Prescriptive Analytics Market : Revenues to Go Up In The Forthcoming Years (SARS-CoV-2, Covid-19 Analysis)
Prescriptive Analytics Market
A new market study, titled “Prescriptive Analytics Market ” has been featured on Market Research Future.
The new report by Market Research Future (MRFR) asserts that the global predictive analytics market 2020 is poised to generate a market value of USD 13 billion by 2023, expanding at a CAGR of 21% over the review period.
Drivers and Restraints
The rising adoption of predictive analytics solutions to forecast the market trends and to increase the need for predictive analytics among the enterprises to maintain a competitive advantage is driving the growth in the market. Globalization and economic growth are also playing significant roles in driving more significant data generation worldwide. Furthermore, augmenting the usage of big data and analytics is further driving the growth of the market. Advancements in modern technologies such as machine learning, Artificial Intelligence, and advanced analytics are expected to foster growth opportunities for the predictive analytics market in the coming years.
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Another factor accelerating adoption is the revenue-generating potential of predictive analytics. This is compelling for firms to invest in predictive analytics. Also, the upsurge in connected and integrated technologies has provided a platform for predictive analytics software vendors for leveraging this development and the unprecedented growth of the internet. Furthermore, the eCommerce sector has modified the traditional shopping behavior of customers.
Alternatively, the lack of awareness about the benefits of predictive analytics among users is one of the crucial factors hindering the growth of the predictive analytics market over the review period.
Segmental Analysis
The global market for predictive analytics is segmented on the basis of organization size, deployment, techniques, applications, and vertical.
Based on the deployment, the global predictive analytics tools market is divided into on-premise and on-cloud. cloud deployment for predictive analytics solutions is expected to grow with an increasing awareness of the benefits of cloud-based solutions.
On the basis of organization size, the global predictive analytics market is bifurcated into large enterprises and SMEs.
Based on the techniques, the market is segmented into bayesian recommendation systems, support vector machines (SVMs), deep neural networks, and others.
On the basis of applications, the market for predictive analytics is segmented into risk assessment, customer churn rate prevention, customer analysis, market analysis, sales forecasting, financial modeling, and others.
Based on the vertical, the prescriptive & predictive analytics market is segmented into BFSI, IT & telecommunication, retail & e-commerce, manufacturing, transportation & logistics, healthcare, government & defense, and others.
Competitive Analysis
The major market players identified by MRFR in the global predictive analytics market are Radius Intelligence Inc. (US), Dundas Data Visualization, Inc. (Canada), Microsoft Corporation (US), SAP SE (Germany), Tibco Software Inc. (US), IBM Corporation (US), SAS Institute Inc. (US), Oracle Corporation (US), Tableu Software (US), and NTT Data Corporation (Japan).
Other players also include BOARD International (Switzerland), Fair Isaac Corporation (US), Rapidminer Inc. (US), Angoss Software Corporation (Canada), and Ignite Technologies, Inc. (US),among others.
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