(I-BusinessNews.Com, July 12, 2021 ) The Prescriptive and Predictive Analytics Market size is forecast to reach $ 22.72 billion by 2026, growing at a CAGR of 19.68% during the forecast period 2021-2026. The Growth of Prescriptive and Predictive Analytics Market can be attributed to the growth in number of connected devices in IoT, surge in demand for advanced and real-time analytics, and increasing need for prescriptive and descriptive analytical models. An increasing emphasis has been placed on the need for predictive analytics, with skills to manipulate data and develop custom algorithms. Advanced analytics solution offers a set of techniques that help deal with these challenges through statistical and technical methods, ultimately supporting strategic and fact-based decisions. Owing to this, analytics have become significant for Business Intelligence (BI) across various end-user industries. For instance, several industries such as BFSI, healthcare, retail and others have adopted prescriptive analytics solutions to optimize their business operations through cost-effective and result-oriented analytics models.
Prescriptive and Predictive Analytics Market Segment Analysis – By Deployment model
The On-premises deployment model has been analyzed to attribute to the majority of shares in the Prescriptive and Predictive Analytics Market during the forecast period 2021-2026. The on-premises deployment model provides confidentiality and privacy parameters to the organizational data; hence, most of the organizations are adopting the on-premises deployment model particularly industry verticals like BFSI, Health care, defense etc. where confidentiality and security in statistical modeling tools has utmost importance. Moreover, advanced diagnostic analytics helps these industries by providing real time intelligence to take swift decisions.
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Prescriptive and Predictive Analytics Market Segment Analysis By End-user
The Retail segment is expected to dominate the Prescriptive and Predictive Analytics Market with the highest CAGR of 20.3% during the forecast period 2021-2026. The increasing competition, wide array of product offerings, increasing customer complexities etc. force the retailers to use analytics. Retail Analytics helps firms target and reach out to new customers, forecast store traffic, and prevent theft and fraud. Owing to the rising demand for consumer goods and growth in e-commerce, the retail sector is witnessing significant growth in its sales paving way for the implementation of big data solutions. Further, increasing competition in the industry has encouraged players to ensure efficient working across various stages in the delivery. With the help of descriptive and other advanced analytics in Business Intelligence solutions, it is possible to identify valued customers and retain them, as well as identify potential customers and attract them with valued offers. For instance, Walmart, the world’s biggest retailer with over 20,000 stores in 28 countries, is in the process of building the worldÃ‚Â’ biggest private cloud, to process 2.5 petabytes of data every hour. Predictive diagnostic analytics leverages big data and empowers retailers to design their stock, renew administration, and promote methodologies, along with minimizing risk and uncertainty. All the aforesaid factors are driving the demand for Prescriptive and Predictive Analytics Market in the forecast period.
Prescriptive and Predictive Analytics Market Segment Analysis – By Geography
North America is expected to hold the major market share in the Prescriptive and Predictive Analytics Market accounting for 34% of the total market share during the forecast period 2021-2026 followed by the Asia-Pacific region. The United States leads the North American market for prescriptive analytics, owing to early and heavy usage of advanced analytics across the majority of its industries. The retail and e-commerce sales in the country are expected to increase to USD 735.36 billion by 2023, from USD 504.58 billion in 2018. This has made retailers use predictive analytics to gain a competitive advantage. For instance, Amazon applies deep, data-driven insights to predictive analytics, to make decisions on its product assortment strategy that helps the company to know exactly what products people buy, browse, and return. According to the National Academy of Medicine, the US healthcare system spends USD 750 billion on unnecessary services. Predictive analytics can reduce the wastage of money and save up to 15% of its budget, by analyzing the likelihood of the particular patient being subjected to a specific disease. Moreover, a significant number major vendors of the Prescriptive and Predictive Analytics Market in 2019 were based in the U.S and these vendors are benefiting significantly, owing to the prospering digital industry in the country which provide an added advantage to the growth of Prescriptive and descriptive Analytics solutions.
