The research report studies the Predictive and Prescriptive Analytics market using different methodologies and analyzers to provide accurate and in-depth information about the market. For a clearer understanding, it is divided into several parts to cover different aspects of the market. Each place is then elaborated to help the reader comprehend the growth potential of each region and its contribution to the global market. The data analysts have used primary and secondary methodologies to consolidate the information in the report.. They have also used the same data to generate the current business scenario.
The predictive and prescriptive analytics market was valued at USD 10.01 million in 2020 and expected to reach USD 29.97 million by 2026 and grow at a CAGR of 20.7% over the forecast period (2021 – 2026).
Top Leading Companies of Predictive and Prescriptive Analytics Market are Oracle Corporation, SAP SE, International Business Machines (IBM) Corporation, Microsoft Corporation, SAS Institute Inc., Accenture PLC, Infor Inc., Teradata Corporation, Angoss Corporation, Salesforce.com and others.
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Key Market Trends:
Retail is Expected to Hold a Major Market Share
Owing to the rising demand for consumer goods and growth in e-commerce, the retail sector is witnessing significant growth in its sales. This has given rise to the data generated in the industry, with the implementation of big data solutions. Further, increasing competition in the industry has encouraged players to ensure efficient working across various stages in the delivery.
Following are the applications in the retail industry, which generate a significant amount of data and require advanced predictive and prescriptive analytics to excel.
– Customer Identification and Retention: With the help of analysis, it is possible to identify valued customers and retain them, as well as identify potential customers and attract them with valued offers. Customers are less likely to churn if they are similar to your primary target customers. If you have access to data about both your customers and a list of potential customers, this is an excellent opportunity to focus on only those who are less likely to churn. For instance, Walmart, the world’s biggest retailer with over 20,000 stores in 28 countries, is in the process of building the world biggest private cloud, to process 2.5 petabytes of data every hour.
– Inventory Planning and Risk Mitigation: Predictive analytics leverages big data and empowers retailers to design their stock, renew administration, and promote methodologies, along with minimizing risk and uncertainty. It is not only essential to predict the pattern on a large scale, but also to look at the minute details. Product inventory and shelf space have always been a retailer’s most valuable resources. Now analytics can be used to determine which products provide the highest level of sales and profits. It helps retailers to plan a variety of assortment mixes and create balanced merchandise planning strategies, with unique market-based, customer-based, fashion-based, and price-based assortments.
Scope of the Report:
This Predictive and Prescriptive Analytics market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading key players encompassing their successful marketing strategies, market contribution, recently developments in both historic and present contexts.
The regions are further sub-divided into:
–North America – US, Canada, and Mexico
–Europe – UK, Germany, France, Italy, Russia, Spain & Rest of Europe
–Asia-Pacific – China, India, Japan, South Korea, Australia & Rest of APAC
–Latin America – Brazil, Argentina, Peru, Chile & Rest of Latin America
–Middle East and Africa – Saudi Arabia, UAE, Israel, South Africa
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Key Questions Answered in the Predictive and Prescriptive Analytics Industry Report
- What will be the Predictive and Prescriptive Analytics market size?
- What are the new opportunities?
- What is the market share?
- What are targeted audiences?
- Which are the top players in Predictive and Prescriptive Analytics market?
- How the competition goes in the future?
- Which are the leading countries?
- What are the challenges in future?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. Further, it also allows you to do valuable competitor research to get inspiration for marketing the products. When it comes to satisfaction, it is necessary to get definitive idea about what is exactly going in the market. This report exactly provides overall market scenario.
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