PRESCRIPTIVE ANALYTICS MARKET ANALYSIS

Prescriptive Analytics MarketSize and Trends

Market- Trends

Prescriptive analytics is a tool used for formulating decision related to business outcomes. Prescriptive analytics is used in various organizations to enhance business operations by optimizing trade-offs between business goals such as costs or customer service, to increase customer satisfaction, and to identify first-in-market opportunities by leveraging big data. This is major factor aiding in growth of the market.

Increasing adoption of new technologies is one of major factors driving growth of the   market

Adoption of new technologies such as Big Data, Internet of Things (IoT), and real-time analytics is increasing by various organisations, in order to enhance business outcomes and gain competitive advantage in the market. Prescriptive analytics combines big data, machine learning, and artificial intelligence and business process, thereby delivering accurate decisions to solve business issues. Prescriptive analytic tools are used, in order to optimize supply chain and resources, reduce chances of data loss. Hence, prescriptive analytical tools used for extracting outcomes from this unstructured data that helps improving business decisions. Moreover, it also provides alternative solutions that helps in making strategic and tactical business decisions, which impacts both present and future outcomes.

Growth of unstructured data accelerates the growth of the market

Increasing competition among the organisation is propelling demand for market insights based on unstructured data such as documents, call center transcripts, email messages, social media content, and social networking sites, and others, which is in turn is expected to increase the demand for prescriptive analytics tools. This insights helps organisation to understand the market trend, customer demand, product description, and others. The rapid growth of unstructured data volume generated by various organization have raised the trend of prescriptive analytical tools. Therefore, analysis of unstructured data is expected to drive growth of the market