DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Prescriptive Analytics Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 - 2023" report to their offering.
The Global Prescriptive Analytics Market is Anticipated to Grow at a CAGR of 31.7% from $1.16 Billion in 2016 to $7.94 Billion During the Forecast Period of 2016-2023
The key target audiences for global prescriptive analytics market include, application software and design developers, system integrators, cloud service providers, IT service providers, business analytics software providers, and independent software vendors. on the basis of component the market can be classified into services and software.
The prescriptive analytics market is primarily driven by the need for handling large amounts of data that is generated from the strategic production, development, and exploration of natural gas and oil. A large amount of collected data is used while creating images and key models of the structure of earth, identification of major activities all through the well development process that involves maintaining reservoir pressures and temperatures, oil flow rates, machinery performance, and depositional characteristics.
The prescriptive analytics industry's extensive technological innovation and rising research and development activities for the advancement of the globally accepted prescriptive analytics technology for notable use in business analytics application is expected to drive attractive demand for the prescriptive analytics technology thus, accelerating growth for this industry's key market players. There are various key players for example Entic, Compellon, QualMetrix, Pyramid Analytics, etc. in the prescriptive analytics market are investing huge amounts for the development of new technology which assist in the development of attractive, and cost-effective prescriptive analytics solutions.
SAP is believed to be the biggest manufacturer of uniquely delivered prescriptive analytics solutions by total revenue being delivered by the company. SAP accounted for 10% of the total BI applications and analytics market share for the fiscal year 2015 followed by SAS Institute, IBM, Oracle, Microsoft, Qlk, Tableau, Teradata Corporation, MicroStrategy, Informatics, and Other accounting for 9%, 8%, 7%, 5%, 5%, 5%, 4%, 4%, 1%, and 42% respectively.
Market Determinants
Market Drivers
- Growing Prescriptive Analytics Industry Across Geographies
- Growing Technological Innovations
- Growing Need for Novel And Flexible Advanced Prescriptive Analytics Equipment
- Adoption Across End User Segments
Market Restraints
- High R & D Expenditure
Market Opportunities
- Increasing Use of Prescriptive Analytics Practice Across Developing Countries
- Growing Global Security Threats
Market Challenges
- Stringent Government Regulations
- High Cost of Prescriptive Analytics Equipment
Companies Mentioned
- Angoss Software Corporation
- Ayata
- Compellon
- Fico
- Frontline Systems, Inc.
- IBM Corporation
- Intellectyx
- Ngdata
- Profitect, Inc.
- Pyramid Analytics
- Qualmetrix
- River Logic, Inc.
- SAP Se
- SAS Institute, Inc.
- Tibco Software Inc.
For more information about this report visit http://www.researchandmarkets.com/research/bwwj7l/global
