Prescriptive and Predictive Analytics Market 2019 to Boom $28.71 Billion Value by 2026
Global Prescriptive and Predictive Analytics market accounted for $5.72 billion in 2017 and is expected to reach $28.71 billion by 2026 growing at a CAGR of 19.6% during the forecast period, according to the “Prescriptive and Predictive Analytics – Global Market Outlook (2017-2026)” report.
Some of the key factors influencing the market growth include growth in demand for global consumer goods, need for comprehensive market analytics and increasing demand for cloud-based predictive analytics. However, data privacy and security concerns are restricting the market growth.
Predictive analytics is the practice of extracting information from existing data. It helps users determine and understand the buying patterns of customers, and predict future trends for an organization. Prescriptive analytics is another branch of advanced analytics, dedicated to obtaining the best course of action for a presented situation.
Amongst end user industries, the retail segment has a significant growth during the forecast period due to increasing competition, a wide array of product offerings, multiple touch points for customers, and increasing customer complexities enable retailers to use analytics. Retail Analytics helps firms target and reach out to new customers, forecast store traffic, and prevent theft and fraud.
By Geography, Asia Pacific is expected to grow at the significant market share during the forecast period. Globally emerging countries such as India and China constitute the growth of the consumer goods market due to the high penetration of internet and rapid urbanization.