Dublin, Nov. 19, 2021 (GLOBE NEWSWIRE) -- The "Global Prescriptive Analytics Market with COVID-19 Impact Analysis by Component, Application (Customer Retention & Engagement, Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global prescriptive analytics market is anticipated 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% 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.
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 cloud segment to have the highest CAGR during the forecast period
By deployment mode, the prescriptive analytics market has been segmented into on-premises and cloud. The CAGR of the cloud deployment mode is estimated to be the largest during the forecast period. Prescriptive analytics solution providers are focusing on cloud-based prescriptive solutions for their clients, as many organizations have migrated to either a private or a public cloud. Cloud-based solutions and services providers, such as IBM Corporation, Ayata, and Qual Metrix, are focusing on the development of cloud software that would incorporate the on-premises application into the cloud.
The SMEs segment to hold higher CAGR during the forecast period
The prescriptive analytics market has been segmented by organization size into large enterprises and SMEs. The market for SMEs is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of prescriptive analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Among regions, APAC to hold highest CAGR during the forecast period
APAC is expected to grow at a good pace during the forecast period. Security spending in APAC is increasing significantly due to the ever-growing threat landscape. Traditional methods are no longer adequate to manage and mitigate advanced cyberattacks. Hence, prescriptive analytics vendors in this region focus on innovations related to their product line. China, India, and Australia have displayed ample growth opportunities in the prescriptive analytics market.
The market study covers the prescriptive analytics market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment mode, organization size, application, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Emergence of Advanced Technologies, such as Big Data and IoT
Rise in Popularity of Real-Time Accessibility of Data for Efficient Business Operations
Complex Analytical Workflow
Dynamic Nature of Data
Overcoming the Lacunae of Traditional Business Intelligence Tools
Growing Investment in Big Data Infrastructure Across Geographies
Rise in Cyber-Crimes and Need for Crime Prediction and Prevention
Lack of Advanced Analytical Knowledge Among the Workforce
Diversity of Data Models Based on Business Needs
Reluctance to Adopt Advanced Analytical Technology
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For more information about this report visit https://www.researchandmarkets.com/r/ch3yw2
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