Market Size of Predictive and Prescriptive Analytics Industry
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Predictive & Prescriptive Analytics Market Analysis
The predictive and prescriptive analytics market will register a CAGR of 24% over the forecast period. Various factors include increased spending on marketing advertising by enterprises and changing customer intelligence landscape to drive market growth.
- Further, using data-driven insights, predictive analytics provides businesses with actionable information. It offers estimations of how likely a given outcome is to occur. Enterprises use these facts to estimate future trends. Predictive analytics is also built on probability as its underlying principle.
- Machine learning (ML), algorithms, business rules, and computational modeling techniques are some methods and equipment used in prescriptive analytics. Input for this technique comes from various data sources, including historical and transactional data, real-time data feeds, and big data. Companies and organizations already using descriptive analytics tools and solutions are more prepared to deploy predictive and prescriptive analytics solutions. They employ these solutions more successfully since they have historical data to forecast from and run algorithms.
- Advanced analytics solutions provide strategies to address these issues using statistical and technical approaches, ultimately assisting in making strategic and fact-based decisions. As a result, analytics are crucial for Business Intelligence (BI) in many different end-user industries.
- Security and data privacy concerns have been brought up. Users are concerned about the confidentiality of the collected data because of the information generated on behavioral aspects.
- The COVID-19 emergence slowed the market growth, but the market is gradually gaining traction due to uplifting lockdowns. It provided several opportunities for businesses to digitalize and expand throughout the region as the adoption of technologies like cloud and AI increased during the lockdowns.