Prescriptive analytics is used for identifying the optimal course of action. Organizations benefits from this technology as it tells them the right mix of action to reduce risk and increase profitability. This has helped various organization in enhancing their decision making process without much involvement of data analytics or data science team. The growing demand of prescriptive analytics has traced its presence in plethora of verticals. The emergence of advanced technologies such as, big data, and IoT are responsible for the generation of extensive data and rising popularity of real-time accessibility of data for efficient business operations from various industries, have potentially fueled the growth of the prescriptive analytics market. The market size is projected to reach USD 4.58 Billion by 2021, expanding at a Compound Annual Growth Rate (CAGR) of 31.7% during the forecast from 2016 to 2021.
Various vendors prevailing in the market space 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). Players in this sector have adopted different strategies to extend their worldwide presence and expand their market shares. Partnerships, collaborations, acquisitions, new product launches, upgradations, and expansions are some of the significant strategies adopted by the market players to grow in the prescriptive analytics market. IBM Corporation and River Logic, Inc. have regularly introduced new updates and adopted the organic strategy to enhance their product portfolio so as to cater to their clients efficiently in the prescriptive analytics market.
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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.
Related Reports:
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

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