According to a research report "Prescriptive Analytics Market with COVID-19 Impact Analysis by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region - Global Forecast to 2026" published by MarketsandMarkets, The prescriptive analytics market size to grow from USD 4.9 billion in 2021 to USD 14.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of prescriptive analytics solutions and services.
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Prescriptive analytics is an advanced form of analytics, which comprehensively analyzes the data to determine the best possible outcomes among numerous choices under given parameters. This advanced technology combines tools and techniques, such as machine learning, artificial intelligence, mathematical sciences, and multiple computational modeling procedures to prescribe the next course of action that should be undertaken. The technology is capable of forecasting future scenarios, prescribing various outcomes that might arise with the passage of time. The prescriptive analytics technology utilizes both descriptive as well as predictive analytical algorithms to help businesses make quick and actionable decisions in near real-time. The much-anticipated self-driving cars are the best example of prescriptive analytical techniques that will drive the way into the future.
The services segment to hold higher CAGR during the forecast period
Based on components, the prescriptive analytics is segmented into software and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of prescriptive analytics, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of prescriptive analytics is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
The supply chain management application to hold the largest market size during the forecast period
Supply chain management solutions are deployed by various businesses operating under verticals, such as wholesale, retail, telecom & IT, and manufacturing. Supply chain management solutions help to manage the requirements generated by these businesses. A massive amount of data is generated across the industry from raw material procurement, from its sourcing to manufacturing. Other sources aiding the growth of data in the process include transport management, warehouse management, customer management, and logistics management. Organizations are facing challenges in managing these complexities, and thus, are using prescriptive analytics to address the estimated demands of their clients and end-users.
Semi-structured data type to grow at higher CAGR during the forecast period
Semi-structured data is increasingly being generated, ever since the advent of the internet full-text documents and databases. Semi-structured data is a combination of both structured and unstructured data. Semi-structured data lacks the strict data model structure and is characterized by tags and other metadata differentiating the elements within the data. Semi-structured data does not reside in a relational database but does have all organizational properties, which allow easy processing and analysis of data.
Operations business function to hold a larger market size during the forecast period
Operations find surplus applications that can benefit by adopting prescriptive analytics. Remote operations like drilling, mining, solar and wind farms, and power substations often face poor network connectivity, limited bandwidth, and high costs of data transfer to central analytical hubs. Advanced analytics is a boon to these industries that require real-time intelligence to make swift decisions in remote locations. Industries like power generation, refineries, chemical plants, and manufacturing plants run 24×7 and need a workforce to constantly monitor them. Deploying prescriptive analytics helps analyze the past and simultaneously in finding the best alternatives for decision-making.
BFSI segment to have the largest market size during the forecast period
The prescriptive analytics market by vertical has been categorized into banking, financial services, and insurance, Retail and eCommerce, media and entertainment, IT and telecom, healthcare, travel and hospitality, and others (automobile, government, and education). The BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing usage of mobile devices to access banking services is driving the adoption of prescriptive analytics solutions in the BFSI vertical.
APAC to hold highest CAGR during the forecast period
The prescriptive analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players. China, India, and Australia have displayed ample growth opportunities in the prescriptive analytics market.
The major vendors in the global prescriptive analytics market include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), SAS Institute (US), Talend (US), FICO (US), Ayata (US), Altair (US), Alteryx (US), TIBCO (US), Sisense(US) Happiest Minds (India), Zebra (England), Infor (US), RapidMiner (US), Logi Analytics (US), Qlik (US), River Logic (US), Frontline Systems (US), Netformx (US), Mitek Analytics (France), and Panorat.IO (US).
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