April 24, 2024
Prescriptive Analytics Market

Prescriptive Analytics Market Set For Rapid Growth On Back Of AI Integration Through 2030

Prescriptive analytics refers to the use of data, statistical models, and machine learning techniques to recommend optimal decisions and actions. As businesses strive for better decision making and outcomes, prescriptive analytics provides predictive and preventive recommendations. With its ability to simulate complex systems and perform what-if analysis, prescriptive analytics helps businesses make smarter decisions.

The Global Prescriptive Analytics Market Size is estimated to be valued at US$ 8.89 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period from 2024 to 2030.

Key Takeaways

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. Growing demand for prescriptive analytics from the healthcare sector is expected to drive market growth over the forecast period. With the increasing complexity in healthcare systems, prescriptive analytics provides optimal treatment plans and resource allocation strategies. Market players are further focusing on expanding their global footprint through strategic partnerships and collaborations to capitalize on the vast growth opportunities.

Key players operating in the prescriptive analytics market are incorporating AI technologies such as machine learning, deep learning and natural language processing to offer advanced predictive and prescriptive models. For instance, Steris Corporation integrated AI capabilities within its prescriptive decontamination analytics software to produce highly optimized decontamination schedules. Secondly, the growing demand for prescriptive analytics in healthcare, supply chain and other industries is anticipated. Prescriptive analytics offers healthcare providers optimal treatment plans, early disease diagnosis and preventive care recommendations. Supply chain companies are deploying prescriptive analytics for demand forecasting, inventory optimization and delivery route planning. Lastly, market players are focusing on expanding globally through partnerships. For example, Noxilizer partnered with Medistri to provide its prescriptive analytics solutions across Europe and the Middle East.

Market key trends

One of the key trends in the prescriptive analytics market is AI integration. Leading market players are focusing on incorporating advanced AI technologies such as machine learning, deep learning and natural language processing into their prescriptive analytics platforms. This helps generate highly optimized recommendations and improve predictive accuracy. Another trend is the growing adoption of cloud-based prescriptive analytics solutions. As businesses transition to cloud-based systems, cloud deployment enables on-demand access, seamless collaboration and effortless data integration for deriving prescriptive insights. Lastly, market players are developing vertical-specific prescriptive analytics platforms tailored for industries like healthcare, manufacturing, supply chain and energy management. Customized industry solutions help generate industry-specific recommendations.

Porter’s Analysis

Threat of new entrants: Low capital requirements for software and analytic tools used in prescriptive analytics lower the threat of new entrants. However, prescriptive analytics solutions require deep industry expertise and established client relationships to gain adoption.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several prescriptive analytics vendors in the market, allowing buyers to switch between providers. However, switching costs associated with changing vendors provides some bargaining power to providers.

Bargaining power of suppliers: Prescriptive analytics providers have the bargaining power as they rely on niche technology platforms and data tools from specialized vendors. This gives existing vendors control over pricing and supply.
Threat of new substitutes: Substitute technologies exist like predictive analytics but do not provide the same outcomes and business value as prescriptive analytics in optimizing operations and decision making. This keeps threat of substitution relatively low.
Competitive rivalry: Intense as major analytics vendors continue to enhance their prescriptive analytics offerings. This forces players to invest in R&D and customer acquisition to gain market share.

Geographical regions where the market is concentrated in terms of value include North America and Europe. This is due to the presence of major healthcare organizations implementing data-driven strategies to optimize operations using prescriptive techniques. The Asia Pacific region is expected to be the fastest growing market for prescriptive analytics during the forecast period. This is attributed to increasing healthcare expenditures, rising adoption of advanced data analytics across industries, and growing focus on delivering personalized patient experiences in countries like China and India.

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