Global Prescriptive Analytics Market Expected to Grow with a CAGR of 26.6% Over the Forecast Period, 2019-2026 - ResearchAndMarkets.com
Summary
According to this report, the prescriptive analytics market size was valued at $1,968.4 million in 2018, and is projected to reach $12.35 billion by 2026, growing at a CAGR of 26.6% from 2019 to 2026. For example, a prescriptive analytics model used in predictive maintenance provides accurate solution for any damage with insights on how and what to repair with alternative ways. The need for prescriptive analytics is increasing owing to its diversified application areas such as marketing, business operations, and supply chain. However, high initial cost required for deployment of advance systems and analytical solutions is a factor that is expected to hamper the market growth. Furthermore, emergence of technologies compels market players to research and develop new enhancements and innovative prescriptive analytical solutions.