Prescriptive Analytics Market to Reach US$4.9 Billion in 2022: Key Trends and Market Overview

Predictive analytics solution help banks and financial institutions to capture and analyze the customer data which help in fraud detection, application screening, customer acquisition and retention, understanding the consumer behavior, and feedback management.

Furthermore, the solution also helps in targeted marketing to acquire new customers and liquidity planning according to the past usage pattern such as to predict the potential consumer requirement.

This report on global Prescriptive and Predictive Analytics Market gives a comprehensive view of all market influencing factors including challenges and opportunities ahead.Industry NewsIn March 2018, SAP SE launched the application edition of its predictive analytics software.

The application also offers enterprises with the flexibility to add and modify the models.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/6845In May 2018, ONYX Insights released an advanced predictive analytics feature integrated to its ONYX fleetMONITOR platform for BP Wind Energy, a wind power producer.

This platform offers operation monitoring for 585 turbines across10 windfarms in the US.

Use of data driven predictive analytics platform offers safe and reliable operations of the wind turbines.Regional AnalysisThe global market predictive analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023.

Reports that scrutinize the information and communication technology industry have been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities.

Moreover, the upsurge in cyber-crime is expected to create favorable traction for the prescriptive analytics market in the coming years.Prescriptive Analytics is defined as advanced analytics that is useful for making optimum decisions regarding the way to handle specific situations by considering all the situation and available resources.

Market Research Future (MRFR) has published a research report about the global prescriptive analytics market that presumes proliferation for this market at 22.7% CAGR (Compound Annual Growth Rate) between 2017 and 2022.

By value, the market has been figured to be worth the US $ 2.47 bn by the end of the forecast period.Analyzing the market structure, this report weighs the future growth potential of the market.

It assesses the strategies of the key players in the market and supports the competitive developments like joint ventures, new product developments, mergers & acquisitions, research and developments (R) in the market.The major factor elevating the prescriptive analytics market growth is the rising popularity of automated business decisions.

Prescriptive analytics is helpful for improved business decisions despite uncertainty and changing conditions.

According to information from Forrester Research Analysts, prescriptive analytics for B2B/B2C companies is overtaking predictive analytics.Data revealed at Forrester’s Virtual Data & Insights Forum, October 13–15, 2020, 93% of firms are operating WITHOUT insights-driven practices.

The same research claimed that just 49% of all business decisions are being made based on quantitative information.This presents a problem for a variety of reasons.

How can your firm overcome bad decision-making?Predictive analytics provides you with raw data so you can build your own plans and actions, while prescriptive analytics does all of the work for you and provides actionable options.Shifting through the vast quantities of data you have with human analysis is not practical or possible within a reasonable timeframe.

But marketing decisions must be informed quickly to enable you to take corrective actions when needed.

Prescriptive Analytics gives consistent recommendations on what to do next.

Your decision-making is validated, not replaced when using prescriptive tools.

Prescriptive Analytics MarketPrescriptive Analytics is defined as advanced analytics that is useful for making optimum decisions regarding the way to handle specific situations by considering all the situation and available resources.

Market Research Future (MRFR) has published a research report about the global prescriptive analytics market that presumes proliferation for this market at 22.7% CAGR (Compound Annual Growth Rate) between 2017 and 2022.

By value, the market has been figured to be worth the US $ 2.47 bn by the end of the forecast period.Analyzing the market structure, this report weighs the future growth potential of the market.

It assesses the strategies of the key players in the market and supports the competitive developments like joint ventures, new product developments, mergers & acquisitions, research and developments (R) in the market.The major factor elevating the prescriptive analytics market growth is the rising popularity of automated business decisions.

Other factors contributing to the market growth include the emergence of big data & internet of things (IoT), growing cloud adoption, massive investments from various firms, increase in cyber crimes, and lastly, growing demand of machine learning.The global prescriptive analytics market has been segmented on the basis of application, business sector, component, deployment, vertical and lastly, region.

The application-based segmentation segments this market into network management, operation management, revenue management, supply chain management, and others.Based on the business sector, the market has been segmented into finance, human resources (HR), marketing, operations, and sales.

