Predictive and Prescriptive Analytics Market Size, Share, Growth, and Industry Analysis, By Type (Software, Service), By Application (Defense and aerospace sector, Intelligence organization, Agriculture, Retail sector, educational organizations, Healthcare, Transportation, and logistics), Regional Forecast To 2031

Updated On: 08 April 2024

Predictive and Prescriptive Analytics Market Report Overview

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global predictive and prescriptive analytics market size was USD   and market is projected to touch 24126.53 Million by 2031, exhibiting a CAGR of 12.8% during the forecast period.

Essential data tactics for managing small businesses include predictive and prescriptive analytics. While prescriptive analytics examines those outcomes and uncovers more possibilities, predictive analytics aids in identifying prospective outcomes. Any small firm may stay ahead of the curve with the use of either form of analytics. Predictive analytics assists in identifying potential outcomes whereas prescriptive analytics evaluates those outcomes and reveals other options. With the use of any type of analytics, any small company can stay ahead of the curve.

An advanced analytics subcategory called "predictive analytics" aids businesses in understanding probable outcomes or the effects of an action. Predictive analytics employs raw, current data to look into the future by using mining data, historical data, and statistics. Predictive analytics used to be exclusive to enterprise-level companies, who could pay to analyze and understand reams of data from many sources.

COVID-19 Impact: Pandemic decreased the Market Demand

The introduction of COVID-19 has slowed market expansion, but encouraging lockdowns are helping the market steadily gain ground. Companies can take use of the actionable insights provided by predictive analytics. It provides estimations of how likely a result will be in the future. This information is being used by businesses to estimate future trends. Additionally, probabilities are the basis of predictive analytics. Business rules, algorithms, machine learning (ML), and computational modeling approaches and tools are used in prescriptive analytics. Several distinct data types, including historical and transactional data, real-time data streams, and big data, are used as input for this technique. Businesses and enterprises are better prepared for predictive and/or prescriptive analytics if they are already utilizing some type of descriptive analytics tools and solutions.

Latest Trends

"New techniques in the domain to Fuel Market Growth"

Customer Identification and Retention: Analysis can be used to identify valuable customers and keep them, as well as identify potential consumers and entice them with worthwhile offers. If your consumers are comparable to your main target market, they are less likely to leave. This is a great chance to concentrate just on clients who are less likely to churn if you have access to data on both your current customers and a list of future consumers. For instance, Walmart, the largest retailer in the world with over 20,000 locations across 28 countries, is constructing the largest private cloud in the world to handle 2.5 petabytes of data every hour.

Predictive and Prescriptive Analytics Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into, Software, Service

• By Application Analysis

Based on application, the market can be divided into, Defense and aerospace sector, Intelligence, organization, Agriculture, Retail sector, Educational organizations, Healthcare, Transportation and logistics

Driving Factors

"Data-driven decision-making to stimulate market demand"

Every corporation focuses on its business expansion in the cutthroat market must use data-driven decision-making. Real-time data accessibility aids firms in processing and analyzing data, which is then utilized to produce regular strategies for improving corporate performance and gaining an advantage over rivals. Additionally, businesses are utilizing the advantages of business intelligence and analytical tools more and more, not only to gather perspectives but also to drive strategic decision-making in real time. Prescriptive analytics employs ML and AI to identify and suggest an action or collection of activities that can be utilized to control potential future circumstances. The best example of prescriptive analytics in action is Amazon, which uses user data to suggest related products to customers based on their prior purchases.

"Increased adoption of big data technologies to propel the market"

As organizations generate more data than ever before, the demand for predictive and prescriptive analytics is increasing rapidly. Big data technologies such as Hadoop, Spark, and NoSQL databases have made it easier to collect, store, and process large volumes of data, enabling organizations to gain insights and make better decisions. Real-time data analysis has become increasingly important in industries such as finance, healthcare, and e-commerce. Predictive and prescriptive analytics help organizations make real-time decisions by providing insights into customer behavior, market trends, and operational efficiency.

Restraining Factors

"Fluctuating values of data to restrict the market growth"

Big data's nature depends on its amount, diversity, velocity, variability, and truthfulness, which makes managing data sets challenging, especially when significant volumes originate from a number of sources. The increase in data leads to a change in the type of data gathered, as businesses move toward more data-driven decision-making techniques. Technology advancements have expanded the capacity for data collection, and this increase in capacity is likely to cause misunderstanding because diverse types of data with similar effects are now more readily available. Predictive analytics is widely used by businesses to overcome obstacles in a cutthroat industry. Due to the lack of effective and efficient algorithms for retrieving accurate data, the dynamic nature of data is anticipated to constrain analysis because it is constantly changing. This factor may affect the predictive and prescriptive analytics market growth.

Predictive and Prescriptive Analytics Market Regional Insights

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"Awareness in North America is anticipated to Boost Market Expansion"

Due to the early and widespread adoption of advanced analytics across the bulk of its businesses, the U.S. dominates the North American market for predictive and prescriptive analytics market share. The nation's retail market is expanding quickly. According to the NRF (National Retail Federation), 27 companies were opening stores for everyone that was closing. In-store analytics now have greater importance as a result. The National Academy of Medicine estimates that the US healthcare sector wastes 750 billion dollars on needless services. By estimating the risk that a certain patient will contract a particular disease, predictive analytics can eliminate financial waste and save up to 15% of its budget.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

Key players in the open utility trailers market are:-

• Salesforce
• SAS Institute
• IBM
• SAP AG
• Oracle
• Angoss Software
• Teradata
• Microsoft
• Accenture

Report Coverage

This report examines an understanding of the predictive and prescriptive analytics market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.