Global Prescriptive Analytics Market By Component (Software Services), Data Type (Unstructured Data, Semi-Structured Data, Structured Data), Application (Risk Management, Operations Management, Revenue Management, Network Management, Supply Chain Management, Workforce Management, Others), Business Function (Human Resources, Sales, Marketing, Finance, Operations), Deployment Model (On-Premises, On-Demand), Vertical (Healthcare and Life Sciences, Banking, Financial Services, and Insurance, Information Technology and Telecommunications, Retail and Consumer Goods, Media and Entertainment, Manufacturing, Energy and Utilities, Travel and Hospitality, Transportation and Logistics, Government and Defense, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) - Industry Trends and Forecast to 2026
Market Analysis: Global Prescriptive Analytics Market
Global prescriptive analytics market is set to witness a healthy CAGR of 32.23% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed to the rising demand of innovative technology such as Big Data and IoT.
Market Definition: Global Prescriptive Analytics Market
Prescriptive analytics is the business analytics (BA) field dedicated to suggesting and supporting the best approach for a specific situation. It is linked to analytics which is both descriptive and predictive. While descriptive analytics will provide understanding into what has happened and predictive analytics will help to predict what could occur. Prescriptive analytics intends to identify the best alternative or result among different choices, considering the defined criteria.
- Rise of innovative technologies such as Big Data and IOT is driving the growth of the market
- Growing demand of real-time accessibility of data for well-organized business actions is propelling the growth of the market
- Increase in cyber-crimes and the requirement for crime forecast and avoidance.
- The absence of a common platform to standardize the software development is hampering the growth of the market,
- Slow ICT expenditure is anticipated to hamper the development of the prescriptive analytics market in underdeveloped nations.
- Complicated analytical workflow and energetic nature of data is restricting the growth of the market
Segmentation: Global Prescriptive Analytics Market
- Professional Services
- Managed Services
By Data Type
- Unstructured Data
- Semi-Structured Data
- Structured Data
- Risk Management
- Operations Management
- Revenue Management
- Network Management
- Supply Chain Management
- Workforce Management
By Business Function
- Human Resources
By Deployment Model
- Healthcare and Life Sciences
- Banking, Financial Services, and Insurance
- Information Technology and Telecommunications
- Retail and Consumer Goods
- Media and Entertainment
- Energy and Utilities
- Travel and Hospitality
- Transportation and Logistics
- Government and Defense
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2019, Emerson is launching PeakVue Plus, a development redesign which provides prescriptive analytics to support the consumers in decision making and to improve the rotating machinery availability. This product launch would help the users to take corrective measures to preserve the life of the bearing and ensure the long-term accessibility of its resources.
- In March 2019, IBM ILOG CPLEX Optimization Studio V12.9 introduced the latest efficiency enhancements for both Constraint Program Optimizer and CPLEX engines. It offers a template design framework for numerical and restrictive programming to optimize enterprise decisions as well as provide insights into prescriptive analytics. This product launch is a recognized analysis technology which allows an extensive end-to-end solution to complicated issues.
Global prescriptive analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Prescriptive Analytics Market for Global, Europe, North America, Asia Pacific and South America.,
Major Market Competitors/Players
Few of the major competitors currently working in the Global prescriptive analytics market are River Logic, Inc., Altair Engineering, Inc., Profitect Inc., IBM Corporation, Fair Isaac Corporation, Ayata, TIBCO Software Inc,, Frontline Systems, Inc, NGDATA, Inc., Panoratio GmbH, Netformx., QualMetrix Inc., Absolutdata., Salesforce.com, inc, Accenture., Oracle, Teradata., SAS Institute Inc., Microsoft, SAP SE, Versium, and among others
Research Methodology: Global Prescriptive Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved