Global Prescriptive Analytics Market is Anticipated to Grow at a CAGR of 31.7% by 2023 - Occams Business Research & Consulting
INDORE, India, April 4, 2017 /PRNewswire/ --
The global prescriptive analytics market is anticipated to grow at a CAGR of 31.7% from $1.16 billion in 2016 to $7.94 billion during the forecast period of 2016-2023. The growing spending in IT security owing to increase in cyber-crime rate is one of the key factors which is adding meaningful growth in global market. In 2015, around 10% of whole IT budget spent on IT security which was 9.2% in 2014. Moreover, in 2015, around 30.2% of the total IT security spending was spent in data protection over internet which was 29.7% in 2014. The total IT spending worldwide is valued at around $3.5 trillion in 2016. North America is clear leader in global market. The growth of North America region is mainly influenced by the growing cyber security or IT security spending in the region.
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Increase in cybercrime rate: Market Silver-Line
One of the major factors which is influencing the demand for prescriptive analytics is increase in cyber-crime which results in huge data loss by organizations. In the first half of 2016, there were around 974 publicly disclosed data breaches which resulted into the loss of around 554 million data records. Financial data breaches accounts to around 16% of the all data breaches which is around 155 incidents. Government organization lost around 318 million data records in first half of 2016. Moreover, the email malware rate in 2016 is around 1 in 98 emails. The growing internet security breaches at an alarming rate is increasing the concerns for the data loss in the organizations. A 1001-1500 employee, sized company is having the safest malware rate of 1 in 217 emails whereas, the 251-500 employee sized company is having the highest email malware rate which is 1 in 74 emails. Thus, the small and medium sized companies are at the high risk of the data loss. Thus, the growing concern for the data security by the organization is boosting the demand for the prescriptive analytics.
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Cloud adoption in prescriptive analytics is opening new avenues
The cloud is one of the major reasons pushing the growth of the prescriptive analytics market. Around 90% of the businesses are adopting cloud based services due to facilities such as real time entities and remote access etc. Interestingly it has been witnessed that small companies with the employee strength of 500 or less employees have the highest adoption rate of cloud strategies at 35%. Whereas, in case of large organizations possessing an employee strength of 5,001 and above witnessed an adoption rate of 60% in 2015. By 2020, approx. 80% of the small businesses within the U.S. are projected to fully adapt cloud computing, up from 37% in 2015.
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