Prescriptive Analytics Market Projected to reach $4.58 billion by 2021 | Key players include IBM Corporation, River Logic, FICO, Ayata and Angoss Software Corporation

According to recent research "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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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.

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.

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.

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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.

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).

The IBM Corporation is an established global player offering dedicated software, hardware, and related services. The company has been continuously innovating in big data and analytics sector and also in cloud, mobile, social, and security. Furthermore, IBM has been developing and acquiring the necessary capabilities to lead in data and analytics, deepening its expertise in the field of analytics. IBM Corporation while seeking overall growth; relies on betterment and expansion of its strategic imperatives. Fueled by explosion of mobile devices, social media, connected devices, and the infusion of technology in all aspects of business, data is recognized as the global new natural resource. By 2015, the company, in order to address the rising data management challenges, has invested over USD 26 billion, which includes an investment of more than USD 17 billion on over 30 acquisitions. Further, to enhance its capabilities towards new product launches and to remain a competitive player in the market, IBM Corporation spent over one third of its research’s spending on development of data, analytics and cognitive computing.

River Logic, Inc., developer of enterprise planning and optimizing software solutions, provides prescriptive planning and performance management platform. The company has been bringing new upgradations in the prescriptive analytics market that is testament to the fact about its dedication to have a strong hold in the market. River Logic partnered with various companies as a part of their inorganic strategy to improve their dominance in the global advanced analytics market. For instance, in August 2016, the company partnered with GitaCloud to provide “Planning and Decision Analytics” to various industry verticals such as automotive, pharmaceutical consumer goods, and other manufacturing sectors in North America and APAC markets.

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