Prescriptive Analytics Market Research Report- Global Forecast 2027

Prescriptive Analytics Market, By Component (Service, Software), By Application (Operation Management, Revenue Management, SCM, Others), By Deployment (On Demand, On Premise), By Organization (SME, LBU), By Business Sector (HR, Marketing, Finance, Operation), By Vertical (BFSI, Healthcare, IT/ Telecom, Manufacturing, Government). - Forecast 2027.

ID: MRFR/ICT/1947-HCR | February 2021 | Region: Global | 100 pages

Prescriptive Analytics Market overview:
The prescriptive analytics market has a CAGR of 22.7% until the end of 2022. The industry is expected to be worth 2.47 billion US Dollars by then. Prescriptive analytics involves analyzing certain information and data to make informed and strategic decisions regarding business decisions. It’s used to predict the future performance of a business based on current and past data and information.


COVID-19 Analysis:
The COVID-19 pandemic first appeared on the global stage in March of 2020. Since the COVID-19 virus could be dangerous at times and deadly (rarely), governments responded with various measures including introducing stricter guidelines that emphasized cleanliness and sanitation.


But these measures did not stop there. Various national governments imposed temporary quarantines or indefinite lockdowns (India.) Business activity in many industries and sectors largely ceased. Those industries and sectors that were still operational were encouraged (and in some cases required) to promote remote working as much as possible.


Market Dynamics:
Drivers
The fact that many businesses are operating routine and/or basic business functions is driving growth in the prescriptive analytics market. This was a trend that started approximately five years ago. However, the COVID-19 pandemic accelerated this trend with the focus on contactless delivery and social distancing. Another important prescriptive analytics market driver is the increase in cyber crimes and cyber security breaches.


Opportunities:
The increased use of Big Data and the Internet of Things (IoT) is creating real opportunities in the prescriptive analytics market. This is driven by greater demand in the corporate world for access to data that describe events and phenomena as they occur. The fact that many more organizations around the world are concerned about the damage that Internet security breaches is also creating new opportunities in the form of products and services that use new technologies to protect enterprises from these types of breaches.


Restraints:
The fact that there are not enough skilled people to comprehend and analyze the data that prescriptive analytics technologies create is a real restraint in terms of future prescriptive analytics market growth.


Prescriptive Analytics Market Challenges:
A real challenge in spurring prescriptive analytics market growth will be finding the resources to train enough talented people to comprehend and interpret the information and data and their analysis that prescriptive analytics will create.


Cumulative Growth Analysis:
The CAGR for the prescriptive analytics market is expected to be above 20% for the next year. The market is expected to be worth 2.47 billion US Dollars by December of 2022.


Technology Analysis:
Companies in the prescriptive analytics market are doing research and development. The results have been the integration and incorporation of new technologies to produce the next generation of prescriptive analytics products. These products will engage in market simulation. Market simulation is the practice of recreating a business environment or industry as it is expected to operate in the future and predicting actions and results based on that.


Pilots already use market simulation to learn how to fly in all conditions by simulating the worst possible flying environments and scenarios and anticipating what the safest actions and decisions to take based on educated analysis and guesses are.


Segment overview:
By segment
The major prescriptive analytics market segments are component, application, business sector, and vertical.


The component part can be further categorized into software products and packages and services. The application part can be further categorized into operation management, revenue management, network management, supply chain management, and others.


The deployment segment can be further categorized into cloud and premise. The business sector segment can be further categorized into HR, marketing, finance, operations, and sales. The vertical sector can be further categorized into manufacturing, BFSI, IT/ITES, Healthcare, transportation, and government.


Prescriptive Analytics Market Regional analysis
The market share for prescriptive analytics is greatest in the North American region. There are many factors driving this high market share. They include increased use of and access to the Internet and technological advancements.


The Asia-Pacific region has the highest prescriptive analytics business growth of all regions. What is largely driving growth there is the increasing use of cloud services and other types of Information Technology (IT.)


Prescriptive Analytics Market Competitive landscape:
There are many key players in the market. They’re entering the market because of the high CAGR and revenue streams. This is in-spite of the fact that high investments in research and development present significant barriers to entry.


Companies are surviving by investing more in R&D, forging partnerships, mergers and acquisitions, and launching new technologically advanced and more effective products and services.


Ayata is a major American player in the prescriptive analytics market. It’s retaining its competitive edge by introducing new products to prescriptive analytics market. These have the latest in technology and are inspired by the design of the human body’s Central Nervous System (CNS.) Its products and services use a combination of structured and unstructured data to predict future scenarios and their likely outcomes.


Prescriptive Analytics Market Key players:



  • FICO (U.S.)

  • Ayata (U.S.)

  • IBM Corporation (U.S.)

  • River Logic, Inc. (U.S.)

  • Angoss Software (U.S.)

  • Frontline (U.S.)

  • Profitect (U.S.)

  • Panoratio (Germany),

  • TIBCO Software (U.S.)

