Prescriptive analytics leverages in-depth data mining techniques, which include machine learning (ML). In addition, it includes descriptive and predictive analytics models to conclude outcomes or forecast. A prescriptive analytics model aims to provide best solutions to resulted situations. In addition, descriptive analytics provides insights to what has already happened, predictive analytics provides forecast of what might happen, but prescriptive analytics provides strategies that could actually benefit a business. This, in turn, is expected to drive the global prescriptive analytics market growth among diverse industry verticals across the globe. For example, in marketing models of businesses descriptive analytics displays strategies already applied, predictive analytics provides futuristic possibilities of revenue growth, but prescriptive analytics provides insights as how to improve the applied marketing strategies by providing better-fitted solutions.
Prescriptive analytics can suggest decision options for how to take advantage of a future opportunity or mitigate 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.
The prescriptive analytics market size was valued at $1,968.4 million in 2018, and is projected to reach $12.35 billion by 2026, growing at a CAGR of 26.6% from 2019 to 2026.
Some of the key market players profiled in the report include Fair, Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, and Tibco Software Inc. Players operating in the market have witnessed high revenue growth opportunities for analytical solutions and services especially due to digitalization. This study includes the prescriptive analytics market analysis, trends, and future estimations to determine the imminent investment pockets.
North America dominated the overall prescriptive analytics market trends in 2018 and is expected to remain dominant during the forecast period, owing to adoption of analytics at an early stage by various industries due to availability of well-developed infrastructure in the region. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period. Factors supporting the growth of the Asia-Pacific prescriptive analytics market include advent of digital transformation and rise in government initiatives to adopt and develop big data infrastructure.
Advent of digitization has proliferated the need to automate business decision models with help of analytics. This is a major factor expected to drive the growth of the global prescriptive analytics market during the forecast period. Rise in demand for data-driven models that provide data-based decision solutions by analyzing historic data and help to predict futuristic opportunities are also expected to propel the growth of the market.
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On the basis of component, the software segment dominated the overall prescriptive analytics market share in 2018, and is expected to continue this trend during the forecast period. This is attributed to rise in integration of prescriptive analytics into existing predictive models in businesses. Furthermore, high demand for prescriptive analytical software among financial and crime agencies proliferates the growth of the segment at a significant rate.
Top Impacting Factors Such as –
- Growing need for comprehensive market analytics solutions
- Emergence of advanced technologies such as big data and IoT
- Growing demand for cloud-based predictive analytics
Key Finding of The Prescriptive Analytics Market:
- By component, the software segment dominated the prescriptive analytics market. However, the services segment is expected to exhibit significant growth during the forecast period in the debt collection software industry.
- On the basis of deployment, the on-premise segment is anticipated highest revenue share in 2018.
- By business function, the operations segment accounted for the highest revenue in 2018 due to rise in need to optimize business processes among organizations across the globe.
- Depending on industry vertical, the BFSI segment generated the highest revenue in 2018. However, the retail sector is expected to witness considerable growth in the near future.
- Region wise, Asia-Pacific is expected to witness a significant growth in terms of CAGR in the upcoming years.
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