(MENAFN- EIN Presswire) Prescriptive Analytics Market Size
A rise in demand for cloud-based predictive analytics is expected to propel the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 15, 2023 /einpresswire.com / -- According to the report, the global prescriptive analytics market generated $1.96 billion in 2018, and is expected to reach $12.35 billion by 2026, registering at a CAGR of 26.6% from 2019 to 2026.
Surge in requirement for extensive market analytics solutions, advent of new technologies including big data and IoT, and rise in demand for cloud-based predictive analytics drive the growth of the global prescriptive analytics market.
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However, high cost of investment and intricate analytical workflow restrain the market growth. On the other hand, increase in adoption of measures for cybercrime prediction and prevention and surge in expenditure on development of big data infrastructure create new opportunities in the market.
Based on business function, the operations segment held the largest market share in the global prescriptive analytics market, contributing for nearly one-third of the total market share in 2018, and is expected to maintain its lead position throughout the forecast period.
This is due to the inclination of enterprises across the globe toward the implementation of analytical solutions in their business operation processes. However, the marketing segment is estimated to grow the fastest CAGR of 28.6% from 2019 to 2026, owing to its ability to provide insights based on marketing strategies.
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Based on industry vertical, the BFSI segment contributed nearly one-fifth of the total share of the global prescriptive analytics market in 2018, and is estimated to dominate in terms of revenue during the forecast period.
This is attributed to the increase in the need for optimization of business processes in financial institutions such as banks. However, the manufacturing segment is expected to register the fastest CAGR of 30.1% from 2019 to 2026, owing to its features such as prescriptive maintenance that are useful in the assembly lines and manufacturing plants.
Based on region, North America held the highest market share in 2018, accounting for nearly two-fifths of the global prescriptive analytics market, and will maintain its lead position during the forecast period. This is due to the well-developed IT infrastructure that led to early adoption of automation processes in the region.
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On the other hand, Asia-Pacific is expected to portray the largest CAGR of 29.5% from 2019 to 2026, owing to rise in demand in government institutes along with the integration of analytics into existing predictive models of organizations operating in this region.
The key players profiled in the prescriptive analytics market forecast includes Fair, Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, and Tibco Software Inc.
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Key Benefits for Prescriptive Analytics Market:
.This study includes the prescriptive analytics market opportunity, analysis, trends, and future estimations to determine the imminent investment pockets.
.The report presents information related to key drivers, restraints, and opportunities of the prescriptive analytics industry.
.The prescriptive analytics market size is quantitatively analyzed from 2018 to 2026 to highlight the financial competenc of the industry.
.Porter's five forces analysis illustrates the potency of the buyers & suppliers in the prescriptive analytics market.
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