The global market for Prescriptive Analytics is projected to reach US$1.6 billion by 2022, driven by the radical disruption underway in the field of business intelligence (BI) and analytics. Analytical disruption is defined as the disruptive use of data that creates value in the practice of business intelligence. The modern insight-driven enterprises are no longer running their businesses based on historical data. Rear view business intelligence is increasingly falling out of favor and emerging over the horizon are new analytical capabilities such as those epitomized by prescriptive analytics. The rising popularity of automated business decisions, especially against the backdrop of an evolving on-demand consumer economy, is expected to expand the addressable market for prescriptive analytics. Benefits of prescriptive analytics driving its adoption include increased accuracy and superior outcomes of business decisions; optimized processes, reduced operational costs, increased efficiencies and business profits; and higher strategic competitive advantages. Enthused by the benefits offered, adoption is witnessing robust growth in healthcare, supply chain management, insurance, machine condition monitoring and asset management, financial risk management, sales and marketing, smart factory/manufacturing, cybercrime prevention, among others. Industrial prescriptive analytics are especially poised for a period of healthy growth as competition spirals in the manufacturing sector forcing production managers to continuously optimize capital assets and adapt production processes for faster time-to-market challenges. An interesting trend in the market is the increasing interest shed on integrating artificial intelligence in prescriptive analytics to impart autonomy, agility and reliability to recommended actions. North America represents the largest market worldwide. The dominance of the region is supported by the growing commitment of companies to big data projects and the ensuing focus on prescriptive analytics as the most desirable tool for big data synthesis.
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Company and Industry News & Stories
- Hitachi Rolls Out Prescriptive Maintenance Product “Knowledge Base*2 Analytic Solution” in Japan and Other Parts of the World
- Compellon Inks Strategic Partnership with Clarabridge in a Move to Combine Compellon20|20 Prescriptive Analytics Platform with the CX Suite Platform
- River Logic Signs Partnership Deal with TBM Consulting Group, an Operations and Supply Chain Consulting Firm
- Datawatch Snaps Up Angoss Software, a Privately-Held Data Science Platform Provider in Toronto, Canada.
- Mazars Acquires Zettafox in a Move to Strengthen its Position in the French Prescriptive Analytics and Data Science Market
Product Definition & Scope
- Prescriptive Analytics is the ultimate step in the evolution of business analytics, or at the top of value axis in analytics, with the highest influence on business performance. Prescriptive Analytics is a forward looking tool that provides a recommendation among various possibilities for meeting defined objectives, within the ambit of regulatory, policy, financial or physical constraints. These tools take business information, and predictions and forecasts made from predictive tools and translate them to feasible and actionable plans of action. Prescriptive Analytics help users identify the best plan or action available for a given scenario for its implementation.
Timeline for Analysis
- Market Estimates and Forecasts for 2015-2022
Geographic Markets Analyzed
- North America and Rest of World
- Datawatch Corp.
- Frontline Systems, Inc.
- IBM Corporation
- Profitect, Inc.
- River Logic, Inc.
- SAP SE
- TIBCO Software Inc.
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