Prescriptive analytics in among one of the data analytics type that uses various analytics algorithms to derive accurate solution to an issue. For example, a prescriptive analytics model used in predictive maintenance provides accurate solution for any damage with insights on how and what to repair with alternative ways. The need for prescriptive analytics is increasing owing to its diversified application areas such as marketing, business operations, and supply chain. This, in turn, is expected to boost the growth of the global prescriptive analytics market during the forecast period across the globe. Primarily prescriptive analytics is used to help businesses with data-driven decision models through analysis of raw enterprise data.
Businesses across the globe are inclined toward digital analytics owing to advent of digitalization. This, in turn, rises the demand for sophisticated analytical solutions that offer features such as descriptive and predictive analytics. Thus, growth in adoption of comprehensive market analytics solutions among enterprises across the globe is a major factor expected to drive the market during the forecast period. Moreover, emergence of advance technologies has proliferated disruptive innovations led by analytics in business processes such as automation of business processes. This need is expected to propel the growth of the market.
However, high initial cost required for deployment of advance systems and analytical solutions is a factor that is expected to hamper the market growth. Furthermore, emergence of technologies compels market players to research and develop new enhancements and innovative prescriptive analytical solutions. This has led to the rise in ICT expenditure toward development of big data infrastructure among various countries. This is an opportunistic factor of the market, which is expected to boost the growth of the market during the forecast period.
The global prescriptive analytics market is segmented on the basis of component, business function, deployment, industry vertical, and region. By component, it is bifurcated into software and services. By deployment, the market is classified into cloud and on-premise. By business function, it is divided into human resources, sales, marketing, finance, and operations. Depending on industry vertical, the prescriptive analytics market is segmented into healthcare, BFSI, IT & telecommunications, retail, media & entertainment, manufacturing, energy & utilities, transportation & logistics, government, and others Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the prescriptive analytics market includes 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.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Component
By Deployment
By Business Function
By Industry Vertical
By Region
KEY MARKET PLAYERS
Businesses across the globe are inclined toward digital analytics owing to advent of digitalization. This, in turn, rises the demand for sophisticated analytical solutions that offer features such as descriptive and predictive analytics. Thus, growth in adoption of comprehensive market analytics solutions among enterprises across the globe is a major factor expected to drive the market during the forecast period. Moreover, emergence of advance technologies has proliferated disruptive innovations led by analytics in business processes such as automation of business processes. This need is expected to propel the growth of the market.
However, high initial cost required for deployment of advance systems and analytical solutions is a factor that is expected to hamper the market growth. Furthermore, emergence of technologies compels market players to research and develop new enhancements and innovative prescriptive analytical solutions. This has led to the rise in ICT expenditure toward development of big data infrastructure among various countries. This is an opportunistic factor of the market, which is expected to boost the growth of the market during the forecast period.
The global prescriptive analytics market is segmented on the basis of component, business function, deployment, industry vertical, and region. By component, it is bifurcated into software and services. By deployment, the market is classified into cloud and on-premise. By business function, it is divided into human resources, sales, marketing, finance, and operations. Depending on industry vertical, the prescriptive analytics market is segmented into healthcare, BFSI, IT & telecommunications, retail, media & entertainment, manufacturing, energy & utilities, transportation & logistics, government, and others Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the prescriptive analytics market includes 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.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the prescriptive analytics market trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analyses on the global prescriptive analytics market size is provided.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the global prescriptive analytics industry.
- The quantitative analysis of the market from 2018 to 2026 is provided to determine the global prescriptive analytics market potential.
KEY MARKET SEGMENTS
By Component
- Software
- Services
By Deployment
- Cloud
- On-premises
By Business Function
- Human Resources
- Sales
- Marketing
- Finance
- Operations
By Industry Vertical
- Healthcare
- BFSI
- IT and Telecommunications
- Retail
- Media and Entertainment
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Government
- Others (Travel and Hospitality)
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- Fair, Isaac and Company (FICO)
- IBM Corporation
- Infor
- Oracle Corporation
- River Logic, Inc.
- Salesforce.com Inc
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- Tibco Software Inc.
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Prescriptive Analytics Market, By Component
Chapter 5: Global Prescriptive Analytics Market, By Deployment
Chapter 6: Global Prescriptive Analytics Market, By Business Function
Chapter 7: Global Prescriptive Analytics Market, By Industry Vertical
Chapter 8: Global Prescriptive Analytics Market, By Region
Chapter 9: Competitive Landscape
Chapter 10: Company Profiles
Executive Summary
According to the report titled, 'Prescriptive Analytics Market, by Component, Deployment, Business Function, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026', 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.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.
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.
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.
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.
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.
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.'
Companies Mentioned
- Fair
- Isaac and Company (FICO)
- IBM Corporation
- Infor
- Oracle Corporation
- River Logic Inc.
- Salesforce.com Inc
- SAP SE
- SAS Institute Inc.
- Teradata Corporation
- Tibco Software Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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