Prescriptive analytics is a tool used for formulating decision related to business outcomes. Prescriptive analytics is used in various organizations to enhance business operations by optimizing trade-offs between business goals such as costs or customer service, to increase customer satisfaction, and to identify first-in-market opportunities by leveraging big data. This is major factor aiding in growth of the market.
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Increasing adoption of new technologies is one of major factors driving growth of the market
Adoption of new technologies such as Big Data, Internet of Things (IoT), and real-time analytics is increasing by various organisations, in order to enhance business outcomes and gain competitive advantage in the market. Prescriptive analytics combines big data, machine learning, and artificial intelligence and business process, thereby delivering accurate decisions to solve business issues. Prescriptive analytic tools are used, in order to optimize supply chain and resources, reduce chances of data loss. Hence, prescriptive analytical tools used for extracting outcomes from this unstructured data that helps improving business decisions. Moreover, it also provides alternative solutions that helps in making strategic and tactical business decisions, which impacts both present and future outcomes.
Growth of unstructured data accelerates the growth of the market
Increasing competition among the organisation is propelling demand for market insights based on unstructured data such as documents, call center transcripts, email messages, social media content, and social networking sites, and others, which is in turn is expected to increase the demand for prescriptive analytics tools. This insights helps organisation to understand the market trend, customer demand, product description, and others. The rapid growth of unstructured data volume generated by various organization have raised the trend of prescriptive analytical tools. Therefore, analysis of unstructured data is expected to drive growth of the market
Prescriptive Analytics Market: Regional Insights
On the basis of region, prescriptive analytics market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America region held the dominant position in the prescriptive analytics market in 2017, owing to increasing spending on adoption of the new technologies such as big data, cloud technology, social media, and mobility technologies, which is are expected to drive growth of the market over the forecast period. Increasing in adoption of new technology proportionally increase volume of data across the verticals. The organisations require an analytical tool for obtaining key insights, which help in making the business strategies. Hence, prescriptive analytics helps organization to develop business strategies based on real-time insights.
In application type, supply-chain management segment held the largest share in 2017.
The supply-chain management segment is anticipated to be the largest segment during the forecasted period. The supply chain solutions are implemented in the various businesses verticals such as wholesale, retail, manufacturing and others. Supply-chain management solutions help to manage the inventory solution across the verticals. The huge amount of data is generated in the organization at time of procurement of raw material till its sourcing to manufacturing. In order to minimize the cost and maximize the profit of the organization will leads to propel the demand for supply chain management segment in prescriptive analytics market
In Verticals, BFSI segment held the largest share in 2017.
In terms of verticals, BFSI verticals is projected to witness largest market share during the forecasted period due huge data generations within the bank system, which is responsible for frauds related cases. Therefore, minimizing the risks and frauds related case in the financial sector is positively increasing demand for the prescriptive analytics for maintaining security of financial sectors. Furthermore, the prescriptive analytics outcomes also helps the financial sectors to boost the customer satisfaction towards the products & services.
Prescriptive Analytics Market: Competitive Background
Major players operating in the prescriptive analytics market include as IBM Corporation, Ayata, NGDATA, River Logic, Inc., Angoss Software Corporation, Emcien, Inc., Fair Isaac Corporation, Profitect, Fractal Analytics Inc., and Nelito Systems Ltd