Predictive Analytics Market 2021 Business Scenario | Alteryx, Inc., Fair Isaac Corporation, Information Builders, IBM, KNIME, Microsoft
Rising awareness among organizations about generated data that can be used for predicting future outcomes by using predictive analysis solutions is driving the growth of the market.
Rise in requirement for extensive market analytics solutions, emergence of new technologies including big data and IoT, and increase in demand for cloud-based predictive analytics drive the growth of the global prescriptive analytics market. Whereas, high cost of investment and intricate analytical workflow impede the market growth. On the other hand, rise in adoption of measures for cybercrime prediction and prevention and increase in expenditure on development of big data infrastructure offers new opportunities to the market.
The global prescriptive analytics market generated $1.96 billion in 2018, and is anticipated to reach $12.35 billion by 2026, registering at a CAGR of 26.6% from 2019 to 2026. The report offers a comprehensive analysis of the Industry dynamics, key market segments, market trends and estimations, top investment pockets, and competitive landscape.
The global prescriptive analytics market segmentation includes component, business function, deployment, industry vertical, and region. 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. In contrary, the Asia-Pacific region is expected to portray the largest CAGR of 29.5% from 2019 to 2026.
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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.
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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