The global prescriptive analytics market is expected to exhibit a significant growth rate during the forecast period owing to the high adoption of various analytics technologies for diverse applications such as predictive maintenance among various industry verticals.
Moreover, North America dominated the prescriptive analytics industry in 2018 and is projected to remain dominant during the forecast period.
An increase in the requirement for extensive market analytics solutions, the emergence of new technologies including big data and IoT, and an upsurge in demand for cloud-based predictive analytics propel the growth of the global prescriptive analytics market.
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Whereas, high cost of investment and intricate analytical workflow impede market growth. On the other hand, the rise in the adoption of measures for cybercrime prediction and prevention and the increase in expenditure on the development of big data infrastructure offers new opportunities to the market.
Based on industry vertical, the market is segmented into healthcare, BFSI, IT and telecommunications, retail, media and entertainment, manufacturing, energy and utilities, transportation and logistics, government, and others, and others.
The BFSI segment contributed for nearly one-fifth of the total share of the global prescriptive analytics market in 2018, and is expected to dominate in terms of revenue during the forecast period. However, the manufacturing segment is anticipated to register the fastest CAGR of 30.1% from 2019 to 2026.
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Based on business function, the market is divided into human resources, sales, marketing, finance, and operations. The operations segment held the largest market share in the global prescriptive analytics market, accounting for nearly one-third of the total market share in 2018, and is expected to maintain its lead position throughout the forecast period. However, the marketing segment is anticipated to grow the fastest CAGR of 28.6% from 2019 to 2026.
Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America held the largest market share in 2018, contributing to nearly two-fifths of the global prescriptive analytics market. On the contrary, the Asia-Pacific region is expected to portray the largest CAGR of 29.5% from 2019 to 2026.
The key players analyzed in the report include IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, Teradata Corporation, Fair, Isaac and Company (FICO), SAP SE, SAS Institute Inc., and Tibco Software Inc.
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