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Prescriptive Analytics Market Share Estimated to Garner USD 16.23 Billion by 2030 with a CAGR of 21.2% – Report by Market Research Future (MRFR)

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New York, US, July 05, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Prescriptive Analytics Market, By Component, By Application, By Deployment, By Organization, By Business Sector, By Vertical – Forecast”, will touch USD 16.23 billion at a 21.2% CAGR by 2030.

Prescriptive Analytics Market Overview

The increase in cyber-crimes coupled with the requirement for crime prevention & prediction will boost Prescriptive Analytics market growth over the forecast period.  Various firms are using new technologies such as Internet of Things (IoT), Big Data, & real-time analytics to improve business outcomes and obtain a competitive advantage in the market. Prescriptive analytics uses large data, machine learning, artificial intelligence, and business processes to make correct decisions about how to handle business problems. This will offer robust opportunities for the Prescriptive Analytics market over the forecast period. 

Prescriptive Analytics Market Report Scope:

Report Metrics Details
  Market Size USD 16.23 Billion by 2030
  CAGR 21.2% From 2021 to 2030
  Base Year 2019
  Forecast Period 2021 To 2030
  Historical Data 2018
  Forecast Units Value (USD Billion)
  Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered By Component, By Application
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors FICO (U.S.), Ayata (U.S.), IBM Corporation (U.S.), River Logic, Inc. (U.S.), Angoss Software (U.S.), Frontline (U.S.), Profitect (U.S.), Panoratio (Germany), TIBCO Software (U.S.), NGData (Belgium)
  Key Market Opportunities The increased use of Big Data and the Internet of Things (IoT) is creating real opportunities in the prescriptive analytics market. \r\n
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This is driven by greater demand in the corporate world for access to data that describe events and phenomena as they occur.

  Key Market Drivers The fact that many businesses are operating routine and/or basic business functions is driving growth in the prescriptive analytics market.

This was a trend that started approximately five years ago.

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Restraints 

Dynamic Nature of Data to act as Market Restraint 

The dynamic nature of data, diversity of data models resting on business needs, and complex analytical workflow may act as market restraints over the forecast period. 

Challenges

High Investment Cost to act as Market Challenge 

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The high investment cost, dearth of trained professionals, safety concerns, and issues associated with data integrity may act as market challenges over the forecast period. 

Browse In-depth Market Research Report:

https://www.marketresearchfuture.com/reports/prescriptive-analytics-market-2613

Prescriptive Analytics Market Segmentation 

The global prescriptive analytics market is bifurcated based on vertical, business sector, organization, deployment, application, and component. 

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By component, the prescriptive analytics market is segmented into software and service. 

By application, SCM will lead the market over the forecast period. 

By deployment, on-premise will dominate the market over the forecast period. 

By organization, SME will spearhead the market over the forecast period. 

By business sector, the prescriptive analytics market is segmented into operation, finance, marketing, and HR. 

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By vertical, BFSI will have the lions share in the market over the forecast period. 

COVID-19 Analysis 

COVID–19 has transformed the way business is done over the world. Though the COVID–19 epidemic showed faults in business models across verticals, it also created opportunities for organizations to digitalize and expand across regions as the use and integration of technologies such as AI, cloud, analytics, blockchain, and IoT increased throughout the lockdown period. The retail and industrial industries had a significant reduction in firm performance in the first and second quarters of 2020. These industries are expected to receive significant investment over the forecast period as vaccines get more widely accessible and the crisis is controlled better, as prescriptive analytics solutions gain popularity across multiple business functions.

Prescriptive Analytics Market Regional Analysis 

North America to Lead Prescriptive Analytics Market 

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In the global prescriptive analytics market, North America is predicted to hold the highest share. The rising technological improvements in the region are key factors encouraging the growth of the market. Market growth would be aided by the rising number of key players across regions. Because advanced analytics were used early and heavily throughout the bulk of its businesses, the United States dominates the market. The country’s retail sector is rapidly expanding. This is due to an increase in the need for analytical marketing solutions, as well as a higher adoption of analytical framework amid regional players.

Furthermore, the large number of competitors operating in the region is a factor driving market growth in North America. Furthermore, North American countries’ well-developed IT infrastructure has accelerated the adoption of the prescriptive analytics solution among enterprises in the region. In 2017, the North America region dominated the prescriptive analytics market, owing to increased investment on new technologies like as cloud technology, big data, mobile technologies, and social media which are expected to drive market development all through the forecast period. Increased use of new technologies leads to an increase in data volume across all verticals. Organizations need an analytical tool to gather critical insights that aid in the formulation of company strategies. As a result, prescriptive analytics assists businesses in developing business plans based on real-time data. Because of the increased demand for analytical marketing solutions, this region dominates the market.