This data consists a diverse range of data types such as texts, weblogs, GPS locations, sensor information, graphs, videos, audio and everything online.

Talking about Prescriptive analytics,it can be defined as something that involves bringing out optimal planning decisions given the predicted future and addressing questions such as “what shall be done in this case?” and “why shall it be done?”

In industries like logistics, predictive analysis or analytics is done with respect to operational performance metrics such as delivery service levels and impact analysis of external factors such as exchange rates, fuel prices, and carrier rates.

Other practical applications include collaborative Sales and Operations Planning (S) by connecting statistical forecasting methods for demand planning.

In a recent Crowe Horwath LLP webinar involving bank executives from a broad array of organizations, most of the participants 63 percent of them said that they were interested in moving beyond descriptive and diagnostic data studies.

Source: Crowe Horwath LLP webinar survey, June 29, 2017

Market Analysis The global prescriptive analytics market size is predicted to touch USD 2.47 billion at a 22.7% CAGR between 2015- 2022 states the recent Market Research Future (MRFR) analysis.

As per the current MRFR report, such factors include increasing BYOD trend, the growing importance of mobile enterprise application platform, the proliferation of in-memory computing, data-driven decision-making, and growing demand for comprehensive market analytics solutions among business worldwide for product differentiative solutions.

Additional factors adding market growth include increasing use of adopted devices like smartphones, sensors, and robots, increasing use in smart organizations and production facilities, the advent of the internet of things, emergence of advanced technologies, and demand for real-time analytics.

Market SegmentationThe MRFR report provides an inclusive segmental analysis of the global prescriptive analytics market based on the vertical, business sector, organization type, deployment, application, and component.

By application, the global prescriptive analytics market is segmented into supply chain management, network management, revenue management, operation management, and others.

Report Details @ https://www.marketresearchfuture.com/reports/prescriptive-analytics-market-2613 Regional Analysis Based on the region, the prescriptive analytics market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW).

According to the study it has been observed that most of the businesses are adopting cloud based services due to the numerous facilities that includes real time entities, the remote access and among others.

The study indicated that by the rising cyber security threats, the security concerns related to software solutions segment prescriptive analytics would result as the restraining factor for the Prescriptive Analytics market.It has been observed that continuous developments are carried out to make more advancements to the Prescriptive Analytics.

As per a recent news in August 2016, River cloud partnered with GitaCloud to provide “Planning and Decision Analytics” to various industry verticals such as automotive, pharmaceutical consumer goods, and other manufacturing sectors in the North American and APAC markets.Get Free Sample of Report @ https://www.marketresearchfuture.com/sample_request/2613The Prescriptive Analytics Market is growing rapidly over 22.7% of CAGR and is expected to reach at USD ~2.47 Billion by the end of forecast period.Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report.

Avail the in-depth table of content TOC & market synopsis on “The Prescriptive Analytics Market Research Report -Forecast to 2022”.Key PlayersThe prominent players in the Prescriptive Analytics Market are – FICO (U.S.), Ayata (U.S.), IBM Corporation (U.S.), River Logic, Inc. (U.S.), Angoss Software (U.S.), Frontline (U.S.), Profitect (U.S.), Panoratio (Germany), TIBCO Software (U.S.), NGData (Belgium) and among others.Prescriptive Analytics Market SegmentationThe Prescriptive Analytics market has been segmented on the basis of component, deployment, business sector, organization size, and vertical.

In the services segment consulting services is expected to grow fastest in the prescriptive analytics market.

The study reveals that BFSI sector would grow impressively in the prescriptive analytics market by the forecast period.

These apps work on the concepts of predictive and prescriptive analytics of consumer data.

Let’s take an example of FaceApp.

They can fetch the user’s data and analyze it to deliver actionable results.

We can consider these apps action-oriented as they are powered by the most powerful functionality of AI technology- Predictive Analytics.

In other words, these apps can be updated as per changing scenarios over the period.

From enhancing productivity at the workplace to increase the management’s capability of making informed decisions, the custom intelligent mobile app solution can serve many business objectives.