Prescriptive Analytics Market Thumbnail Image

2019

Prescriptive Analytics Market

Prescriptive Analytics Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Deployment, Business Function and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2019-2026

IC : Software and Services

Select an option
Author's: Sneha Korad and Makarand Sinnarkar | Onkar Sumant
Publish Date:

Get Sample to Email

Prescriptive Analytics Market Statistics: 2026

The prescriptive analytics market size was valued at $1,968.4 million in 2018, and is projected to reach $12.35 billion by 2026, growing at a CAGR of 26.6% from 2019 to 2026. Prescriptive analytics is a technology that leverages analytics techniques such as predictive analytics, descriptive analytics, and diagnostic analytics to provide possible outcomes for a provided situation. Typically, prescriptive analytics provides insights such as information regarding possible outcomes, past performance, available resources, and recommends a course of action or strategy required to implement or change.

Moreover, prescriptive analytics not only predicts what can happen, but also provides the reason of why it will happen. Thus, a prescriptive model is widely used to gain recommendation insights associated with actions that can take advantage of the predictions. Hence, the demand for prescriptive analytics is expected to rise at a significant rate among businesses across the globe, owing to its ability to quantify the effect of future decisions and provide advice on possible outcomes.

Prescriptive Analytics Market

The major impacting factor that drives the growth of the global prescriptive analytics market include rise in demand for comprehensive market analytics solutions among business across the globe for product differentiative solutions and to stay competitive in the global market. Rise in adoption of connected devices such as robots, sensors, smart phones is proliferating the industrial evolutions among industries across the globe which in turn is expected boost growth of the market. The adoption of analytics among various industry verticals is transforming enterprises from production facilities to smart organizations. Moreover, factors such as Emergence of advanced technologies and advent of Internet of Things (IoT) is also expected to fuel the growth of the market during the forecast period.

Prescriptive Analytics Market
By Component Software
Your browser does not support the canvas element.

Software is projected as one of the most lucrative segments.

North America dominated the overall prescriptive analytics market share in 2018 and is projected to remain dominant during the forecast period. This is attributed to rise in need for analytical marketing solutions coupled with high adoption of analytical framework among players in this region. In addition, high number of players operating in this region is also a factor to drive growth of the market in North America. Moreover, well-developed IT infrastructure of North American countries has proliferated the adoption of prescriptive analytics solutions among businesses in the region.

Prescriptive Analytics Market
By Deployment
Your browser does not support the canvas element.

On-premise is projected as one of the most lucrative segments.

The report focuses on the growth prospects, restraints, and prescriptive analytics market analysis. The study provides Porter’s five forces analysis of the prescriptive analytics industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the prescriptive analytics market trends.

Prescriptive Analytics Market
By Business Function
Your browser does not support the canvas element.

Marketing is projected as one of the most significant segments.

Segment Review

The global prescriptive analytics market segmentation includes component, business function, deployment, industry vertical, and region. By component, it is bifurcated into software and services. By deployment, the market is classified into cloud and on-premise. By business function, it is divided into human resources, sales, marketing, finance, and operations. Depending on industry vertical, the prescriptive analytics market is segmented into healthcare, BFSI, IT and telecommunications, retail, media and entertainment, manufacturing, energy and utilities, transportation and logistics, government, and others, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Prescriptive Analytics Market
By Industry Vertical
Your browser does not support the canvas element.

BFSI is projected as one of the most significant segments.

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.

Prescriptive Analytics Market
By Region
2026
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 29.5% during 2019-2026.

Top Impacting Factors

Rise in need for sophisticated market analytics solutions among businesses across the globe and emergence of advanced technologies such as big data and IoT has proliferated the adoption of analytics to analyze large data silos. In addition, rise in demand for cloud-based predictive analytics is expected to propel the market growth. However, high cost associated with initial setup and analytics technology implementation is a major factor that is anticipated to restraint the growth of the prescriptive analytics market to a certain extent.

Rise in Need for Comprehensive Market Analytics Solutions

Businesses across the globe are inclined toward analytical solutions owing to its ability to provide decision optimization on the basis of data-driven approaches. In addition, growth in need to automate business processes due to advent of digitalization is further expected to propel the growth of the market as analytics offer automated business optimization strategies that have the capability to predict and enhance business outcomes. Hence, rise in need for comprehensive market analytics solutions among enterprises across the globe is expected to drive the growth of the market forecast period.

Growth in Demand for cloud-based Predictive Analytics

Cloud computing is continuously moving toward analytical ICT models, as companies are persuaded toward services given by third parties. This inclination is due to economic models that offer flexibility and adaptability to changing needs of one’s environment. Hence, analytics and cloud convergence is a key factor expected to drive the prescriptive analytics market growth.

Key Benefits for Stakeholders:

  • 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.

Prescriptive Analytics Market Report Highlights

Aspects Details
icon_5
By Component
  • Software
  • Services
icon_6
By Deployment
  • CLOUD
  • ON-PREMISE
icon_7
By Business Function
  • Operations
  • Sales
  • Marketing
  • Finance
  • Human Resources
icon_8
By Industry Vertical
  • Healthcare
  • BFSI
  • IT & Telecommunications
  • Retail
  • Media & Entertainment
  • Manufacturing
  • Energy & Utilities
  • Transportation & Logistics
  • Government
  • Others
icon_9
By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, UK, France, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
icon_10
Key Market Players

INTERNATIONAL BUSINESS MACHINES CORPORATION, RIVER LOGIC, INC., FAIR ISAAC CORPORATION, TERADATA CORPORATION, SAP SE, SALESFORCE.COM, INC., INFOR, TIBCO SOFTWARE INC., SAS INSTITUTE INC., ORACLE CORPORATION

Analyst Review

As per CXOs perspectives of top companies, the prescriptive analytics market is expected to grow at a significant rate owing to the on-going data analytics trends among various industries across the globe. In addition, the market in Europe and Asia-Pacific is growing at a rapid rate and has enormous scope for enhancement and revenue growth. Growing need to make data-driven decisions to achieve sophisticated business intelligence strategies is a major factor expected to drive the growth of the market during the forecast period. Some of the factors that supplement the market growth include rise in demand for analytics to solve crime-based cases, high volume of data generated from connected devices, and increase in adoption of prescriptive analytics in business models for smart decision solutions.

Rise in need to uncover business strategy data patterns, which in turn will drive the revenue growth opportunities is growing the demand for analytics in industries such as healthcare and media & entertainment. Nowadays, struggle among players to strive for high customer retention and gain competitive advantages boosts the adoption of advance technologies, which is expected to help them gain insights by analyzing available data.

Market players that operate in analytics space abide with numerous government initiatives and collaborate with various production facilities globally. In addition, rigid competition in the analytics market compels players to invest heavily on R&D activities, which, in turn, is expected to create innovative and unique product functionalities. These factors propel the adoption of big data analytics in business intelligence initiatives.

Furthermore, the prescriptive analytics market is a consolidated market as players such as 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. hold major share globally. As players in developing economies are evolving in analytics domain and are gaining high demand for enhanced and innovative prescriptive analytics solutions and services from end-users, the prescriptive analytics market is expected to become splintered in the future.

Author Name(s) : Sneha Korad and Makarand Sinnarkar | Onkar Sumant

Loading Table Of Content...

Individual sections of the reports are available for purchase.
Would you like to see a breakdown of prices by section?

Prescriptive Analytics Market

Global Opportunity Analysis and Industry Forecast, 2019-2026