Global Prescriptive Analytics Market Overview:
Perspective Analytics refers to a type of data analytics that uses modern technology to help businesses that have huge data or factors involved in decision making to make optimal decisions through analysis of available data. In these analytics, the focus is on perspective with factors like possible scenarios, available resources, past performance along current performance to suggest a course of action. Perspective Analytics deals with both descriptive analysis and predictive analysis. Perspective analysis works with artificial intelligence without help from humans to understand the data. Equity research firms, gas and oil firms, and firms involved in much of a data-crunching are mainly the customers of this market. Clients like insurance companies use perspective analytics to access the risk involved in the market. With the increasing reliance of companies on data to make business decisions the demand for perspective analytics is also increasing.
Growth Drivers
- Increasing Demand of Perspective Analytics to take Business Decision
- Rising Need of Perspective Analyze Different Situations in Various Business Environment
Market Trends
- Rising Demand of Perspective Analytics in Oil and Gas Industry Where Prices Constantly Fluctuate
- Growing Demand of Perspective Analytics Due to Its Ability to Model Prices on Variety of Factors
Roadblocks
- Complexities Involved in Decision Making through Prescriptive Analytics
Opportunities
- Surging Demand of Perspective Analytics Due to Increasing Processing Power of Computers
Challenges
- Lack of Awareness among SMEs About Perspective Analytics
Competitive Landscape:
Perspective Analytics is a growing market that is not yet matured. So, there are a lot of growth opportunities in this market. It could either be a software offering or a service offering. Perspective analytics is widely used by equity research firms so, targeting them in the initial phase by a new entrant in this market could be a good strategy. Reputation and customer satisfaction are key things in this market. There are no major barriers to entry in this market and not IPRs involved due to the nature of the work.
Some of the key players profiled in the report are IBM (United States), Angoss Software (United States), Profitect (United States), Frontline (United States), FICO (United States), River Logic, Inc. (United States), Ayata (United States), Panoratio (Germany), TIBCO Software (United States) and NGData (Belgium). Considering Market by Services, the sub-segment i.e. Optimize Marketing Spend will boost the Prescriptive Analytics market. Considering Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Prescriptive Analytics market. Considering Market by Data, the sub-segment i.e. Unstructured Data will boost the Prescriptive Analytics market.
What Can be Explored with the Prescriptive Analytics Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Prescriptive Analytics Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Prescriptive Analytics
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Prescriptive Analytics market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Prescriptive Analytics market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Perspective Analytics Providers, Government Regulatory and Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.