The Prescriptive Analytics Market is expected to grow from USD 1.20 Billion in 2016 to USD 4.72 Billion by the end of 2021, with a CAGR of 31.5% from 2016 to 2021.
Organizations have been analysing the data for the ages in order to predict future. But, with the big data it is no more about the predicting future but also to innovate the business. Prescriptive analytics is the latest field of proposing action that the business can take to maximise profit and mitigate risks. It provides unconventional road map that helps in making strategic and tactical decisions and also the present and future impacts of each decision. Prescriptive analytics combines big data, machine learning, artificial intelligence and business rules thereby delivery of more cognisant decisions to lever the situation of uncertainty for businesses.
Emergence of technologies such as big data and IoT and rising attractiveness of real-time accessibility of data for business decision making are the drivers that propel the growth of the prescriptive analytics market. Among the business areas, the prescriptive analytics tool are to be applied in marketing and retail, cyber security, fraud prevention, supply chain optimization and resource optimization and other. The Prescriptive analytics market is driven by the increasing need for real-time accessibility of structured and unstructured data to forecast outcomes for better decision making. However, the unstructured data type generated out of enterprises is expected to grow at the highest CAGR during the forecast period 2016-2021.
Among verticals, manufacturing segment is anticipated to grow at the highest CAGR during the forecast period. Prescriptive analytics will help the manufacturing companies to optimize scheduling, production, inventory and supply chain design; to deliver the right product to the targeted customer base. Currently, the BFSI vertical is expected to contribute the largest market share in prescriptive analytics market.
The report segments the global prescriptive analytics market by application, by business function, by component, by data type, by deployment model, by vertical and by region. The application includes network management, operation management, revenue management, risk management, supply chain management, workforce management, and among others. The business function includes HR, finance, marketing, operations and sales. the component includes services and software. The data type includes semi-structured, structured and unstructured. The deployment model includes on-demand and on-premises. The vertical includes BFSI, energy and utility, government and defence, healthcare, IT, manufacturing, media and entertainment, retail and consumer goods, transportation and logistics, travel and hospitality, and among others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. North America leads the global prescriptive analytics market followed by Europe and Asia-Pacific. The prescriptive analytics market in Asia-Pacific is projected to reflect highest CAGR over the forecast period. The attractiveness of the prescriptive analytics market in the Asia-Pacific region is result of increasing adoption of advance analytics solutions across different industry vertical for critical session making.
Companies Profiled: Angoss Software Corporation, Ayata, FICO, Frontline Systems, IBM Corporation, Profitect, River Logic,Tibco Software, others.