The global predictive and prescriptive analytics market size was valued USD 9.09 million in 2020 and is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing demand for advanced and real-time analytic solutions.
Predictive analytics takes data from the past and feed it into a machine learning model. The machine provides some patterns and trends from data provided. Prescriptive analytics takes previous data from predictive analytics to the next level. Predictive analytics gives idea about what is likely to happen in the future. It also suggests various outlines and courses of action.
Prescriptive analytics goes a step further to eliminate the guesswork out of data analytics. It also saves marketers and data scientists time and deliver highly personalized and beneficial experience to the target audience.
Market Trends, Drivers, Restraints, and Opportunities
- Rising number of IoT devices and growing demand for predictive and prescriptive analytical models are expected to fuel the growth of the market.
- Growing requirement for prominence and comprehensive market analytics of huge data is anticipated to spur the growth of the market.
- Increasing demand for business intelligence is estimated to propel the market growth in the projected timeline.
- Lack of knowledge about the advanced analytics among the workforce can hamper the growth of market.
- Complex analytics workflow, data limitations, and certain un-accounted external forces can restrain the market growth.
- Extracting business insights & knowledge from data and perceiving information can create challenges for the market growth.
- The ability to achieve faster and better results than conventional models and cost-effectiveness of these analytic methods are anticipated to propel the market growth.
Scope of the Predictive And Prescriptive Analytics Market Report
The report on the global predictive and prescriptive analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Predictive and Prescriptive Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-users (Retail, IT & Telecom, BFSI, Healthcare, Industrial [Manufacturing, Automotive, Energy and Mining], Government & Defense, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SAP SE; Oracle Corporation; International Business Machines Corporation; Microsoft Corporation; and SAS Institute Inc.
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Predictive and Prescriptive Analytics Market Segment Insights
Retail segment to hold a major market share
In terms of end-users, the market is classified as retail, it & telecom, BFSI, healthcare, industrial, government & defense, and others. The industrial segment is further segmented into manufacturing, automotive, energy and mining. The retail segment is anticipated to grow at a rapid pace during forecast period due to rapid growth in the e-commerce industry and increasing demand for consumer goods. High competition in the industry has encouraged leader of market to established dynamic working throughout the process. The retail industry generates huge amount of data and requires progressive predictive and prescriptive analytics to excel. Retail analytics helps forecast store traffic, target and reach out to new customers, and prevent theft and fraud. Analytics help to identify valued customers and retain them.
North America is anticipated to exhibit a high CAGR
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period due to heavy and early usage of advance analytics across the majority of its industries. Many vendor of the market were based in the US and rapid digitalization in the region provide more advantages to growth of predictive and prescriptive analytics solutions in region. The leader in e-commerce, Amazon use predictive analytics to recognize exact what product customer browse, buy, and return. Amazon uses deep, data-driven predictive analytics to use assorting method.
The market of Asia Pacific is estimated to expand at a high CAGR during the forecasts period. Increasing number of e-commerce companies and rapid growth of the IT firms are driving the growth of the regional market growth.
Segments
The global predictive and prescriptive analytics market is segmented on the basis of:
End-users
- Retail
- IT & Telecom
- BFSI
- Healthcare
- Industrial
- Manufacturing
- Automotive
- Energy
- Mining
- Government & Defense
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
The key players competing in the Predictive and Prescriptive Analytics Market are SAP SE; Oracle Corporation; International Business Machines Corporation; Microsoft Corporation; and SAS Institute Inc.
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