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(Wireless-NewsWire.Com, February 21, 2018 ) The Global Predictive and Prescriptive Analytics Market was valued at USD 5.52 billion in 2017, and is projected to reach a value of USD 16.84 billion by the end of 2023, at a CAGR of 20.43% over the forecast period, 2018-2023.
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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. Prescriptive analytics is associated with both descriptive and predictive analytics. The growing demand for consumer goods, indirectly boosts the adoption rate of predictive & prescriptive analytics tools, due to the fact that many retail organizations and online retail stores are using this software to analyze, predict, and provide a solution for any demanding situation. All major sectors, such as BFSI and healthcare, use predictive analytics for the development of effective methods for managing customer relationships, predicting end-user behavior, and improving customer loyalty, and retention policies.
Growth in demand for Global Consumer Goods
Globally, there has been a tremendous growth in the consumer goods market. Consumers demand better and more advanced technologies to make their lives easier. For instance, the trends in the smartphone market suggest the dynamism of consumer preferences. 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. The increasing demand for consumer goods creates a need for major vendors in the retail space, to focus on customer retention and attracting new customers with effective and substantiated marketing techniques, backed by relevant data. Prescriptive and predictive analytics provide the ultimate platform to understand consumer behavior and sentiments, capable of influencing their purchasing patterns, which plays a critical role in redefining consumer preferences and marketing techniques of leading international conglomerates.
Retail Sector accounts for a dominant market share
Increasing competition, a wide array of product offerings, multiple touch points for customers, and increasing customer complexities enable retailers to use analytics. Applied to relatively large sets of customer data, it can enable marketers to predict future behavior, customize best customer offers, or interact with their clients or suppliers based on such forecasts. Retail Analytics helps firms target and reach out to new customers, forecast store traffic, and prevent theft and fraud.
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Key Developments in the Market
• November 2017 - IBM launched IBM Analytics Engine, which marked the start of a new stage in the infrastructure. The data is stored in IBM’s Cloud Object Storage Service, and the Hadoop and Spark clusters connect to the object storage repository when they need to access it.
Major Players: IBM CORPORATION, SAS INSTITUTE INC., CLARABRIDGE INC., GOODDATA, CRIMSON HEXAGON INC., ADOBE SYSTEMS INCORPORATED, ORACLE CORPORATION, SALESFORCE.COM, NETBASE SOLUTIONS INC., SIMPLY MEASURED, SAP SE, TABLEAU SOFTWARE INC., amongst others
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