Prescriptive analytics, a field of business analytics (BA), dedicates itself to find the best suitable course of action for a provided situation. Prescriptive analytics suggests decision options in ways of taking advantage of future opportunities or mitigating a future risk, and illustrating implications of all decision options available. Prescriptive analytics can automatically and continually process new data for improving accuracy of predictions, and providing better decision options.
Developments in Advanced Technologies likely to Propel the Growth of Market
The global prescriptive analytics market is witnessing a rapid growth, owing to growth in discovery tools, easily accessible multi-structured data, innovation in data preparation tools, and evolution in business-oriented social networks. Several enterprises are adopting this solution for making better decisions, and possess greater control over business application. By taking structured & unstructured data, prescriptive analytics prescribes ways of benefitting from this predicted data for future business outcomes. Enterprises are enabled in making decisions on the basis of past and projected scenarios with the help of prescriptive analytics. In addition, Prescriptive analytics offers enterprises with efficiency and reduces overall operational costs.
Future Market Insights (FMI), in its report, has delivered key analysis on the global prescriptive analytics market for the forecast 2017-2027. FMI’s report states that the growth of the market is primarily attributed to advanced technologies development such as big data and internet of things (IoT), and surging status of real-time data accessibility for effective business applications. In contrast, absence of trained professional, safety concerns, data integrity, complex analytical workflow, and high cost of investment are some factors foreseen to restrain the growth of the global prescriptive analytics market in the near future.
Prescriptive Analytics- Future of Big Data
Prescriptive analytics can be discerned as future of big data. Prescriptive analytics is self-driving car, knowing exactly the best course on the basis of infinite data points & calculations. Google’s self-driving car makes an extensive utilisation of prescriptive analytics. Prescriptive analytics utilises latest technologies such as artificial intelligence (AI) and machine learning for understanding the impact of future decisions and making use of those scenarios for determination of the best outcome. Prescriptive analytics makes it possible to understand & grasp future opportunities, mitigating future risks owing to the availability of continuously updated predictions coming in with new data. Prescriptive analytics is likely to transform into a powerful solution, after developing into a stage wherein decision makers will be capable of predicting the future, and making prescriptions for improving that predicted future, eliminating the requirements for big data scientists.
Prescriptive Analytics for Healthcare
Even healthcare industry deals with large amount of multiple data sets that are required to be analysed. Better healthcare at less money will be able to be offered by healthcare providers after combining data sets such as hospital data, health trends, demographical & sociographical data, economic data, medicine information, and patient records. This will also enable healthcare providers in improving capital investments further for hospital equipment or new facilities, and improving efficiency of hospitals. Combining huge amount of different data sets could offer recommendations to doctors regarding best possible treatment for patients. Pharmaceutical organisations can take advantage of prescriptive analytics by reducing time-to-market required for new medicines, and enhancing their drug development. Drug simulations are likely to improve medicines faster, finding right patients for clinical trials on the basis of multiple variables becomes easier.
The information presented here is sourced from Future Market Insights latest report. A sample of this report is available upon request.
Author: Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.
