The prescriptive analytics market size to grow from USD 4.9 billion in 2021 to USD 14.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the market, and proliferation of customer channels are expected to drive the adoption of prescriptive analytics solutions and services.
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Prescriptive analytics is an advanced form of analytics, which comprehensively analyzes the data to determine the best possible outcomes among numerous choices under given parameters. This advanced technology combines tools and techniques, such as machine learning, artificial intelligence, mathematical sciences, and multiple computational modeling procedures to prescribe the next course of action that should be undertaken. The technology is capable of forecasting future scenarios, prescribing various outcomes that might arise with the passage of time. The prescriptive analytics technology utilizes both descriptive as well as predictive analytical algorithms to help businesses make quick and actionable decisions in near real-time. The much-anticipated self-driving cars are the best example of prescriptive analytical techniques that will drive the way into the future.
The services segment to hold higher CAGR during the forecast period
Based on components, the prescriptive analytics is segmented into software and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of prescriptive analytics, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of prescriptive analytics is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
Prescriptive analytics is an advanced form of analytics, which comprehensively analyzes the data to determine the best possible outcomes among numerous choices under given parameters. This advanced technology combines tools and techniques, such as machine learning, artificial intelligence, mathematical sciences, and multiple computational modeling procedures to prescribe the next course of action that should be undertaken. The technology is capable of forecasting future scenarios, prescribing various outcomes that might arise with the passage of time. The prescriptive analytics technology utilizes both descriptive as well as predictive analytical algorithms to help businesses make quick and actionable decisions in near real-time. The much-anticipated self-driving cars are the best example of prescriptive analytical techniques that will drive the way into the future.
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Unique Features in the Prescriptive Analytics Market
Beyond descriptive and predictive analytics, prescriptive analytics suggests certain measures to maximise results in addition to offering insights into what might occur. Prescriptive analytics stands apart from other analytics techniques thanks to this actionable intelligence.
Using optimisation algorithms, prescriptive analytics determines the optimal course of action or choice based on a range of limitations, goals, and resource availability. This aids businesses in making choices that produce the best results.
Prescriptive analytics can offer real-time decision support through integration with decision support systems. It helps decision makers by putting many scenarios and suggested actions in front of them.
Organisations can perform scenario analysis with the help of prescriptive analytics, which enables decision-makers to assess the possible outcomes of many options and select the one that best fits their aims and objectives.
Prescriptive analytics, in contrast to static recommendations, allows suggestions to be dynamically modified in response to modifications in the business environment, the state of the market, or other pertinent considerations.
Major Highlights of the Prescriptive Analytics Market
Because it may offer knowledge that is practical and goes beyond descriptive and predictive analytics to suggest certain actions that maximise results, prescriptive analytics has become increasingly popular.
The sophistication and accuracy of prescriptive analytics models were improved by increased integration with advanced analytics technologies, such as machine learning and artificial intelligence.
Prescriptive analytics has been adopted by organisations to optimise a variety of business operations, including financial planning, resource allocation, supply chain management, and marketing strategies.
By providing real-time recommendations and insights, prescriptive analytics has been included into business intelligence platforms and decision support systems to enhance decision-making capabilities.
Prescriptive analytics systems placed a strong emphasis on dynamic decision-making, enabling businesses to modify their plans in response to shifting consumer preferences, market dynamics, and other variables.
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Top Key Companies in the Prescriptive Analytics Market
Some of the key players operating in the prescriptive analytics market include IBM(US), Microsoft(US), Salesforce(US), SAP(Germany), SAS Institute(US), Talend(US), FICO(US), Ayata(US), Altair(US), Alteryx(US), Tibco(US), Sisense(US) and Infor(US). These prescriptive analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the prescriptive analytics market.
International Business Machines (IBM) was incorporated in 1911 and is headquartered in New York, US. IBM is one of the leading American computer manufacturers and providers of cloud, cognitive security, research, analytics, consulting, IoT, and IT infrastructure. IBM operates through five segments: Cloud & Cognitive Software, Systems, Global Technology Services, Global Business Services, and Global Financing. The company manufactures and sells computer hardware and software, and offers infrastructure services, consulting services, and hosting services for mainframe computers and nanotechnology. It has a client base of more than 17,000 in more than 130 countries. Further, it has almost 8,000 subject matter experts and more than 3,000 researchers working in 12 labs located across six continents. For more than seven decades, IBM has been building industry-based solutions to real world problems with the help of Watson, its AI platform for business, redefining the future of information technology through its high-quality R&D.
SAS Institute was founded in 1976 and is headquartered in North Carolina, US. SAS is the global leader in business analytics software and services and is the largest independent vendor in the BI industry. SAS provides software applications including BI, data integration, fraud management, financial management, and IT management. Through innovative software and services, SAS empowers its customers to transform data into business intelligence.
Fair Issac Corporation (FICO) is another leading analytics software company founded in 1956, in California, US. The company operates in more than 90 countries, helping customers make better decisions and attaining a higher level of growth and customer satisfaction. It offers a wide range of products, including Fico Debt Manager Solution, Fico Falcon Fraud Manager, Fico Engagement Analyzer, Fico Blaze Advisor Decision Rules Management Systems, Fico Score, Fixo Decision Management Suite, Fico Score Open Access, and Fico Xpress Optimization Suite. FICO operates in various industries, including financial services, health care, insurance, automotive, public sector, retail, pharmaceuticals, telecommunications, travel and hospitality, media and entertainment, and high tech and utilities.
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