June 18, 2024

Prescriptive Analytics MARKET IS DRIVEN BY INCREASED DEMAND FOR PERSONALIZED MARKETING

Prescriptive analytics uses data mining, statistical and machine learning techniques to solve business problems by finding the best solution or recommendation and drive real-time decisions. Prescriptive analytics tools analyze historical and current data to identify patterns and determine the likely outcome of various options. This enables organizations to proactively make evidence-based decisions that can help prevent issues in the future or take advantage of new opportunities. Prescriptive analytics has applications across various industries like healthcare, transportation, retail and e-commerce. For instance, in healthcare, prescriptive models can help physicians make better treatment decisions for patients based on their specific cases. In retail, prescriptive analytics helps companies plan inventory, optimize pricing and do personalized marketing by forecasting customer behavior and demand more accurately.

The global Prescriptive Analytics Market is estimated to be valued at Us$ 7.71 Bn in 2024 and is expected to exhibit a CAGR Of 6.3% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the prescriptive analytics market is the growing demand for personalized marketing and customer experience. Using prescriptive models, companies can now understand customer preferences, past purchase behavior and align their marketing strategies accordingly. This enables them to offer more personalized recommendations, customized offerings, targeted promotions and a better overall shopping experience. By collecting and analyzing enormous customer data, prescriptive analytics helps segment customers, predict their needs and influence future purchase decisions through individualized interactions. This is leading many retailers, ecommerce players and consumer brands to increasingly adopt prescriptive analytics solutions to boost revenues through increased cross-selling, up-selling and customer retention rates.

Porter’s Analysis

 

Threat of new entrants: The threat of new entrants is moderate. While there are significant capital investments required in R&D to develop new disinfection technologies, the market is growing which can attract new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. While a few large hospital networks and healthcare providers have significant purchasing power, the need for disinfection services is non-discretionary giving suppliers stable demand.

Bargaining power of suppliers: The bargaining power of suppliers is low. There are multiple technology providers for low temperature sterilization equipment and contract sterilization service suppliers ensuring competitive pricing pressure on suppliers.

Threat of new substitutes: The threat of new substitutes is low. There are limited substitutes available for low temperature sterilization, further supported by stringent regulations for healthcare facility disinfection.

Competitive rivalry: The competitive rivalry is high given the presence of numerous global and regional players offering similar disinfection technologies and contract sterilization services. Companies compete based on product quality, pricing and service offerings.

Key Takeaways

The Global Prescriptive Analytics Market is expected to witness high growth over the forecast period. The global Prescriptive Analytics Market is estimated to be valued at US$ 7.71 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

North America is expected to dominate the market during the forecast period. This can be attributed to increasing adoption of advanced data analytics solutions across various industries for obtaining actionable insights. The healthcare industry in North America is also increasingly adopting prescriptive analytics to optimize costs and improve patient outcomes.\The Asia Pacific region is expected to witness the fastest growth in the prescriptive analytics market owing to growing digitalization and increasing focus on customer analytics across industries in major economies like China and India. Additionally, the growing healthcare spending across Asia Pacific countries is further augmenting the demand for advanced data analytics in the healthcare sector.

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. Major players are focusing on new product launches and partnerships with technology providers and end users to strengthen their position in the market.

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