The prescriptive analytics market accounted for $1.2 billion (USD) during the forecast period of 2017 to 2024. Prescriptive analytics is the area of business analytics dedicated to finding the best course of action for a given situation. Call it the magic eight ball of technology. Digital Journal brought this interesting topic to us in their article, “Prescriptive Analytics Market Opportunity 2018-2025 by Top Key Players: Companies IBM, TIBCO Software, SAP SE, River Logic Inc, Ayata, FICO.”
Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters.
Prescriptive analytics suggests decision options for how to take advantage of a future opportunity or mitigate a future risk. It can also illustrate the implications of each decision option. As technology evolves this type of insight will be even more valuable for business strategy.
Melody K. Smith
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