The global prescriptive analytics market Growth Accelerated by Adoption of AI and Machine Learning
Prescriptive analytics applies sophisticated statistical and machine learning techniques to discover hidden patterns and suggest courses of action based on a set of predefined factors in very large data sets. Prescriptive analytics products are used to predict customer behavior patterns and prescribe personalized recommendations, marketing campaigns, and targeted promotions.
The global prescriptive analytics market was valued at around US$ 5.76 billion in 2022 and is estimated to reach US$ 7.71 billion by 2024 as it helps organizations discover insights and make smarter predictions to optimize business outcomes. The global prescriptive analytics market is expected to exhibit a CAGR of 6.3% over the forecast period of 2023 to 2030.
Market Dynamics:
Rising need to improve business outcomes is a major driver fueling growth of the prescriptive analytics market. Prescriptive analytics helps businesses optimize operations and make data-driven decisions to improve performance. It analyzes past and current data to understand relationships between different variables and predicts their impact on future outcomes. This enables organizations to determine best course of action from a set of alternatives. Furthermore, growing adoption of cloud-based prescriptive analytics solutions is also boosting market growth. Cloud deployment makes analytics solutions cost-effective and easily scalable according to business requirements. It enables organizations to access prescriptive analytics tools from anywhere without incurring infrastructure expenses. This factor is adding to the market attractiveness of prescriptive analytics.
Segment Analysis
The global prescriptive analytics market is dominated by the risk management segment. Prescriptive analytics leverages real-time data analytics and advanced algorithms to predict the riskiest outcomes and probabilities of the investment decisions and provide prescriptive recommendations to minimize risks. Prescriptive analytics empowers organizations to make evidence-based decisions by predicting future outcomes without making assumptions. This enables risk management teams to proactively identify risks and take informed actions to mitigate them.
Key Takeaways
The Global Prescriptive Analytics Market Size is expected to witness high growth during the forecast period of 2023 to 2030 driven by growing adoption across industries to gain competitive advantages.
Regional analysis: North America currently dominates the global prescriptive analytics market owing to early adoption by organizations to optimize business processes and make effective strategic decisions. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing investments by companies in advanced analytics and growing focus on data-driven decision making in countries like China and India.
Key players: Key players operating in the prescriptive analytics market are Steris Corporation, Noxilizer Inc., Medistri SA, Judd Medical Limited, and E-BEAM Services Inc. Cantel Medical Corporation, Stryker Corporation (TSO3 Inc.), and BGS Beta-Gamma-Service GmbH & Co. KG, and B Braun Melsungen AG (B Braun Medical Ltd.), among others.
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