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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

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

Prescriptive Analytics Market: Regional Insights

On the basis of region, prescriptive analytics market is segmented in to North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America region held the dominant position in the prescriptive analytics market in 2017, owing to increasing spending on adoption of the new technologies such as big data, cloud technology, social media, and mobility technologies, which is are expected to drive growth of the market over the forecast period. Increasing in adoption of new technology proportionally increase volume of data across the verticals. The organisations require an analytical tool for obtaining key insights, which help in making the business strategies. Hence, prescriptive analytics helps organization to develop business strategies based on real-time insights.

In application type, supply-chain management segment held the largest share in 2017.

The supply-chain management segment is anticipated to be the largest segment during the forecasted period. The supply chain solutions are implemented in the various businesses verticals such as wholesale, retail, manufacturing and others. Supply-chain management solutions help to manage the inventory solution across the verticals.  The huge amount of data is generated in the organization at time of procurement of raw material till its sourcing to manufacturing. In order to minimize the cost and maximize the profit of the organization will leads to propel the demand for supply chain management segment in prescriptive analytics market

In Verticals, BFSI segment held the largest share in 2017.

In terms of verticals, BFSI verticals is projected to witness largest market share during the forecasted period due huge data generations within the bank system, which is responsible for  frauds related cases. Therefore, minimizing the risks and frauds related case in the financial sector is positively increasing demand for the prescriptive analytics for maintaining security of financial sectors. Furthermore, the prescriptive analytics outcomes also helps the financial sectors to boost the customer satisfaction towards the products & services.

Prescriptive Analytics Market: Competitive Background

Major players operating in the prescriptive analytics market include as IBM Corporation, Ayata, NGDATA, River Logic, Inc., Angoss Software Corporation, Emcien, Inc., Fair Isaac Corporation, Profitect, Fractal Analytics Inc., and Nelito Systems Ltd

Prescriptive Analytics Market: Taxonomy

By Type

  • Solution
  • Services

By Deployment

  • On-premises
  • Cloud-based

By Data Type

  • Structured
  • Unstructured

By Application Type

  • Risk Management
  • Operations Management
  • Revenue Management
  • Network Management
  • Supply Chain Management
  • Workforce Management
  • Others

By Organization Size

  • SMEs(Small and Medium Enterprises)
  • Large Enterprises

By Verticals

  • BFSI
  • Telecommunication and IT
  • Retail and Ecommerce
  • Healthcare and Life Science
  • Manufacturing
  • Government and Defense,
  • Energy and Utilities,
  • Transportation and Logistics
  • Others

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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