer Inc., Medistri SA, Judd Medical Limited, E-BEAM Services Inc., Cantel Medical Corporation, Stryker Corporation (TSO3 Inc.), BGS Beta-Gamma-Service GmbH & Co. KG, and B Braun Melsungen AG (B Braun Medical Ltd.), among others. These players are focusing on new product launches and enhancements to expand their product portfolios and gain a competitive edge in the market.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it