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Prescriptive analytics is helpful in businesses for making better decisions and for handling specific business situations. Predictive analytics help in forecasting the data and predicting the future whereas prescriptive analytics analyzes the data and conveys what to do next. The key factor driving this market is extensive technological advancements such as big data and IoT which is increasing real time access of data and contributing to the growth of global prescriptive analytics market. The global prescriptive analytics market is anticipated to grow at a CAGR of 32% during the forecast period 2016-2023. Factors enhancing the growth of global prescriptive analytics market include:
Increasing adoption of prescriptive analytics across end-user segment is also stimulating the market. One of the key driving factors of this market is extensive technological advancements, along with big data inclusion all through the healthcare sector, need for healthcare cost reduction, requirement for enhanced efficiency and several others. These drivers are believed to encourage a number of key technology players to increasingly adapt to the advanced prescriptive analytics technology and thereby continuing to drive impressive prescriptive analytics market growth. However, the need for high R&D expenditure is restraining the global prescriptive analytics market growth. Stringent government regulation and high cost of prescriptive analytics equipments are some of the challenges faced by the market. Increased use of prescriptive analytics practice across developing countries and increase in global security threats are expected to provide opportunities for the global prescriptive analytics market.
Source: OBRC Analysis
The global prescriptive analytics market is segmented into components, data types, deployment, application, verticals and business functions. On the basis of component, the market is sub-segmented into:
On the basis of data type, the market is sub-segmented into:
On the basis of deployment, the market is sub-segmented into:
On the basis of application, the market is sub-segmented into:
On the basis of verticals, the market is sub-segmented into:
On the basis of business function, the market is sub-segmented into:
The report scope is widely categorized on the basis of data type segment and deployment segment. The revenue for the above application and vertical segments are specific to the prescriptive analytics market. However, the total revenue of these application and verticals in general has been excluded from scope of the report. Also, the total market revenue has been calculated by summing up the business function segment.
Geographically, the global prescriptive analytics market is segmented into:
Asia Pacific holds the largest market share in the global prescriptive analytics market followed by Europe. Moreover, Asia pacific region is expected to grow with the highest CAGR during the forecast period 2016-2023. The growth in Asia pacific region is primarily driven by China’s prescriptive analytics market. China is believed to be one of the largest manufactures of prescriptive analytic equipments. China held the highest percentage of adoption of prescriptive analytics globally in 2016. The expanding research and development investments for the growth of innovative and cost-effective prescriptive analytics solutions is also driving notable growth prospects all through the Asia Pacific prescriptive analytics market. In 2016, China accounted for the highest consolidated prescriptive analytics revenue for the research and development segment followed by Europe. Some of the leading prescriptive analytics market worldwide in 2016 were, China, United States, Japan, Germany, South Korea, United Kingdom, France, Canada, Spain, Italy, Brazil, Russia, Mexico, Australia, Taiwan, Turkey, Indonesia, Netherlands, India, and Thailand. Therefore, Europe is observed to hold the second largest market share in the global prescriptive analytics market.
The global prescriptive analytics market is segmented into component, data types, deployment, application, verticals and business functions. Based on applications, the global prescriptive analytics market is classified into, risk management, workforce management, operation management, supply chain management, network management, revenue management, and others. The global prescriptive analytics market by component is divided into two key sub-segments, services and software. By data type, the global prescriptive analytics market is classified into structured, semi-structured and unstructured. On the basis of business functions, the market is segmented into operations, finance, marketing, sales and HR. On the basis of deployment, the market is classified into on-demand and on-premises. On the basis of vertical, the global perspective analytics market is divided into, government and defense, transportation and logistics, travel and hospitality, energy and utility, manufacturing, media and entertainment, retail and consumer goods, IT and telecommunication, BFSI, life sciences and healthcare and others. The global prescriptive analytics market is anticipated to deliver sustainable long-term growth driven by accelerated mergers & acquisition activities in the sector, favorable government regulations with attractive subsidies being offered to the core players in the segment.
The major market players of the global prescriptive analytics market are:
Detailed analysis of these companies provided in this report comprises overview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launching. Example: As in August, 2015, IBM expanded its healthcare wing for Watson by announcing an acquisition planned of $1 billion of medical imaging company named Merge Healthcare. Earlier, IBM acquired Explorys and Phytel for the health unit. This lead to crucial opportunities for medical professionals to consider Watson help analyze MRIs, X-rays, MRIs, electro-cardiograms, angiograms, and other images to identify anomalies and provide evidence for better treatment decisions.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global prescriptive analytics market offers the longest chain of market segmentation covering major market segmentation based on deployment and application. The report tracks the major market trends in the global prescriptive analytics market such as advancement in technologies such as big data and internet of things, real-time accessibility and so on. For each market segments covered in global smart prescriptive analytics report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the prescriptive analytics industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360degree analysis, See Saw analysis, and Porter five force model and so on. For high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global prescriptive analytics market.