According to a new report, published by KBV research, The Global Prescriptive Analytics Market size is expected to reach $76.4 billion by 2031, rising at a market growth of 31.4% CAGR during the forecast period.
The Finance & Banking segment would capture a CAGR of 30.9% during (2024 - 2031). Fraud detection is a significant challenge for banks and financial institutions. Prescriptive analytics enhances fraud prevention by analyzing transaction data, customer behavior, and anomaly patterns to identify potentially fraudulent activities. It provides recommendations for preventive measures and real-time responses, helping to reduce financial losses and maintain trust, thereby increasing the demand for prescriptive analytics.
The Supply Chain Management segment is leading the Global Prescriptive Analytics Market by Application in 2023; thereby, achieving a market value of $19.3 billion by 2031. Modern supply chains are highly complex and operate globally, involving multiple stakeholders, transportation modes, and regulatory environments. This complexity necessitates advanced analytical tools to efficiently manage and optimize the entire supply chain. Prescriptive analytics helps organizations navigate this complexity by providing actionable insights and recommendations, making it highly sought after in the supply chain management segment.
The Services segment exhibits a CAGR of 32.2% during (2024 - 2031). Prescriptive analytics requires specialized knowledge and expertise in data science, machine learning, and optimization techniques. Many organizations lack the in-house expertise to effectively implement and manage these advanced analytical solutions. Service providers offer the necessary skills and experience to help organizations navigate the complexities of prescriptive analytics, driving demand for their services.
Full Report: https://www.kbvresearch.com/prescriptive-analytics-market/
The North America region dominated the Global Prescriptive Analytics Market by Region in 2023; thereby, achieving a market value of $25.9 billion by 2031. The Europe region is poised to grow at a CAGR of 31.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 32% during (2024 - 2031).
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