Prescriptive analytics incorporates adaptive intelligent algorithms and machine learning to analyze structured and unstructured data in order to provide actionable recommendations for complex business decisions and problems. By leveraging massive amounts of internal and external data, prescriptive analytics solutions help optimize business operations, maximize profits, and minimize risks. The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of adaptive intelligent algorithms is driving the growth of the prescriptive analytics market. Adaptive intelligent algorithms use machine learning and analytics to continuously learn from new data, identify patterns, and adjust their activity accordingly. This helps prescriptive analytics solutions provide more accurate recommendations by assessing massive amounts of both structured and unstructured data. As data volume and complexity grows, the need for adaptive intelligent algorithms is increasing to derive optimal, real-time prescriptions. This is accelerating the demand for prescriptive analytics across industries.
Segment Analysis
The global prescriptive analytics market is dominated by the clinical segment. Clinical prescriptive analytics helps clinicians with complex scenarios and decisions by recommending the best course of action based on multiple factors such as patient history, diagnosis, symptoms, treatment efficacy for similar cases etc. It enables improved diagnosis and treatment outcomes thereby improving clinical workflow efficiency.
Key Takeaways
The Global Prescriptive Analytics Market Size is expected to witness high growth over the forecast period driven by growing need for data-driven decision making across industries.
Regional analysis: North America currently dominates the prescriptive analytics market owing to early adoption of advanced analytics solutions and presence of leading solution providers in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period supported by increasing investments by governments and companies in digital transformation initiatives and growing penetration of analytics across industries in countries such as China and India.
Key players: 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.
For More Insights, Read: https://www.newswirestats.com/prescriptive-analytics-market-size-share-and-growth-forecast-2023-2030/
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