(MENAFN- America News Hour) Prescriptive analytics is one of the big 3s of Big Data analytics along with descriptive analytics and predictive analytics. These are interrelated solutions that can be used by companies to efficiently utilize the big data that they are currently equipped with. One of the primary tasks is to know when and where to implement which kind of analytics. While descriptive analytics talks about what has happened' and predictive analytics emphasizes on what can happen in the future from current patterns,' the prescriptive analysis gives a solution to what should a business do to maximize its key metrics.' Thus prescriptive analytics is the stage which provides action plans on how to proceed in future based on descriptive and predictive datasets.
"Final Report will add the analysis of the impact of COVID-19 on this industry."
Download Sample of This Strategic Report:
Aurora Health Care systems saved $6million annually by applying prescriptive analytics to reduce re-admission rate by 10%. Since prescriptive analytics is comparatively complex, many organizations are yet to utilize the potential. However, large organizations are managing their day-to-day operations like scheduling inventory and optimizing production using prescriptive analytics.
Market Dynamics
Since healthcare prescriptive analytics is the next step of predictive analytics, many drivers and inhibitors are similar for both markets. The primary market driver is the need to implement efficient process regarding cost cutting and reduction of unnecessary efforts. This will ensure utilization of resources in a proper manner. Furthermore, because of integration of Big Data in healthcare, the requirement of prescriptive analysis to create action plans based on past trends will expand.
Additionally, with increasing advancements in technology, need to develop prescriptive analytics will form the competitive edge and thus, because of movement towards prescriptive analytics, growth will be further enhanced. However, due to high costs associated with the initial investment required to establish prescriptive analytics system, the increase will get negatively affected. The issue of initial investment is further escalated by the costs associated with training labor to understand the nuances of technology and therefore, lack of availability of skilled IT labors acts as another inhibitor of the market growth. Apart from these factors, growing concerns about data privacy and security of the same impacts the procurement of necessary data required to generate data based solutions.
Market Segmentation
The major forms of segmentation of healthcare predictive analytics market include segmentation by component, by application, by deployment, by end-user and by geography. By component, software, hardware and services cover the entire market. By application, a market is categorized as Clinical Analysis, Financial Analysis, Operational Analysis and Research Analysis. Segmentation through deployment includes On-Premise, Web-based and Cloud-based. By end-user, segmentation comprises Physicians, Private Organizations, Hospitals, Clinics and, Government and Research Institutions. By geography, North America, Europe, Asia-Pacific and, Middle East and Africa form the entire market. Currently, Clinical Analytics segment is forecasted to have the maximum growth in application segmentation. Although Cloud-based services are gaining traction massively, yet, On-Premise solutions have captured the highest market share in deployment category.
Request For Full Report: DOWNLOAD FREE SAMPLE STUDY PDF (INCLUDING FULL TOC, TABLE & FIGURES) @
Geographical Analysis
North America is leading the market because of the presence of giants like IBM and Oracle. Europe is following North America with second most significant market share. Asia-Pacific region is expected to grow at highest growth rate.
Key Players
The critical players in the market include I BM, Cerner, Oracle, MedeAnalytics Inc., McKesson Corporation, Optum Inc. and AllScripts Healthcare Solutions Inc.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R & D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Request For Full Report:
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
About Us
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation.
Contact Us
Kenneth Research
Email:
Phone:+1 313 462 0609
Leonard Thomas
Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .
MENAFN14042021004545010068ID1101916177
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.