Prescriptive Analytics Market Size Poised To Reach USD 61.92 Billion By 2030


 San Francisco, 5 Nov 2024: The Report Prescriptive Analytics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Application (Risk Management, Marketing & Sales), By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global prescriptive analytics market size to reach at USD 61.92 billion in 2030 and is projected to grow at a CAGR of 31.8% from 2024 to 2030. The market is experiencing significant growth driven by the increasing demand for advanced data analytics solutions across various industries. Businesses increasingly recognize the value of data-driven decision-making, and prescriptive analytics provides actionable recommendations by analyzing large datasets, predicting outcomes, and suggesting optimal decisions. This demand is further fueled by advancements in artificial intelligence, machine learning, and big data technologies, which enhance the capabilities of prescriptive analytics solutions.

As organizations seek to optimize operations, reduce costs, and improve customer experiences, adopting prescriptive analytics tools is becoming essential. The growing volume of data businesses generate and the need for real-time decision-making push more companies to invest in these solutions. Consequently, the market sees robust investment from established players and new entrants, driving competition and innovation. Integrating prescriptive analytics into cloud-based platforms also expands accessibility, further contributing to market growth.

Access Research Report of Prescriptive Analytics Market @ https://www.grandviewresearch.com/industry-analysis/prescriptive-analytics-market-report

Industry-specific applications are also driving market growth. In the healthcare sector, prescriptive analytics transforms patient care by providing personalized treatment recommendations and optimizing resource allocation. Retailers use prescriptive analytics to enhance inventory management, pricing strategies, and customer experiences. Financial institutions use these tools for risk management, fraud detection, and investment optimization. Manufacturing companies employ prescriptive analytics to streamline supply chains and improve production efficiency. The energy sector is utilizing prescriptive analytics for demand forecasting and grid optimization. Government agencies are adopting these solutions for public safety and resource allocation. This widespread adoption across diverse industries is contributing to the rapid market expansion.

The increasing integration of these tools with advanced technologies such as IoT and edge computing is propelling market growth. As IoT devices proliferate across industries, they generate vast amounts of real-time data that must be analyzed and acted upon quickly. When integrated with IoT, prescriptive analytics enables businesses to make immediate, data-driven decisions that optimize operations, reduce downtime, and enhance overall efficiency. For instance, in smart manufacturing, prescriptive analytics can predict equipment failures and recommend maintenance actions before issues arise, minimizing production disruptions. Similarly, in the energy sector, IoT-enabled prescriptive analytics can optimize energy usage and reduce waste, leading to cost savings and environmental benefits.

Recent Developments

  • In January 2024, SAP SE introduced new AI-driven capabilities to enhance retail operations and customer experiences, including advanced demand forecasting, replenishment solutions, and order management tools. These innovations utilize SAP Business AI technology and data integration to drive profitability, improve customer loyalty, and support retailers in adapting to rapid market changes.
  • In January 2024, Microsoft introduced new generative AI and data solutions through Microsoft Cloud for Retail, enhancing personalized shopping experiences, store operations, and marketing campaigns. These innovations, including copilot templates and advanced analytics, aim to unify retail data, improve customer engagement, and drive revenue opportunities by utilizing AI across the entire shopper journey.
  • In April 2023, Deloitte, a UK-based professional services firm, announced a multi-party engagement with HighByte, Amazon Web Services, Inc., and Element Analytics to develop a new data management offering that integrates AWS’s Industrial Data Fabric with Deloitte’s smart manufacturing platform. This collaboration aims to help manufacturers overcome challenges related to siloed and disjointed data systems, enabling more informed business decisions and accelerating digital transformation.
  • In January 2023, Unifi Inc., an aviation services company in the U.S., implemented an advanced safety risk analytics model developed with Microsoft Azure and Artis Consulting to enhance ground handling operations. This model utilizes Azure AI, Machine Learning, and Power BI to predict safety risks and provide prescriptive actions, achieving a 94 percent accuracy rate in its predictive component.

Key Prescriptive Analytics Company Insights

Prominent firms have used product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations, as their primary business strategy to increase their market share. The companies have used various techniques to enhance market penetration and boost their position in the competitive industry. For instance, In January 2024, Amnet Digital, a U.S.-based data, analytics, and AI solutions company, introduced Swift Insights, an AI-powered analytics platform developed to help businesses make informed decisions through intuitive dashboards and advanced reports. Utilizing Generative AI and large language models (LLMs), Swift Insights enables organizations to uncover new growth opportunities and enhance decision-making in key areas such as customer acquisition, retention, and loyalty.

Key Prescriptive Analytics Companies:

The following are the leading companies in the prescriptive analytics market. These companies collectively hold the largest market share and dictate industry trends.

  • Accenture plc
  • Amnet Digital
  • Amazon Web Services, Inc.
  • International Business Machines Corporation
  • Microsoft
  • Oracle Corporation
  • SAP SE
  • SAS Institute Inc.
  • Sisense Inc.
  • Tableau Software LLC

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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