Emergence of advanced technologies such as big data & IoT and rising popularity of real-time accessibility of data for efficient business applications are the key driving forces of the prescriptive analytics market.
According to the new market research report "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", the prescriptive analytics market 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%.
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Supply chain management application is expected to grow at the highest CAGR during the forecast period
The supply-chain management solutions are deployed by various businesses operating under verticals such as wholesale, retail, telecom & IT, and manufacturing among others.
Supply-chain management solutions help to manage the requirements generated by these businesses. Massive amount of data is generated across the industry from procurement of raw material till its sourcing to manufacturing.
Organizations are facing challenges in managing these complexities and thus, are using prescriptive analytics to address the projected demands of its clients and end-users.
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The on-demand deployment model to grow at the highest CAGR during the forecast period
The market by deployment model has been segmented into on-premises and on-demand model. The on-demand deployment model is expected to witness the highest CAGR during the forecast period.
It will gain traction in the coming years owing to the cost-effectiveness, agility, and affordability it offers to the end customer.
North America is expected to dominate the prescriptive analytics market during the forecast period
The prescriptive analytics market segments the global market on the basis of regions, which include North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest share of the prescriptive analytics market in 2016 due to the presence of large enterprises, technical experts, and growing demands for prescriptive analytics solutions in this region.
The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The region would be looking to increase the adoption of advance analytical technology owing to flexible government policies, regulations and control, competing with the international markets in terms of quality and pricing.
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The report also encompasses different strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include 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.), and NGData (Belgium).
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