Prescriptive Analytics Market Size Perceives A Fabulous Growth Prospects; Unleashed Market Insights Till 2022
January 22, 2020 by Market-NewsFlash
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&D) 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. 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. As per component-based segmentation, the market has been segmented into software and services. In the context of deployment, the market has been segmented into on cloud deployment and on-premise deployment. On the basis of vertical, the market can be segmented into banking, financial services & insurance (BFSI), government, healthcare, information technology (IT)/IT enabled service (ITES), manufacturing, and transportation.
The regional segmentation of the global prescriptive analytics market segments the market into the regional markets known as North America, Asia Pacific, Europe, and rest of the world (RoW). North America dominates the global market due to increased internet penetration, the presence of many key market players, and technological advancements. The most important country-specific markets in this region are Canada and the USA. The decisive country-specific markets in this region are Canada and the USA.
Europe is another important regional market due to technological advancement that is second only to North America. Some key players of the global market are based in Europe too. The primary country-specific markets in this region are France, Germany, and the UK, followed by the remaining countries of Europe.
In the Asia Pacific region, the market growth is being witnessed due to cloud deployment and the rising adoption of IT services. Important economies that can rise as lucrative markets in this region are China, India, and Japan.
The RoW segment features the countries in the Middle East & Africa (MEA). In the MEA region, the market is small due to poor countries, lack of education, lack of awareness, lack of skilled labor, and lack of technological advancement.
The key players in the global prescriptive analytics market include Angoss Software (USA), Ayata (USA), FICO (USA), Frontline (USA), IBM Corporation (USA), NGData (Belgium), Panoratio (Germany), Profitect (USA), River Logic Inc. (USA), and TIBCO Software (USA).
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