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(Wireless-NewsWire.Com, September 13, 2018 ) "Prescriptive Analytics Market by Component (Software and Service), Data Type (Unstructured, Semi-Structured, and Structured), Application, Business Function, Deployment Model, Vertical, and Region - Global Forecast to 2021", The prescriptive analytics market is estimated to grow from USD 1.16 Billion in 2016 to USD 4.58 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 31.7%.
Browse 79 market data tables and 45 figures spread through 148 pages and in-depth TOC on “Prescriptive Analytics Market”
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Emergence of advanced technologies such as big data & IoT and rising popularity of real-time accessibility of data for efficient business applications are the key driving forces of the prescriptive analytics market.
Supply chain management application is expected to grow at the highest CAGR during the forecast period:
The supply-chain management solutions are deployed by various businesses operating under verticals such as wholesale, retail, telecom & IT, and manufacturing among others. Supply-chain management solutions help to manage the requirements generated by these businesses. Massive amount of data is generated across the industry from procurement of raw material till its sourcing to manufacturing. Organizations are facing challenges in managing these complexities and thus, are using prescriptive analytics to address the projected demands of its clients and end-users.
The on-demand deployment model to grow at the highest CAGR during the forecast period:
The market by deployment model has been segmented into on-premises and on-demand model. The on-demand deployment model is expected to witness the highest CAGR during the forecast period. It will gain traction in the coming years owing to the cost-effectiveness, agility, and affordability it offers to the end customer.
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Apart from established players in the market, the new entrants in the market are introducing new prescriptive solutions across multiple applications
Risk Management:
Risk management has shown a significant rise with the growth of enormous data sets of big data, and thus it requires special data management tools to process and examine them. The complexity exists not only in the massive amounts of data collected, but also in the increasing threats in the global business environment. The major challenge faced by professionals lies in determining solutions to put in action with predictions identified, hence prescriptive analytics has emerged as an alternative solution to assist enterprises in business decision-making by providing actionable analysis over predictive information. For instance, Unicredit, an Italian global banking and financial services provider adopted FICO’s decision management technology to improve customer relationships and credit risk management.
Operation Management:
Operations management refers to governing various business practices and utilizing resources, such as workforce, resources, tools, and technology to build the highest possible level of efficiency within an organization. The rapid technological developments have brought new operating models into picture that are distributed and shared across organizations and individual contributors, worldwide. The implementation of prescriptive analytics in operations management enables real-time monitoring of business operations. Additionally, it also helps in applying statistical and quantitative simulation methodologies to collect data and leverage the insights of the data to boost decision-making, while improving business performance. Prescriptive analytics can help meet the future operational goals of enterprises by processing and examining outcomes of predictive analytics.
Revenue Management:
Revenue management has been a major challenge for every business in this dynamic competitive era. Conventional revenue management technology is lacking to meet the changing demand of businesses, owing to the changes in consumer buying behavior, pricing transparency, and fluctuating economic conditions. Prescriptive analytics applies a holistic approach to sales that helps in rapid business conversions. It also scales efficient & effective business strategies and formulates decisions to improve enterprise’s profits and revenue. The prescriptive analytics tool uses demand forecasting, simulation techniques, inventory optimizations, and provides immediate pricing decisions, based on past scenarios. It also incorporates various data sources to use information from them to improve pricing decisions. The prescriptive analytics solution provides day-to-day recommendations by predicting customer demand patterns at an extreme clarity that allows businesses to maximize revenue through price optimizations.
The report also encompasses different strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include IBM Corporation (U.S.), FICO (U.S.), River Logic, Inc. (U.S.), Ayata (U.S.), Angoss Software (U.S.), Profitect (U.S.), Frontline (U.S.), Panoratio (Germany), TIBCO Software (U.S.), and NGData (Belgium)
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