The global prescriptive analytics market generated $1.96 billion in 2018 and is expected to reach $12.35 billion by 2026, registering at a CAGR of 26.6% from 2019 to 2026.
Major industry players – Fair, Isaac, and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, and Tibco Software Inc.
A surge in the requirement for extensive market analytics solutions, the advent of new technologies including big data and IoT, and the rise in demand for cloud-based predictive analytics drive the growth of the global prescriptive analytics market.
Based on region, North America held the highest market share in 2018, accounting for nearly two-fifths of the global prescriptive analytics market, and will maintain its lead position during the forecast period. This is due to the well-developed IT infrastructure that led to early adoption of automation processes in the region. On the other hand, Asia-Pacific is expected to portray the largest CAGR of 29.5% from 2019 to 2026, owing to rise in demand in government institutes along with integration of analytics into existing predictive models of organizations operating in this region.
Based on industry vertical, the BFSI segment contributed for nearly one-fifth of the total share of the global prescriptive analytics market in 2018, and is estimated to dominate in terms of revenue during the forecast period. This is attributed to increase in need for optimization of business processes in financial institutes such as banks. However, the manufacturing segment is expected to register the fastest CAGR of 30.1% from 2019 to 2026, owing to its features such as prescriptive maintenance that are useful in the assembly lines and manufacturing plants.
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Based on business function, the operations segment held the largest market share in the global prescriptive analytics market, contributing for nearly one-third of the total market share in 2018, and is expected to maintain its lead position throughout the forecast period. This is due to inclination of enterprises across the globe toward implementation of analytical solutions in its business operation processes. However, the marketing segment is estimated to grow the fastest CAGR of 28.6% from 2019 to 2026, owing to its ability to provide insights based on marketing strategies.
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