The manufacturing industries today operate in a dynamic ecosystem that is characterized by uncertainty and complexity. As the financial progress of these manufacturing organization relies upon their potential to quickly adapt to the transforming conditions in order to manage production cost efficiency. Therefore the industries across the globe are using the prescriptive analytics, which not only gives them the ability detect the spaces for process improvements but also find the most suitable course of action for that particular situation. The predictive analytics market can be associated to both descriptive as well as predictive analytics.
MARKET SCOPE
The "Global Prescriptive Analytics Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the prescriptive analytics market with detailed market segmentation by component, business function, deployment type, industry, and geography. The report provides key statistics on the market status of the leading prescriptive analytics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global prescriptive analytics market is segmented into software and services.
- On the basis of business function, the market is segmented into human resource, finance, sales and marketing, and operations.
- Based on deployment type, the market is segmented into on-cloud and on-premise.
- Based on industry, the market is segmented into BFSI, IT and telecom, healthcare, manufacturing, government, energy and utility retail, and others.
MARKET DYNAMICS
Drivers:
- Increasing use of technologies such as IoT and big data is driving the growth of the global prescriptive analytics market.
Restraints:
- High initial cost may hinder the growth of the prescriptive analytics market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The prescriptive analytics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the prescriptive analytics market in these regions.
IMPACT OF COVID-19 ON PRESCRIPTIVE ANALYTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the prescriptive analytics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from prescriptive analytics market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the prescriptive analytics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Altair Engineering, Inc.
- Ayata
- FICO
- Frontline Systems, Inc.
- IBM
- Microsoft
- NGDATA, Inc.
- River Logic, Inc.
- Sisense Inc.
- Zebra Technologies Corp.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.