prescriptive analytics market is set to witness a healthy CAGR of 32.23% in the forecast period of 2020 to 2026. Prescriptive analytics is the business analytics (BA) field dedicated to suggesting and supporting the best approach for a specific situation. It is linked to analytics which is both descriptive and predictive.
Major Market Competitors/Players
Few of the major competitors currently working in the Global prescriptive analytics market are River Logic, Inc., Altair Engineering, Inc., Profitect Inc., IBM Corporation, Fair Isaac Corporation, Ayata, TIBCO Software Inc,, Frontline Systems, Inc, NGDATA, Inc., Panoratio GmbH, Netformx., QualMetrix Inc., Absolutdata., Salesforce.com, inc, Accenture., Oracle, Teradata., SAS Institute Inc., Microsoft, SAP SE, Versium, and among others
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While descriptive analytics will provide understanding into what has happened and predictive analytics will help to predict what could occur. Prescriptive analytics intends to identify the best alternative or result among different choices, considering the defined criteria.
Segmentation: Global Prescriptive Analytics Market
- By Component (Software Services)
- By Data Type (Unstructured Data, Semi-Structured Data, Structured Data)
- By Application (Risk Management, Operations Management, Revenue Management, Network Management, Supply Chain Management, Workforce Management, Others)
- By Business Function (Human Resources, Sales, Marketing, Finance, Operations)
- By Deployment Model (On-Premises, On-Demand), Vertical (Healthcare and Life Sciences, Banking, Financial Services, and Insurance, Information Technology and Telecommunications, Retail and Consumer Goods, Media and Entertainment, Manufacturing, Energy and Utilities, Travel and Hospitality, Transportation and Logistics, Government and Defense, Others)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Global prescriptive analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Prescriptive Analytics Market for Global, Europe, North America, Asia Pacific and South America.
- Rise of innovative technologies such as Big Data and IOT is driving the growth of the market
- Growing demand of real-time accessibility of data for well-organized business actions is propelling the growth of the market
- Increase in cyber-crimes and the requirement for crime forecast and avoidance.
- The absence of a common platform to standardize the software development is hampering the growth of the market,
- Slow ICT expenditure is anticipated to hamper the development of the prescriptive analytics market in underdeveloped nations.
- Complicated analytical workflow and energetic nature of data is restricting the growth of the market
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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