Prescriptive analytics is another name for business analytics, which covers descriptive and predictive analytics and aims to provide optimal recommendations during the decision-making process and identify ways to improve business operations. Increased revenue, high efficiency, gross margin management, cost reduction, automatic adjustment of sales price, and a direct and verifiable influence on the return on investment are all advantages of prescriptive analytics.
Predictive analytics, as well as the ability to alter data and construct unique algorithms, are becoming increasingly important in the search to uncover hidden value. Prescriptive analytics is increasingly ingrained in corporate applications, spreading beyond its core community of operations, research, and management science specialists. The study provides a thorough analysis of the market. It accomplishes this through in-depth qualitative insights, historical data, and credible market size predictions. The report's estimates are based on well-established research methodology and assumptions
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Key Driving Factors: The Prescriptive Analytics Market is being driven by the growing importance of big data and the demand for comprehensive market analytics.
A significant reason boosting the growth of the prescriptive analytics market is the increased popularity of automated business analytics, which is being applied by many companies across verticals. The capacity for recording data has expanded as a result of technological advancements; nevertheless, this growth in capacity is likely to cause confusion due to the availability of data of various types with similar impacts. Descriptive analytics uses business intelligence tools to provide insight into the past and current health of your firm, whereas prescriptive algorithms examine large amounts of data, allowing data scientists to visualise trends and make realistic business decisions. Prescriptive analytics can evaluate fresh data continuously and automatically to increase prediction accuracy and provide improved choice possibilities
Opportunities: In the prescriptive analytics sector, the rising usage of Big Data and the Internet of Things (IoT) is offering substantial potential. This is due to a growing demand in the business world for data that describes events and phenomena as they happen. The fact that more organisations around the world are concerned about the harm caused by Internet security breaches is opening up new opportunities in the shape of goods and services that leverage new technologies to safeguard businesses from such breaches.
This report offers the major market player’s profiles, such as Fair, Isaac and Company (FICO), IBM Corporation, Infor, Oracle Corporation, River Logic, Inc., Salesforce.com Inc, SAP SE, SAS Institute Inc., Teradata Corporation, and Tibco Software Inc.
Based on End User: Retailers are being forced to embrace analytics as a result of increased competition, a wider range of product choices, and more customer complexity, among other factors. Retail analytics assists businesses in identifying and contacting new customers, forecasting store traffic, and preventing theft and fraud. The retail sector is experiencing considerable growth in sales as a result of rising consumer demand and e-commerce expansion, paving the door for the introduction of big data solutions. Furthermore, as the sector has become more competitive, players have been driven to work efficiently at all phases of the delivery process. It is feasible to identify valued consumers and retain them, as well as to identify new customers and entice them with valuable offers, using analysis
The Prescriptive Analytics Market report has been categorized as below
By Data Type
By Business Functions
Human resources (HR)
Rest of World
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Published Date : July-2021