  • NGData (Belgium


Recent developments:


  • Recent developments in AI are resulting in products that use silent and invisible technologies

  • Kedro-Airflow is incorporating new technologies to make its pipelines more efficient and productive

  • Predictive analytics products help DeepMind introduce AlphaFold which addresses the protein folding issue


Report overview:
The CAGR for the predictive analytics market is expected to top 20% in the foreseeable future. This is being driven by the increased usage of cloud infrastructure, IoT, and cyber security in corporations. The main restraint is the high cost of producing these products. There are currently many prescriptive analytics market players. They are surviving through technological innovation which is being driven through greater investments in R&D, mergers and acquisitions, and joint ventures.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 2.47 Billion (2022)
  CAGR   22.7% (2022)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Component, By Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   FICO (U.S.), Ayata (U.S.), IBM Corporation (U.S.), River Logic, Inc. (U.S.), Angoss Software (U.S.), Frontline (U.S.), Profitect (U.S.), Panoratio (Germany), TIBCO Software (U.S.), NGData (Belgium)
  Key Market Opportunities

  • The increased use of Big Data and the Internet of Things (IoT) is creating real opportunities in the prescriptive analytics market. \r\n
  • This is driven by greater demand in the corporate world for access to data that describe events and phenomena as they occur.
  •   Key Market Drivers

  • The fact that many businesses are operating routine and/or basic business functions is driving growth in the prescriptive analytics market. \r\n
  • This was a trend that started approximately five years ago.


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    Frequently Asked Questions (FAQ) :


    Small and medium as well as large sized organizations deploy prescriptive analytics.

    Surge in cloud deployment has induced market growth in APAC.