APAC to Have Admirable Growth in Prescriptive Analytics Market 

Due to the increased use of prescriptive analytics via a lot of small and medium business enterprises in emerging nations such as India and China in the region, Asia Pacific is expected to provide the biggest revenue share in the global market. The market for prescriptive analytics in Asia Pacific is predicted to grow rapidly. The market for predictive analytics is being driven by the rising use of big data analytics solutions and tools in Asia Pacific. In addition, increasing volumes of data must be properly managed and examined for a better understanding of it and make necessary forecasts or analyses. Thus, market growth through 2027 is predicted to be favorable.

Furthermore, significant technical advances and the introduction of new analytical tools and methodologies by leading industry vendors are expected to fuel market expansion over the forecast period. Due to the ever-expanding threat landscape, security spending in APAC is increasing considerably. Traditional ways of managing and mitigating modern assaults are no longer sufficient. As a result, prescriptive analytics suppliers in this region concentrate on product line developments. In the global prescriptive analytics market, China, India, & Australia have all shown significant development potential.

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The market in the region is likely to be driven by economic development, increased investments in AI and ML, and increased usage of advanced analytical technologies for improved decision making.

Prescriptive Analytics Market Key Players 

Eminent market players profiled in the global prescriptive analytics market report includes,

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  • FICO (U.S.)
  • Ayata (U.S.)
  • IBM Corporation (U.S.)
  • River Logic Inc. (U.S.)
  • Angoss Software (U.S.)
  • Frontline (U.S.)
  • Profitect (U.S.)
  • Panoratio (Germany)
  • TIBCO Software (U.S.)
  • NGData (Belgium) and among others.

Related Reports:

Global Analytics as a Service Market Growth Research Report: by Component, by Analytics Type, by Deployment, by Organization Size, and by End-User – Forecast till 2030

Sensor Data Analytics Market Size, By Components, By Services, By Applications – Forecast 2020-2030

IoT Analytics Market Share Research Report: Information by Component, Deployment, Analytics Type, Application, Industry Vertical, Organization Size – Forecast 2020-2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

18 of the Top 20 Medtech Companies Partner with Veeva MedTech to Get Devices and Diagnostics to Patients Faster

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More than 125 medtech customers use Veeva applications for seamless execution across product development
BARCELONA, Spain, Oct. 2, 2024 /PRNewswire/ — Veeva Systems (NYSE: VEEV) today announced that 18 of the top 20 medtech companies leverage Veeva Development Cloud and Veeva Commercial Cloud applications to streamline processes across the total medtech product lifecycle. Veeva MedTech enables more than 125 customers with deep industry expertise and technology from ideation to commercialization. With an increasing need to keep up with industry changes for faster time to market, medtech companies are moving to connected applications on a single cloud platform to execute key processes more efficiently.

“With dozens of studies across hundreds of global sites, simplifying clinical operations with unified document management and streamlined workflows is a top priority,” said Matt Christensen, senior vice president at Smith+Nephew. “Using Veeva MedTech’s unified clinical solution drives transparency, ensures integrity of study files, and speeds trial timelines.”
Veeva MedTech enables end-to-end product lifecycle management with Veeva Vault Clinical, Veeva Vault RIM, Veeva Vault Quality, and Veeva Vault Commercial. Using advanced applications built with medtech industry best practices, customers can access real-time insights to make data-driven decisions, automate processes, and maintain inspection readiness. This reduces manual work and improves cross-team collaboration while driving growth, cost efficiency, and compliance.
“This momentum shows that the global medtech industry has made great strides in modernizing systems, establishing a foundation across the product lifecycle to leverage into the future,” said Seth Goldenberg, vice president, Veeva MedTech. “With the top medtech leaders standardizing on Veeva applications, we will continue to learn and advance the industry toward more streamlined processes to deliver innovative new devices and diagnostics to patients in need.”
More than 200 industry professionals will network, share best practices, and hear valuable insights from medtech leaders, including Bio-Rad Laboratories, Philips, and ZEISS Medical Technology, at Veeva MedTech EU Summit. Medtech industry professionals can register for the Nov. 5 – 7 event in Amsterdam.
About Veeva SystemsVeeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest biopharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com/eu.
Veeva Forward-looking StatementsThis release contains forward-looking statements regarding Veeva’s products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the period ended July 31, 2024, which you can find here (a summary of risks which may impact our business can be found on pages 36 and 37), and in our subsequent SEC filings, which you can access at sec.gov.
Contact:
Jeremy WhittakerVeeva [email protected]
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Artificial Intelligence

Cybersecurity is fastest growing IT occupation in the UK, reveals Socura report

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But skills gap persists with just one security professional for every 86 companies
CARDIFF, Wales, Oct. 2, 2024 /PRNewswire/ — Socura, a UK-based cybersecurity services business that protects many of the nation’s biggest NHS trusts, councils, and private companies, has released its UK cybersecurity careers 2024 report, ‘Their next job was in cyber’. 

