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Predictive & Prescriptive Analytics Market 2021: Growth Opportunities, Sales, Revenue, Consumptions, Industry Analysis and Forecasts 2024

Predictive & Prescriptive Analytics

Predictive & Prescriptive Analytics Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. Predictive & Prescriptive Analytics market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

Retail is Expected to Hold a Major Market Share

Owing to the rising demand for consumer goods and growth in e-commerce, the retail sector is witnessing significant growth in its sales. This has given rise to the data generated in the industry, with 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.
Following are the applications in the retail industry, which generate a significant amount of data and require advanced predictive and prescriptive analytics to excel.
– Customer Identification and Retention: With the help of analysis, it is possible to identify valued customers and retain them, as well as identify potential customers and attract them with valued offers. Customers are less likely to churn if they are similar to your primary target customers. If you have access to data about both your customers and a list of potential customers, this is an excellent opportunity to focus on only those who are less likely to churn. For instance, Walmart, the world’s biggest retailer with over 20,000 stores in 28 countries, is in the process of building the world’ biggest private cloud, to process 2.5 petabytes of data every hour.
– Inventory Planning and Risk Mitigation: Predictive analytics leverages big data and empowers retailers to design their stock, renew administration, and promote methodologies, along with minimizing risk and uncertainty. It is not only essential to predict the pattern on a large scale, but also to look at the minute details. Product inventory and shelf space have always been a retailer’s most valuable resources. Now analytics can be used to determine which products provide the highest level of sales and profits. It helps retailers to plan a variety of assortment mixes and create balanced merchandise planning strategies, with unique market-based, customer-based, fashion-based, and price-based assortments.
– Personalized Customer Service: With a tremendous amount of data, it is easy to start evaluating consumers on a more granular level. Rather than making an enormous campaign that costs thousands and has restricted effect, predictive analytics can customize the showcasing procedure.
– Accurate Insights in Real-time: Big data not only provides oversight, but it also gives insights about an individual. With predictive and prescriptive analytics, one can take a look at every person and assess their purchases continuously, to precisely foresee what they may purchase given their particular purchasing propensities.

North is Expected to Hold Major Market Share

– The leads the North n market for predictive and prescriptive analytics, owing to early and heavy usage of advanced analytics across the majority of its industries. The retail sector in the country is flourishing rapidly. According to the NRF (National Retail Federation), in 2017, for each company closing a store, 2.7 companies were opening stores. This places increased importance on in-store analytics.
– The retail 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, the e-commerce leader, Amazon, uses predictive analytics to know exactly what products people buy, browse, and return. Amazon applies deep, data-driven insights to predictive analytics, to make decisions on its product assortment strategy. Using predictive analytics helps Amazon maximize sales, by filling its store shelves and endless aisles online with the merchandise shoppers want.
– 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.
– In the United States, policies, such as the CMS EHR Incentive program and the HiTech Act, have raised investments in healthcare from 2011. This has augmented the adoption of digital solutions, which, in turn, has resulted in thriving in the volumes of data held by a typical healthcare organization. Further, the top six advanced analytics providers, in 2017, were US-based. These vendors of predictive and prescriptive solutions are benefiting significantly, owing to the prospering digital industry in the country.

Market Overview:

  • The predictive & prescriptive analytics market was valued at USD 6.64 billion in 2018 and is expected to reach a value of USD 22.50 billion by 2024 at a CAGR of 22.53% during the forecast period (2019 – 2024). An increasing emphasis has been placed on the need for predictive analytics, with skills to manipulate data and develop custom algorithms in a quest to unlock hidden value. Prescriptive analytics has been moving beyond its core community of operations, research, and management science professionals, and becoming increasingly embedded in business applications.
  • – 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.
  • – The demand for BI has been on the rise, in recent years, with enterprises and organizations yearning to enhance productivity and increase sales by adopting automated solutions. 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.
  • – Data privacy and security issues have raised. Due to the details that are getting generated about the behavioral aspects, users are feeling vulnerable about the confidentiality of data getting generated.

    Key Manufacturers Like 

  • Oracle Corporation
  • SAP SE
  • International Business Machines (IBM) Corporation
  • Microsoft Corporation
  • SAS Institute Inc.
  • Accenture PLC
  • Infor Inc.
  • Teradata Corporation
  • Angoss Corporation
  • Salesforce.com.

    Scope of the Report:

  • Predictive analytics describes any approach to data mining with an emphasis on prediction (rather than description, classification or clustering). Prescriptive Analytics is a form of advanced analytics which examines data or content and is characterized by techniques such as graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning.

    Predictive & Prescriptive Analytics market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Predictive & Prescriptive Analytics market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Predictive & Prescriptive Analytics market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of Predictive & Prescriptive Analytics market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries Predictive & Prescriptive Analytics market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of Predictive & Prescriptive Analytics ?
    • Who are Opportunities, Risk and Driving Force of Predictive & Prescriptive Analytics market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in Predictive & Prescriptive Analytics space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the Predictive & Prescriptive Analytics market opportunities, market risk and market overview of the Market?

    Lastly, the Global Predictive & Prescriptive Analytics Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of Predictive & Prescriptive Analytics Market Report:

    • To provide a detailed analysis of the market structure along with the Predictive & Prescriptive Analytics market forecast of various segments and sub-segments of the Predictive & Prescriptive Analytics market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Predictive & Prescriptive Analytics market trends that influence the global Predictive & Prescriptive Analytics market

    Detailed TOC of Predictive & Prescriptive Analytics Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Growing importance of big data with large volumes of data generated, both in structured and unstructured form
    4.3.2 Increasing adoption of business analytics and business intelligence
    4.4 Market Restraints
    4.4.1 Data privacy and security concerns
    4.5 Industry Attractiveness – Porter’s Five Force Analysis
    4.5.1 Threat of New Entrants
    4.5.2 Bargaining Power of Buyers/Consumers
    4.5.3 Bargaining Power of Suppliers
    4.5.4 Threat of Substitute Products
    4.5.5 Intensity of Competitive Rivalry

    5 TECHNOLOGY SNAPSHOT

    6 MARKET SEGMENTATION
    6.1 End – user Industry
    6.1.1 BFSI
    6.1.2 Retail
    6.1.3 Healthcare
    6.1.4 IT and Telecom
    6.1.5 Industrial (Manufacturing, Automotive, Energy and Mining)
    6.1.6 Government and Defense
    6.1.7 Other End- user Industries
    6.2 Geography
    6.2.1 North
    6.2.1.1 US
    6.2.1.2 Canada
    6.2.2 Europe
    6.2.2.1 UK
    6.2.2.2 Germany
    6.2.2.3 France
    6.2.2.4 Rest of Europe
    6.2.3 Asia Pacific
    6.2.3.1 China
    6.2.3.2 India
    6.2.3.3 Japan
    6.2.3.4 Rest of Asia-Pacific
    6.2.4 Rest of the World
    6.2.4.1 Latin
    6.2.4.2 Middle East & Africa

    7 COMPETITIVE LANDSCAPE
    7.1 Company Profiles
    7.1.1 Oracle Corporation
    7.1.2 SAP SE
    7.1.3 International Business Machines (IBM) Corporation
    7.1.4 Microsoft Corporation
    7.1.5 SAS Institute Inc.
    7.1.6 Accenture PLC
    7.1.7 Infor Inc.
    7.1.8 Teradata Corporation
    7.1.9 Angoss Corporation
    7.1.10 Salesforce.com

    8 INVESTMENT ANALYSIS

    9 MARKET OPPORTUNITIES AND FUTURE TRENDS

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