    Table Of Contents

    1 Market Introduction

    1.1 Introduction

    1.2 Scope Of Study

    1.2.1 Research Objective

    1.2.2 Assumptions

    1.2.3 Limitations

    1.3 Market Structure


    2 Research Methodology

    2.1 Research Network Software Solutions

    2.2 Primary Research

    2.3 Secondary Research

    2.4 Forecast Model

    2.4.1 Market Data Collection, Analysis & Forecast

    2.4.2 Market Size Estimation


    3 Market Dynamics

    3.1 Introduction

    3.2 Market Drivers

    3.3 Market Challenges

    3.4 Market Opportunities

    3.5 Market Restraints


    4 Executive Summary


    5. Market Factor Analysis

    5.1 Porter’s Five Forces Analysis

    5.2 Supply Chain Analysis


    6 Prescriptive Analytics Market, By Segments

    6.1 Introduction

    6.2 Market Statistics

    6.2.1 By Component

    6.2.1.1 By Software

    6.2.1.2 By Service

    6.2.2 By Application

    6.2.2.1 Operation Management

    6.2.2.2 Revenue Management

    6.2.2.3 Network Management

    6.2.2.4 Supply Chain Management

    6.2.2.5 Others

    6.2.3 By Deployment

    6.2.3.1 On-Demand

    On-Premise

    6.2.4 By Business Sector

    HR

    Marketing

    Finance

    Operations

    Sales

    6.2.5 By Vertical

    6.2.5.1 Manufacturing

    6.2.5.2 BFSI

    6.2.5.3 IT/ITES

    6.2.5.4 Healthcare

    6.2.5.5 Government

    6.2.5.6 Transportation

    6.2.5.7 Others

    6.2.6 By Geography

    6.2.6.1 North America

    6.2.6.2 Europe

    6.2.6.3 Asia-Pacific

    6.2.6.4 Rest Of The World


    7 Competitive Analysis

    7.1 Market Share Analysis

    7.2 Company Profiles

    7.2.1 Fico (U.S.)

    7.2.2 Ayata (U.S.)

    7.2.3 IBM Corporation (U.S.)

    7.2.4 River Logic, Inc. (U.S.)

    7.2.5 Frontline (U.S.)

    7.2.6 Profitect (U.S.)

    7.2.7 Panoratio (Germany)

    7.2.8 Tibco Software (U.S.)

    7.2.9 Ngdata (Belgium)

    7.2.10 Angoss Software (U.S.)

    7.2.11 Others



    List Of Tables

    Table 1 Prescriptive Analytics Market, By Component

    Table 2 Prescriptive Analytics Market, By Application

    Table 3 Prescriptive Analytics Market, By Deployment

    Table 4 Prescriptive Analytics Market, By Business Sector

    Table 5 Prescriptive Analytics Market, By Vertical

    Table 6 Prescriptive Analytics Market, By Regions

    Table 7 North America Prescriptive Analytics Market, By Component

    Table 8 North America Prescriptive Analytics Market, By Application

    Table 9 North America Prescriptive Analytics Market, By Deployment

    Table 10 North America Prescriptive Analytics Market, By Business Sector

    Table 11 North America Prescriptive Analytics Market, By Vertical

    Table 12 U.S. Prescriptive Analytics Market, By Component

    Table 13 U.S. Prescriptive Analytics Market, By Application

    Table 14 U.S. Prescriptive Analytics Market, By Deployment

    Table 15 U.S. Prescriptive Analytics Market, By Business Sector

    Table 16 U.S. Prescriptive Analytics Market, By Vertical

    Table 17 Canada Prescriptive Analytics Market, By Component

    Table 18 Canada Prescriptive Analytics Market, By Application

    Table 19 Canada Prescriptive Analytics Market, By Deployment

    Table 20 Canada Prescriptive Analytics Market, By Business Sector

    Table 21 Canada Prescriptive Analytics Market, By Vertical

    Table 22 Europe Prescriptive Analytics Market, By Component

    Table 23 Europe Prescriptive Analytics Market, By Application

    Table 24 Europe Prescriptive Analytics Market, By Deployment

    Table 25 Europe Prescriptive Analytics Market, By Business Sector

    Table 26

    Table 27 Europe Prescriptive Analytics Market, By Vertical

    Table 28 Germany Prescriptive Analytics Market, By Component

    Table 29 Germany Prescriptive Analytics Market, By Application

    Table 30 Germany Prescriptive Analytics Market, By Deployment

    Table 31 Germany Prescriptive Analytics Market, By Business Sector

    Table 32 Germany Prescriptive Analytics Market, By Vertical

    Table 33 France Prescriptive Analytics Market, By Component

    Table 34 France Prescriptive Analytics Market, By Application

    Table 35 France Prescriptive Analytics Market, By Deployment

    Table 36 France Prescriptive Analytics Market, By Business Sector

    Table 37 France Prescriptive Analytics Market, By Vertical

    Table 38 U.K. Prescriptive Analytics Market, By Component

    Table 39 U.K. Prescriptive Analytics Market, By Application

    Table 40 U.K. Prescriptive Analytics Market, By Deployment

    Table 41 U.K. Prescriptive Analytics Market, By Business Sector

    Table 42 U.K. Prescriptive Analytics Market, By Vertical

    Table 43 Rest Of Europe Prescriptive Analytics Market, By Component

    Table 44 Rest Of Europe Prescriptive Analytics Market, By Application

    Table 45 Rest Of Europe Prescriptive Analytics Market, By Deployment

    Table 46 Rest Of Europe Prescriptive Analytics Market, By Business Sector

    Table 47 Rest Of Europe Prescriptive Analytics Market, By Vertical

    Table 48 Asia-Pacific Prescriptive Analytics Market, By Component

    Table 49 Asia-Pacific Prescriptive Analytics Market, By Application

    Table 50 Asia-Pacific Prescriptive Analytics Market, By Deployment

    Table 51 Asia-Pacific Prescriptive Analytics Market, By Business Sector

    Table 52 Asia-Pacific Prescriptive Analytics Market, By Vertical

    Table 53 Middle East & Africa Prescriptive Analytics Market, By Component

    Table 54 Middle East & Africa Prescriptive Analytics Market, By Application

    Table 55 Middle East & Africa Prescriptive Analytics Market, By Deployment

    Table 56 Middle East & Africa Prescriptive Analytics Market, By Business Sector

    Table 57 Middle East & Africa Prescriptive Analytics Market, By Vertical


    List Of Figures

    Figure 1 Research Prescriptive Analytics

    Figure 2 Prescriptive Analytics Market: By Component (%)

    Figure 3 Prescriptive Analytics Market: By Application (%)

    Figure 4 Prescriptive Analytics Market: By Deployment (%)

    Figure 5 Prescriptive Analytics Market: By Business Sector (%)

    Figure 6 Prescriptive Analytics Market: By Vertical (%)

    Figure 7 Prescriptive Analytics Market: By Region

    Figure 8 North America Prescriptive Analytics Market, By Component (%)

    Figure 9 North America Prescriptive Analytics Market, By Application (%)

    Figure 10 North America Prescriptive Analytics Market, By Deployment (%)

    Figure 11 North America Prescriptive Analytics Market, By Business Sector (%)

    Figure 12 North America Prescriptive Analytics Market, By Vertical (%)

    Figure 13 Europe Prescriptive Analytics Market, By Component (%)

    Figure 14 Europe Prescriptive Analytics Market, By Application (%)

    Figure 15 Europe Prescriptive Analytics Market, By Deployment (%)

    Figure 16 Europe Prescriptive Analytics Market, By Business Sector (%)

    Figure 17 Europe Prescriptive Analytics Market, By Vertical (%)

    Figure 18 Asia-Pacific Prescriptive Analytics Market, By Component (%)

    Figure 19 Asia-Pacific Prescriptive Analytics Market, By Application (%)

    Figure 20 Asia-Pacific Prescriptive Analytics Market, By Deployment (%)

    Figure 21 Asia-Pacific Prescriptive Analytics Market, By Business Sector (%)

    Figure 22 Asia-Pacific Prescriptive Analytics Market, By Vertical (%)

    Figure 23 Row Prescriptive Analytics Market, By Component (%)

    Figure 24 Row Prescriptive Analytics Market, By Application (%)

    Figure 25 Row Prescriptive Analytics Market, By Deployment (%)

    Figure 26 Row Prescriptive Analytics Market, By Business Sector (%)

    Figure 27 Row Prescriptive Analytics Market, By Vertical (%)