There is a thin line differentiating the predictive and prescriptive analytics. Predictive analytics assists in forecasting the data and predict what can happen in the future, whereas, perspective analytics helps analyze the data and tell us what to do next. Hence, while a predictive analytics model might tell a politician that there are around 4000 seats in a constitution and the number of seats needed to capture to win the election, prescriptive analytics would inform the politician as to how best a strategy can be designed to win the elections.
Big data explosion has rapidly become a pivotal tool for the business intelligence sector. This powerful data stream is building the momentum and magnitude for the predictive and prescriptive analytics market. This platform helps swiftness of diverse data, combining with big data, and utilizing better models and business outcomes of leading healthcare organizations. It improves quick-decision, profits, measures social media influence and tries to avert scams and frauds, through the application of advanced analytics and decision optimization. Every day, quintillion bytes of files are created for authentication and to examine future trends of the market. Many organizations implement predictive and prescriptive analytics for data validation, to increase data accessibility, reduce the cost to providers, and individual risk for payers, etc.
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However, cost-effective IT solutions are still not available, which is a big limitation to this market.
The global predictive and prescriptive analytics market has the maximum demand in end-user industries (defense and aerospace sector, intelligence organizations, agriculture, retail sector, educational organizations, healthcare, transportation and logistics, BFSI sector, and others). The market is also segmented by geography into North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. This market is still untapped in the regions of APAC and the Middle East and Africa.
The report includes a competitive assessment regarding an overview of the market players, profiles, products and services, business strategies, recent developments and innovation, market landscape, future trends and forecasts, and mergers & acquisitions.
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The major companies dominating this market for its products, services, and continuous product developments are –
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