Global prescriptive analytics market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Market Definition
Prescriptive analytics is the type of business analytics which use innovative technology to assist businesses to make improved decisions through the analysis of raw data. The goal of prescriptive analytics is to enable quality improvements, service enhancements, cost reductions and productivity improvements.
Market Dynamics
Surge in the investment in big data infrastructure across globe is major driving factor behind the growth of market. Development of new advanced technologies such as IoT and big data, growing adoption of real-time accessibility of data for business operations, emergence of traditional business intelligence tools and increasing cyber-crimes and requirement for crime forecast and prevention methods are propelling the growth of market. Prescriptive analytics provides some benefits such as it can cut through the clutter of immediate uncertainty and changing conditions, it can help prevent fraud, limit risk, increase efficiency, and meet business goals and it can simulate the possibility of different outcomes and illustrate the probability of each are ultimately improving the growth of market.
Nevertheless, in prescriptive analytics missing values and the lack of a section or a substantial part of the data, could limit its usability. Also data collected from different sources can vary in quality and format and this could hamper the growth of market.
Global Prescriptive Analytics Market: Segmentation Analysis
By business functions, marketing and operations segments dominated the market in 2019 and are expected to maintain their dominance at CAGR of XX% during forecast period. Operations find additional applications, which can profitable by adopting prescriptive analytics technology. Operations manage the day to day operations of business organizations which propelling the growth of market. Prescriptive analytics are also widely used in remote operations such as mining, drilling, solar and wind farms and power substations which is ultimately improving the growth of market.
By industry, banking, financial services, and insurance segment held the largest market share in 2019 and are expected to witness fast growth at CAGR of XX% during forecast period. In BFSI industry prescriptive analytics models are used estimate the precise product portfolio, growing precisions and correctness of mortgage or deposit pricing, collecting the balance due expertly, and making accurate investment which can drives the profits of the banks.
Additionally, energy, oil and gas industry is projected to witness high growth rate during forecast period. The total global revenue for the oil and gas drilling sector was valued approximately $3.3 trillion in 2019 and industry alone makes up around 3.8% of the global economy. The decisions and processes related to oil and natural gas development, exploration and production creates large amounts of data. Prescriptive analytics solutions can assist with both locating and producing natural gas and oil by taking in seismic data, production data, well log data and other linked data sets to recommend specific processes for how and where to drill, complete and produce wells in order to reduce cost, optimize recovery and minimize environmental footprint.
Global Prescriptive Analytics Market: Regional Analysis
Region wise, North America held the largest market share in 2019 and is expected to continue its dominance at CAGR of XX% during forecast period. The US and Canada are major key contributors behind the growth of market. The growth is attributed to wide adoption of cloud based and IoT based data and business analytics technologies in various organizations across the region.
High adoption of prescriptive analytics software in oil and gas and healthcare in industry is driving the growth of market in the region. Multiple factors are propelling healthcare providers to considerably develop business processes and operations as the United States healthcare industry embarks on the essential migration from a mainly fee-for service, volume-based system to a fee-for-performance and value-based system.
Global Prescriptive Analytics Market: Key Developments
In May 2019, Emerson has released PeakVue Plus, a technology enhancement that brings prescriptive analytics to the field to help users improve the availability of rotating machinery.
In Jan 2018, River Logic, a leading provider of prescriptive analytics technology announced its new partnership with TBM Consulting Group, to help clients think differently about their businesses through the use of advanced analytics.
The objective of the report is to present a comprehensive analysis of the Global Prescriptive Analytics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Prescriptive Analytics Market dynamics, structure by analyzing the market segments and projects the Global Prescriptive Analytics Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Prescriptive Analytics Market make the report investor’s guide.
The Scope of Global Prescriptive Analytics Market
Global Prescriptive Analytics Market, By Component
• Software
• Service
Global Prescriptive Analytics Market, By Data Type
• Unstructured Data
• Semi-Structured Data
• Structured Data
Global Prescriptive Analytics Market, By Business Function
• Human resources (HR)
• Marketing
• Sales
• Finance
• Operations
Global Prescriptive Analytics Market, By Industry
• Healthcare and Life Sciences
• Banking, Financial Services, and Insurance
• Oil and Gas
• Information Technology and Telecommunications
• Retail and Consumer Goods
• Media and Entertainment
• Manufacturing
• Energy and Utilities
• Government and Defense
• Others
Global Prescriptive Analytics Market, By Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa
Global Prescriptive Analytics Market, Key Players
• FICO
• River Logic, Inc
• Ayata
• Angoss Software
• Profitect
• Frontline
• Panoratio
• TIBCO Software
• NGData.
• IBM Corporation
• Emerson
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