In this rapidly changing environment, demand for workforce optimization is ever increasing. The increasing demand for integrated high performance software is driving the prescriptive analytics market. Recently a trend towards digital transformation and internet of things (IoT) is observed, this is one of the driving forces of Prescriptive market.
The growing adoption of cloud is one of the major reason that exhibits the growth of the Prescriptive Analytics Market. According to the study it has been observed that most of the businesses are adopting cloud based services due to the numerous facilities that includes real time entities, the remote access and among others. The study also indicates that small business units has witnessed highest adoption rate as compared to large business units.
The Prescriptive Analytics provides many advantages such as revenue generation, gross margin management and others. These advantages are also responsible for the adoption of Prescriptive Analytics by different organizations. The study indicated that by the rising cyber security threats, the security concerns related to software solutions segment prescriptive analytics would result as the restraining factor for the Prescriptive Analytics market.
It has been observed that continuous developments are carried out to make more advancements to the Prescriptive Analytics. As per a recent news in August 2016, River cloud partnered with GitaCloud to provide “Planning and Decision Analytics” to various industry verticals such as automotive, pharmaceutical consumer goods, and other manufacturing sectors in the North American and APAC markets.
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The Prescriptive Analytics Market is growing rapidly over 22.7% of CAGR and is expected to reach at USD ~2.47 Billion by the end of forecast period.
The prominent players in the Prescriptive Analytics Market are – FICO (U.S.), Ayata (U.S.), IBM Corporation (U.S.), River Logic, Inc. (U.S.), Angoss Software (U.S.), Frontline (U.S.), Profitect (U.S.), Panoratio (Germany), TIBCO Software (U.S.), NGData (Belgium) and among others.
Prescriptive Analytics Global Market – Competitive Analysis
The market of prescriptive analytics appears to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
Prescriptive Analytics Global Market – Segmentation
The Prescriptive Analytics market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Components: Software and Services.
- Segmentation by Application: Operation Management, Revenue Management, Network Management, Supply Chain Management and among others.
- Segmentation by Organization Type: On-Cloud and On Premise
- Segmentation by Deployment: SMEs and Large Enterprises
- Segmentation by Business Sector: HR, Marketing, Finance, Operations, Sales and Others.
- Segmentation by Vertical: Manufacturing, BFSI, IT/ITES, Healthcare, Transportation, Government and Others.
- Segmentation by Regions: Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Prescriptive Analytics Global Market – Regional Analysis
North America is dominating the global prescriptive analytics market with the largest market share due to rising popularity of automated business decisions and huge investments done by various companies, to expand the addressable market for prescriptive analytics, which are gaining demand in prescriptive analytics market and is expected to gain growth by 2023. Global Prescriptive Analytics market in European market is expected to grow at a substantial high CAGR during 2017 to 2023 due to the growing internet security breaches. Asia Pacific market for prescriptive analytics market is expected to grow at a considerable CAGR (2017-2023).
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- Government Organizations
- Business Analytics Software Providers
- Enterprise users
- Commercial users
- Cloud Service Providers
- IT Service Providers
- Application Design and Software Developers
- Software Vendors
- Industrial users
- Technology investors
- System Integrators
- Research/Consultancy firms
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