Prescriptive Analytics Market- The Growing Prominence Of Big Data

Prescriptive Analytics Market: Introduction

Prescriptive analytics can suggest decision options for how to take advantage of a future opportunity or mitigate a 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.

Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters. However, prescriptive analytics is not fail proof, but is subject to the same distortions that can upend descriptive and predictive analytics, including data limitations and certain unaccounted-for external forces. The effectiveness of prescriptive analytics also depends on how well the decision model captures the impact of the decisions being analyzed.

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Prescriptive Analytics Market: Drivers and Challenges

Few of the major driving factors of prescriptive analytics market are the growing prominence of big data, rise in cyber-crimes and the need for crime prediction and prevention. Another major factor that aids the growth of prescriptive analytics market is the rising popularity of automated business decisions that are being implemented by various organizations across verticals.

Prescriptive Analytics Market: Segmentation

Segmentation on the basis of deployment type:

  • Software-as-a-Service
  • On-premise

Segmentation on the basis of application:

  • Risk management
  • Operations management
  • Supply chain management
  • Workforce management

Segmentation on the basis of enterprise:

  • SMEs
  • Large scale Enterprises

Segmentation on the basis of vertical:

  • BFSI
  • IT & Telecommunications
  • Government & Defense
  • Transportation
  • Manufacturing
  • Healthcare
  • Retail
  • Energy & Utilities
  • Others 

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Prescriptive Analytics Market: Key Market Players

Few of the companies in Prescriptive Analytics market are: International Business Machines Corporation, FICO, River Logic, Inc., Ayata, Angoss Software, Profitect, Frontline, Panoratio, TIBCO Software, and NGData. These companies are focused towards innovating and enhancing their existing solutions in order to increase their market share in prescriptive analytics market.

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Pragati Pathrotkar

As one of the lead news writers on cmfenews, Pragati’s specialization lies in the science and technology domains. Her passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Pragati’s take on the impact of digital technologies across the science, technology, and business domains gives her writing a fresh and modern outlook.

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