The global prescriptive analytics market reached a value of US$ 3.69 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 13.23 Billion by 2027, exhibiting a CAGR of 22.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Prescriptive analytics examines data or content using different techniques, such as graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning (ML). It is considered a valuable tool in businesses for data-driven decision-making, reducing human error or bias, and optimizing the efficiency of numerous operations. It also helps provide a comprehensive and accurate form of data aggregation and analysis through advanced algorithms and technologies.

Prescriptive Analytics Market Trends:
Due to the sheer amount of data available to companies, it has become easier to leverage information collected to drive real business value. This represents one of the key factors driving the demand for prescriptive analytics to allow businesses to analyze data comprehensively and identify data-driven strategic decisions. Moreover, due to the increasing volume of data stored in the system of a bank, manually detecting suspicious activities has become a strenuous task with standard data analytics practices. As a result, there is a rise in the adoption of prescriptive analytics in the banking, financial services, and insurance (BFSI) sector to detect and flag frauds, alert the bank, and provide a recommended course of action. Besides this, prescriptive analytics can be used to assess pre-existing conditions of patients, determine their risk for developing future conditions, and implement specific preventative treatment plans accordingly. This, in confluence with the growing focus on providing improved and quality care to patients, is catalyzing the demand for prescriptive analytics in the healthcare industry. Apart from this, with the increasing shift to cloud platforms and the expanding cloud data warehouses worldwide, prescriptive analytics is becoming more user-friendly by allowing businesses to gain accurate, secure, and real-time data.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global prescriptive analytics market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment mode, business function, organization size and industry vertical.

Breakup by Component:

Software
Services

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Business Function:

Operations
Sales
Marketing
Finance
Human Resources

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Industry Vertical:

BFSI
Healthcare
IT and Telecommunications
Retail
Media and Entertainment
Manufacturing
Energy and Utilities
Transportation and Logistics
Government
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Altair Engineering Inc., Alteryx Inc., Fair Isaac Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, River Logic Inc., Salesforce Inc., SAP SE, SAS Institute Inc., Teradata Corporation, TIBCO Software Inc. and Zebra Technologies Corporation.

Key questions answered in this report:
How has the global prescriptive analytics market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global prescriptive analytics market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the business function?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the industry vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global prescriptive analytics market and who are the key players?
What is the degree of competition in the industry?