Prescriptive Analytics Market Forecast
Our source has revealed riveting forecast data on the prescriptive analytics market. From being valued at USD 6.51 billion in 2022, it is touted to experience a major leap, landing at the astounding figure of USD 33.9 billion by 2030.
Impact of Evolving Technology
Seen as a burgeoning player, the impressive CAGR of 22.9% from 2023 to 2030 reflects the industry’s potential. A significant driver for this growth is the scorching demand for data-driven decision-making and optimisation in multiple sectors. As businesses are shifting towards strategic decision making driven by real-time data, machine learning and AI are being ingrained into the functionality of prescriptive analytics, thereby increasing their demand.
Market Growth Factors
In the relentless strive for business prominence, factors such as escalating marketing expenditures, progressing customer intelligence, and customer channels have proven to contribute to the demand for prescriptive analytics.
Influence Across Industries
Our report sheds light on the transformative power of prescriptive analytics in varied industries and their notable role in inducing innovation, operational efficiency, and providing organisations with a strategic edge. The peaking interest in prescriptive analytics has seen engagement from market players such as Fair Isaac Corporation, IBM, Oracle Corporation, among others.
Market Segmentation
The prescriptive analytics market can be segmented based on components, business functions, deployment, and industry verticals. Inputs from our source suggest that the market’s key components remain the traditional duo of software and services. Deployment alternatives revolve around the ever-present cloud or on-premise options.
The utility of prescriptive analytics spans across business functions such as operations, sales & marketing, finance and HR. A distinct uptake of these analytics has been observed in the healthcare, BFSI, and IT & telecommunications sectors among others.
Geographical Market Share
North America, being a hotbed for technological advancements and high levels of internet usage, currently clings onto the biggest piece of the market share pie. Meanwhile, the Asia-Pacific region, driven by escalating IT adoption and growing cloud services, is evolving as the fastest growing region.
