The prescriptive analytics market share is expected to increase by USD 10.68 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 25.84%.

This prescriptive analytics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers prescriptive analytics market segmentation by solution (services and product) and geography (North America, Europe, APAC, MEA, and South America). The prescriptive analytics market report also offers information on several market vendors, including Alteryx Inc., International Business Machines Corp., Koch Industries Inc., Microsoft Corp., RapidMiner Inc., Salesforce.com Inc., SAP SE, SAS Institute Inc., Sisense Inc., and Talend SA among others.

What will the Prescriptive Analytics Market Size be During the Forecast Period?

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Prescriptive Analytics Market: Key Drivers and Challenges

The rising demand for predictive analytics is notably driving the prescriptive analytics market growth, although factors such as data privacy and regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the prescriptive analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Prescriptive Analytics Market Driver

Prescriptive analytics is used in the effective consumption of varied data to generate intelligent insights. Data management will play a pivotal role in several enterprises because of the increasing awareness among firms about the use of customer data. To optimally use data, predictive analytics needs to be integrated into enterprises, which will drive market growth. The integration of predictive analytics with enterprise applications such as CRM, SCM, and ERP provides several benefits, such as it helps predict the future behavior of potential and existing customers and personalize and expand their marketing campaigns. The analyses of data through predictive analytics are gaining popularity among enterprises across the construction, retail, BFSI, healthcare, and telecommunications sectors that intend to improve their marketing and sales operations and align with process efficiency. Companies are adopting predictive analytics to gain better data insights about customer buying patterns and interests. Therefore, the rising demand from end-user segments to deliver better customer experience is leading to an increase in the demand for predictive analytics, which is a phase of prescriptive analytics, and this is expected to continue during the forecast period.

Key Prescriptive Analytics Market Challenge

Advanced and prescriptive analytics are used to analyze datasets and generate trends, patterns, and predictions associated with the data. The tools require large, multiple datasets for analysis to achieve a high level of accuracy in predictions. Hence, it is imperative for enterprises to efficiently collect and maintain data from their various operations and functions for analysis through advanced and prescriptive analytics. Data privacy issues are a result of the tools' ability to make autonomous decisions and take actions aimed at success. Companies are using data anonymization techniques; they generalize the key details of a data point to prevent a data breach in regard to analytics tools. These modifications are applied to data before the data is shared with enterprises. However, such sensitive data is key to prescriptive analytics for generating predictions and forecasts. Hence, ensuring the privacy and anonymity of data points and large amounts of data by companies are emerging as major challenges in the global prescriptive analytics market.

This prescriptive analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Prescriptive Analytics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Alteryx Inc.
• International Business Machines Corp.
• Koch Industries Inc.
• Microsoft Corp.
• RapidMiner Inc.
• Salesforce.com Inc.
• SAP SE
• SAS Institute Inc.
• Sisense Inc.
• Talend SA

This statistical study of the prescriptive analytics market encompasses successful business strategies deployed by the key vendors. The prescriptive analytics market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The prescriptive analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Prescriptive Analytics Market?

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45% of the market's growth will originate from North America during the forecast period. The US is a key market for prescriptive analytics in North America. Market growth in this region will be faster than the growth of the market in Europe.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Solution Segments in the Prescriptive Analytics Market?

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The prescriptive analytics market share growth by the services segment will be significant during the forecast period. Prescriptive analytics services provide organizations with recommendations around optimal actions to achieve business objectives like customer satisfaction, profits, and cost savings. There is an increasing need for industry-specific, consumer group-specific, and region-specific data analysis, which requires professional services such as prescriptive analytics from service providers due to intense competition and innovation in the market, which will drive growth in the segment during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the prescriptive analytics market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Prescriptive Analytics Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive prescriptive analytics market growth during the next five years
• Precise estimation of the prescriptive analytics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the prescriptive analytics industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of prescriptive analytics market vendors

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