Prescriptive and Predictive Analytics Market Drivers
The need for comprehensive market analytics and growing prominence of big data to drive the Prescriptive and Predictive Analytics Market
The rising popularity of automated business analytics that are being implemented by various organizations across verticals is a major factor aiding the growth of Prescriptive and Predictive Analytics Market. The technology development has increased the capacity for capturing data; this rise in capacity is likely to create confusion with availability of data of different type with similar impact. Descriptive Analytics gives insight into the past and current state of your business through the use of business intelligence tools while the volume of data analyzed by the prescriptive algorithms enables the data scientists to visualize the patterns and provide realistic business decisions. Prescriptive analytics can continually and automatically process new data to improve the accuracy of predictions and provide better decision options.
Rising demand for Business Intelligence to aid market growth of Prescriptive Analytics
BI tools have witnessed a tremendous surge in its adoption across various industries around the world, with the global market for BI and advanced analytics estimated to reach approximately USD 25 billion, by the end of 2020. Prescriptive analytics is a part of advanced analytics, which has complemented the traditional BI methodologies and has extended organizations reach into real-time decision making. Prescriptive analytics comprehensively analyzes the data to determine the best possible outcomes among numerous choices under given parameters. The insight driven enterprises are running their business based on new analytical capabilities such as those epitomized by prescriptive analytics which is driving the market growth.
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Prescriptive and Predictive Analytics Market Challenges
Lack of Advanced analytical knowledge among the workforce to hamper market growth
The factors hindering the growth of Prescriptive and descriptive Analytics Market include the complex analytics workflow and the lack of skilled manpower with advance analytics knowledge. Prescriptive analytics is not fail proof as it is subjected to distortions including data limitations and certain un-accounted external forces. The success of Prescriptive Analytics relays on the skills to manipulate data and develop custom algorithms to unlock hidden value. The effectiveness of prescriptive data also depends on how well the decision model captures the impact of the decisions being analyzed. However, advanced analytics solutions in Business intelligence offer a set of techniques that help deal with these challenges through statistical and technical methods, ultimately supporting strategic and fact-based decisions.
Prescriptive and Predictive Analytics Market Landscape
New product development, product differentiation along with partnerships and acquisitions are the key strategies adopted by the players in the Prescriptive and Predictive Analytics Market. The top ten companies in the Prescriptive and Predictive Analytics Market include Oracle Corporation, SAP SE, IBM Corporation, Microsoft Corporation, Angoss Software Corporation, River Logic, Inc., AYATA, Datawatch Corporation, Panoratio and TIBCO Software.
Product Launches / Collaborations / Acquisitions
In April 2019, Hitachi Power Solutions Co. Ltd., a wholly owned subsidiary of Hitachi, Ltd launched “Knowledge Base Analytic Solution for Prescriptive Maintenance” that is fully integrated SIMT and prognostic solutions.
In August 2019, CompellonÃ‚Â™ announced its partnership with Clarabridge. The partnership combines the power of Compellon20|20 prescriptive analytics platform with the flexibility of ClarabridgeÃ‚Â’s CX Suite platform, delivering industry-leading insights and actions by uniquely analyzing Omni channel data collected throughout an organization.
Growing investment in big data infrastructure across regions will provide growth opportunity for the Prescriptive and Predictive Analytics Market during the forecast period. For Instance in 2019, IBM made major investments to expand their cloud data centers by opening 4 new data centers in the U.S.
The surging demand for Business Intelligence (BI) in various end user verticals to enhance productivity and increase sales will provide growth opportunities for the Prescriptive and Predictive Analytics Market.
Rising popularity of real-time accessibility of data for efficient business operations to drive the demand for prescriptive and descriptive analytic tools.
Complex analytical workflow and dynamic nature of data are acting as the restraining factors for the Prescriptive and Predictive Analytics Market.
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