Prescriptive analytics is connected to both predictive and descriptive analytics. While predictive analytics helps to forecast what might occur and descriptive analytics provide information into what has happened, prescriptive analytics helps to provide the best results among different choices, given the known parameters. Prescriptive analytics can imply decision making options for how to take benefit of an upcoming opportunity or reduce a future risk and demonstrate the implication of every decision option. In addition, prescriptive analytics can automatically and continually process new data to develop the accuracy of predictions and offer better decision options.
In addition, increasing popularity of real-time accessibility of information for efficient business operations is positively driving the global market. Moreover, growing cyber-crimes is further booming the market of prescriptive analytics due to the rising need for crime prediction and prevention information. However, complexity in workflow and dynamic nature of information are acting as a restraint to the prescriptive analytics market. Many manufacturers are focusing on this matter and they are trying to make it user-friendly, therefore the impact of this restraint is medium and is expected to be low during the forecast period.
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By component, the market of prescriptive analytics can be divided into software and services. By service, component can be further segmented by managed service and professional services. By data type, the market is segmented by structured data type, unstructured data type and semi-structured data type. In terms of application, the market of prescriptive analytics is divided into operation management, risk management, revenue management, supply chain management, network management, workforce management and others. By business function, the market of prescriptive analytics is segmented into sales, marketing, human resources, finance, and operation. In terms of deployment, the market is segmented into on premises and on demand. On-premises deployment held the largest market share in prescriptive analytics due to the rising adoption as compared to the on-demand deployment model.
The on-premises deployment model offers privacy parameters to the enterprise data. Therefore, most of the organizations are installing the on-premises deployment model. In terms of industry, the market of prescriptive analytics is segmented by government and defense, manufacturing, healthcare and life science, banking, financial services and insurances, retail and consumer goods, media and entertainment, energy and utilities, transportation and logistics, information technology and telecommunication and travel and hospitality among others. Moreover, the banking, financial service, and insurance segment held the largest market share in 2016. Owing to the prescriptive analytics solutions are used for forecast the right product portfolio, rising precisions, and timeliness of mortgage or deposit pricing, making right investment and collecting the debt competently that drives the profits of the banks.
By geography, the global prescriptive analytics market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and Latin America. The North America prescriptive analytics held the largest market share in 2016, due to the existence of the large organization, technical experts, and rising demands for prescriptive analytics solutions in this region. The Asia-Pacific (APAC) prescriptive analytics market is expected to grow at the highest CAGR during owing to the growing adoption of advance analytical technology in this region. Furthermore, due to the flexible government policies, control, and regulations, competing with the international markets in terms of pricing and quality the market of prescriptive analytics is growing significantly and is expected a robust growth during the forecast period. The Middle East and Africa has shown a remarkable growth in prescriptive analytics market followed by Latin America in recent years.
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The key players participating in the prescriptive analytics industry include Fair, Isaac and Company (California, U.S.A), IBM Corporation (New York), Ayata (Texas, U.S.A), Panoration (California, U.S.A), Ngdata (Belgium), River Logic Inc.(New York, U.S.A), Angoss Software Corporation (Toronto, Canada), Profitect (Massachusetts, U.S.A), Tibco Software Inc.(California, U.S.A) and Frontline Systems Inc.( Nevada, U.S.A) among others.
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