The global prescriptive analytics market is estimated to register robust growth in 2016- 2023 with a CAGR of 25.41%.. The key target audiences for global prescriptive analytics market include, application software and design developers, system integrators, cloud service providers, IT service providers, business analytics software providers, and independent software vendors. on the basis of component the market can be classified into services and software. By data type, the market is classified into structured, semi-structured and unstructured. Based on application, the worldwide prescriptive analytics market is classified into workforce management, supply chain management, network management, revenue management, operation management, and risk management. Further, depending on business function, the market is divided into following functions including, operations, finance, marketing, sales, and HR.; on the basis of deployment model the market is divided into on-premises and on-demand. On the basis of vertical, the market is classified into government and defense, transportation and logistics, travel and hospitality, energy and utility, manufacturing, media and entertainment, and several others. On the basis of geography, this market is classified into three key markets including, North America that holds the U.S. and Canada; Europe includes, Germany, Italy, France, United Kingdom, Switzerland, Poland, Netherlands, Ukraine, Greece, Austria, and several others.
The prescriptive analytics industry’s extensive technological innovation and rising research and development activities for the advancement of the globally accepted prescriptive analytics technology for notable use in business analytics application is expected to drive attractive demand for the prescriptive analytics technology thus, accelerating growth for this industry’s key market players. There are various key players for example Entic, Compellon, QualMetrix, Pyramid Analytics, etc. in the prescriptive analytics market are investing huge amount for the development of new technology which assist in the development of attractive, and cost-effective prescriptive analytics solutions. SAP is believed to be the biggest manufacturer of uniquely delivered prescriptive analytics solutions by total revenue being delivered by the company. SAP accounted for 10% of the total BI applications and analytics market share for the fiscal year 2015 followed by SAS Institute, IBM, Oracle, Microsoft, Qlk, Tableau, Teradata Corporation, MicroStrategy, Informatics, and Other accounting for 9%, 8%, 7%, 5%, 5%, 5%, 4%, 4%, 1%, and 42% respectively. The pricing of prescriptive analytics technology usually depends on the level of risk involved in the transaction with greater price for those products that are capable of handling higher risk while smaller price for those handling lower risk.
The prescriptive analytics market is primarily driven by the need for handling large amounts of data that is generated from the strategic production, development, and exploration of natural gas and oil. A large amount of collected data is used while creating images and key models of the structure of earth, identification of major activities all through the well development process that involves maintaining reservoir pressures and temperatures, oil flow rates, machinery performance, and depositional characteristics.
On the basis of geography Asia Pacific, North America, Europe and ROW are the major segments. The Asia Pacific region hold the largest market share, accounting for nearly 40% of the worldwide prescriptive analytics market while dominating the global prescriptive analytics market with China alone accounting for a quarter of all the consolidated prescriptive analytics market revenue. The prescriptive analytics market of Europe is expected to be the second major region, delivering impressive total projected revenue growth as well as prescriptive analytics market expansion during 2016. This impressive growth is primarily driven by year-over-year expanding need for business intelligence solutions to successfully evade advanced persistent threat and several other cyber threats. North America and ROW are believed to be third and fourth largest prescriptive analytics markets respectively.