The report is released four years after the UK government’s infamous ‘Fatima’ ballet ad promoting cyber as a career option. Based on Office of National Statistics data, it reveals that cybersecurity is now the fastest growing tech occupation in the UK, with the number of people in cyber roles more than doubling (128%) between 2021 and 2024. Despite this growth rate, there are not yet enough cybersecurity professionals to tackle the growing threat to UK businesses, with only one security pro for every 86 companies. 
Other key findings of Socura’s report include: 
There are 4,600 more women in cybersecurity roles in 2024 compared to 2021. However, the percentage of women in cybersecurity roles has decreased and now stands at 17%, down from 24%. London is less of a hub for cybersecurity professionals than it is for other IT professionals. 25% of all IT workers are based in London, compared to 17% of cyber workers.Northern Ireland and Wales are the countries in the UK with the fewest cybersecurity professionals. “Cybersecurity may be the fastest growing IT occupation in the UK but the skills shortage in the industry remains a concern,” said Andy Kays, CEO at Socura. “Many businesses simply do not have the specialists they need to defend against cyber attacks.  
“To fix this problem at a national level, we need more initiatives like the NCSC-backed Academic Centres of Excellence and ways to reach even younger people so that they can discover technology in schools. For organisations struggling to recruit cybersecurity experts, finding a trusted managed services partner to bolster capabilities and ease the load remains vital to bridging the gap.” 
“Attracting more workers, particularly women, into cyber remains a key challenge for the industry,” said Dr Kathryn Jones, Head of School, Computer Science and Informatics at Cardiff University. ”However, gender imbalance and the low representation of women is a wider issue in the tech sector, not only cybersecurity. The number of women enrolled on computer science and software engineering courses, for example, is typically also low.  
“Cybersecurity is an exciting and varied career choice but more initiatives like the NCSC’s Cyber First Girls competition are needed to raise awareness.” 
Resources 
Read summary blogDownload full report Methodology Socura’s analysis is based on UK ONS annual population survey data, which tracks occupation figures based on 15 IT-related Standard Occupational Classification (SOC2020) codes such as 2135 cybersecurity professionals. The ONS annual population is a continuous survey that consists of 12 months of survey data, which is broken down and released on a quarterly basis. 
About Socura Socura reduces cyber risk by proactively detecting and responding to threats, 24/7. Our Managed Detection and Response (MDR) service operates as an extension of an organisation’s security team – supplying highly skilled SOC experts and the additional capabilities needed to scale security operations and accelerate response to attacks. 
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Euromonitor International launches Passport AI – a gamechanger for the data analysis industry

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Passport AI will leverage the power of generative AI to transform the way our clients’ access and use market intelligencePassport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to the Passport platform Paradigm shift solution utilises a powerful combination of technologies and approachesLONDON, Oct. 2, 2024 /PRNewswire/ — Euromonitor International has today launched Passport AI – a game changer for the data analysis industry.

Passport AI is specially designed to supercharge the power of data analytics firm Euromonitor International’s market intelligence expertise. The platform will leverage the power of generative AI to transform the way clients are able to access and use Euromonitor’s market intelligence.
Euromonitor’s Passport AI utilises a powerful combination of technologies and approaches: 
Large Language Models (LLMs): These powerful AI models are trained on massive amounts of text data. Passport AI leverages LLMs to understand your natural language questions and identify relevant information within our extensive content library.Retrieval Augmented Generation (RAG): This approach ensures Passport AI stays grounded in fact-based information. Instead of creating entirely new responses, RAG retrieves and summarises relevant content from trusted Euromonitor publications. This allows clients to verify the source of the information and feel confident in its reliability. Multi-Agent System (MAS): This innovative system acts behind the scenes, working like a team of virtual researchers. MAS helps Passport AI refine your question and identify the most relevant information across our content, even with terminology specific to Passport or newly introduced natural language search. Combining cutting-edge artificial intelligence with human intelligence
Lamine Lahouasnia, Director of Generative AI at Euromonitor International, said: “We are already the first destination for organisations seeking growth and Passport AI’s impressive features, combining cutting-edge artificial intelligence with human intelligence, will ensure fast and easy access to our Passport product and our data analytics.
“Unlike other generative AI tools, the information provided by Passport AI is 100% sourced from Euromonitor’s trusted content. This transparency allows users to interrogate the underlying sources and have complete confidence in the credibility of the answers they receive.”
Tim Kitchin, CEO of Euromonitor International, said: “This significant investment in Passport AI underscores our dedication to client empowerment and demonstrates our commitment to continuous product improvement. We believe Passport AI will help clients derive even more value from the intelligence they already have access to within Passport, make the most of opportunities our insights uncover and achieve greater success.”
For more information about Passport AI book a demo.

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