April 17, 2024
prescriptive analytics Market

Prescriptive Analytics Market Propelled by Growing Need For Data-Driven Decision Making

Prescriptive analytics is a category of advanced analytics that uses data and mathematical optimization to recommend actions. Prescriptive analytics helps organizations identify the best course of action based on various constraints and objectives. The increasing focus on data-driven decision making across various industry verticals is propelling the demand for prescriptive analytics.

The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing need for data-driven decision making is one of the key trends fueling the growth of the prescriptive analytics market. Prescriptive analytics leverages historical data and algorithms to recommend the best course of action. It empowers organizations to make informed decisions to improve outcomes. With rapid digitization across sectors, there is a proliferation of data that needs to be converted into actionable insights. Prescriptive analytics helps organizations make sense of vast amounts of data and predict outcomes of various decisions. This enables companies to make optimal, data-backed decisions and achieve their goals effectively. The ability of prescriptive analytics to assist decision makers is driving its increasing adoption across industries.

SWOT Analysis
Strength: Prescriptive analytics offers accurate predictive results and recommendations for future business decisions based on analysis of structured and unstructured data. It enables businesses to optimize resources, operations and visualize possible future scenarios.

Weakness: Lack of skilled workforce who can analyze a huge amount of data and develop appropriate prescriptive models poses a challenge. High initial investment requirement for deploying advanced analytics tools is also a weakness.

Opportunity: Rising digital transformation across industries and availability of huge volumes of data presents a massive opportunity for prescriptive analytics vendors. Growing focus on customer centricity and analytics-driven decision making also opens new opportunities.

Threats: Privacy and security concerns around sensitive organizational and customer data can limit the adoption of prescriptive analytics. technological disruptions and emergence of new advanced data analytics tools is also a threat.

Key Takeaways
The Global Prescriptive Analytics Market Size is expected to witness high growth. The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.

Regional analysis comprises the North America region currently dominates the prescriptive analytics market owing to large presence of analytics vendors and early adoption of advanced technologies across industries. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to digital transformation initiatives by governments and growing technology adoption in countries like China and India.

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 provides infection prevention and other procedural products and services for healthcare providers in over 100 countries. Noxilizer Inc. offers a range of medical device sterilizers and consumables.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it