Prescriptive Analytics Market Poised to Witness High Growth Due to Rising Adoption by Enterprises

Author : Shraddha Shinde | Published On : 16 Feb 2024

Prescriptive analytics uses algorithms and business rules to recommend optimal courses of action for achieving defined business goals. It analyzes various available data points and leverages predictive analytics and optimization algorithms to provide actionable and optimized recommendations. Prescriptive analytics helps businesses drive improved performance by optimizing decisions across multiple business scenarios. It combines predictive modeling techniques, optimization methodologies and business rules to identify the best set of decisions to achieve a defined set of business goals.

The Global Prescriptive Analytics Market Size is estimated to be valued at US$ 8.89 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Prescriptive Analytics Market are Steris Corporation, Noxilizer Inc., Medistri SA, Judd Medical Limited, E-BEAM Services Inc., Cantel Medical Corporation, Stryker Corporation (TSO3 Inc.), BGS Beta-Gamma-Service GmbH & Co. KG, and B Braun Melsungen AG (B Braun Medical Ltd.), among others. Steris Corporation is one of the major players with strong global presence.

The key opportunities in the market include rising need for business optimization with prescriptive insights across domains like supply chain, finance, manufacturing, and healthcare among others. Prescriptive analytics helps organizations make the best possible decisions by predicting outcomes and proposing recommendations to optimize processes and operations.

The market is witnessing high growth opportunities in regions like North America, Europe, Asia Pacific and Rest of the World. Major players are expanding their footprint globally by partnering with regional players through strategic collaborations and acquisitions to tap into new markets. For instance, Steris Corporation has a strong global presence with major manufacturing facilities and commercial offices across major markets worldwide.

Market Drivers
- Rising adoption of prescriptive analytics by enterprises across industries to optimize operations and drive improved business performance is a key growth driver. Prescriptive insights help businesses improve profitability by recommending best decisions and courses of action.
- Growing need to leverage analytics across supply chain, finance, marketing and other domains to make predictive and optimized decisions is also favoring the growth of prescriptive analytics market.

Market Restrains
- Lack of skilled workforce and technical knowledge related to prescriptive modeling and algorithms poses a major challenge for widespread adoption.
- Higher costs associated with deploying advanced prescriptive analytics solutions can also limit adoption by some small and medium organizations.


Segment Analysis
The prescriptive analytics market is segmented based on component, deployment model, application and end user. The prescriptive analytics software sub segment dominates the overall prescriptive analytics market as software tools are extensively used to build and deploy predictive models. Based on deployment model, the cloud-based sub segment is expected to grow at a higher CAGR during the forecast period due to various advantages offered, such as scalability, flexibility, affordability and reduced operational costs. By application, operations management is estimated to account for the largest market share owing to increasing need of organizations for optimized operations to improve productivity and reduce costs. Furthermore, healthcare leads the end user segment as prescriptive analytics assists healthcare providers in clinical operations, administrative, and financial applications to enhance quality and efficiency of healthcare services.

Global Analysis
The North America prescriptive analytics market holds the largest share owing to the presence of various key players offering advanced prescriptive analytics solutions in the region. Additionally, favorable government norms encouraging adoption of advanced technologies and growing investments for analytics solutions also drives the market growth in North America. The Asia Pacific prescriptive analytics market is estimated to grow at the highest CAGR during the forecast period, with China, India and Japan being the major revenue contributors in the region. Growing digitalization and increasing adoption of advanced technologies across industries such as healthcare, manufacturing and retail are catalyzing the prescriptive analytics market growth in Asia Pacific.

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