Prescriptive Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2027


#7375

Transparency Market Research

$ 5795

Prescriptive analytics can suggest decision options for how to take advantage of a future opportunity or mitigate a future risk, and illustrate the implications of each decision option. In practice, prescriptive analytics can continually and automatically process new data to improve the accuracy of predictions and provide better decision options. Advancements in the speed of computing and the development of complex mathematical algorithms applied to the data sets have made prescriptive analysis possible. Specific techniques used in prescriptive analytics include optimization, simulation, game theory and decision-analysis methods.

Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters. However, prescriptive analytics is not fail proof, but is subject to the same distortions that can upend descriptive and predictive analytics, including data limitations and certain unaccounted-for external forces. The effectiveness of prescriptive analytics also depends on how well the decision model captures the impact of the decisions being analyzed.

Prescriptive Analytics Market: Drivers and Challenges

Few of the major driving factors of prescriptive analytics market are the growing prominence of big data, rise in cyber-crimes and the need for crime prediction and prevention. Another major factor that aids the growth of prescriptive analytics market is the rising popularity of automated business decisions that are being implemented by various organizations across verticals.

Prescriptive Analytics Market: Segmentation

Segmentation on the basis of deployment type:

  • Software-as-a-Service
  • On-premise

Segmentation on the basis of application:

  • Risk management
  • Operations management
  • Supply chain management
  • Workforce management

Segmentation on the basis of enterprise:

  • SMEs
  • Large scale Enterprises

Segmentation on the basis of vertical:

  • BFSI
  • IT & Telecommunications
  • Government & Defense
  • Transportation
  • Manufacturing
  • Healthcare
  • Retail
  • Energy & Utilities
  • Others 

Prescriptive Analytics Market: Key Market Players

Few of the companies in Prescriptive Analytics market are: International Business Machines Corporation, FICO, River Logic, Inc., Ayata, Angoss Software, Profitect, Frontline, Panoratio, TIBCO Software, and NGData. These companies are focused towards innovating and enhancing their existing solutions in order to increase their market share in prescriptive analytics market.

MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

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