Research and Markets has announced the addition of the "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" report to their offering.

The prescriptive analytics market size 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%.

Emergence of advanced technologies such as, big data and IoT and rising popularity of real-time accessibility of data for efficient business applications has fueled the growth of prescriptive analytics solutions. However, complex analytical workflow and dynamic nature of data are acting as the restraining factors for the prescriptive analytics market.

The prescriptive analytics software helps the company in decision making based on the historical and projected scenarios. Prescriptive analytics software uses the outcomes from predictive analytics and generates alternative solutions, which can be used to reach businesses objectives. Furthermore, the prescriptive analytics solution enables organizations to increase efficiency and to save overall operational costs.

APAC is estimated to grow at the highest CAGR during the forecast period. The developing APAC market is poised to grow, as the developing economies, such as India, China, Australia, and New Zealand are aggressively adopting the prescriptive analytics technologies to stay ahead in the competition. The region would be looking to increase the adoption of advanced analytical technology owing to flexible government policies, regulations, and control, competing with the international markets in terms of quality and pricing.

The APAC market will also be a booming market as it is experiencing a lot of new entrepreneurial set-ups, which would be looking forward to acquire new customers and gain customer trust by involving new paradigms of advanced analytics to have a competitive advantage over the established players.

Market Dynamics

Drivers

  • Emergence of Advanced Technologies Such as Big Data and Iot
  • Rising Popularity of Real-Time Accessibility of Data for Efficient Business Operations

Restraints

  • Complex Analytical Workflow
  • Dynamic Nature of Data

Opportunities

  • Overcoming the Lacunae of Traditional Business Intelligence Tools
  • Growing Investment in Big Data Infrastructure Across Geography
  • Rise in Cyber-Crimes and Need for Crime Prediction and Prevention

Challenges

  • Lack of Advanced Analytical Knowledge Among the Workforce
  • Diversity of Data Models Based on Business Needs
  • Reluctance to Adopt Advanced Analytical Technology

The prescriptive analytics ecosystem comprises the following major vendors:

  • 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.)
  • NGData (Belgium)

For more information about this report visit http://www.researchandmarkets.com/research/383km8/prescriptive