According to the Gartner report, "The prescriptive analytics software market will reach $1.88 billion by 2022, with a 20.6% CAGR from 2017." The report also finds, "Overall buyer awareness and interest in the value of analytics and data-driven decision making continue to be key growth drivers. Currently, 11% of large and midsize organizations have some form of prescriptive analytics; this will grow to 37% by 2022."
"To us, Gartner's findings on the growth of the category mirror our customers' need to rapidly make critical, impactful decisions in an extremely competitive and ever-changing global marketplace," said Carlos Centurion, President of River Logic. "With our optimization-based prescriptive solutions, our customers spend less time wrangling data and juggling spreadsheets, and more time testing assumptions and getting actionable answers."
As the form of advanced analytics known to drive the most value, prescriptive supersedes descriptive, diagnostic, and predictive analytics. "Even with the advent of artificial intelligence, machine learning, and other Industry 4.0 technologies, prescriptive analytics is the one solving the most complex business problems for our customers, and generating the highest return on investment," said Centurion.
River Logic has been offering prescriptive analytics solutions for nearly 20 years and helps solve complex decision-making problems across a wide variety of industries such as energy, mining, chemicals, consumer packaged goods, and more. A few examples include:
- Supply Chain Optimization
- Sales and Operations Planning/Integrated Business Planning
- Commodity Trading and Logistics
- Trade Promotion Optimization
- Strategic Planning
The Growing Need for Citizen Data Scientists
Gartner's report noted that vendors are making their prescriptive analytics offerings easier to use by way of less skilled citizen data scientists. "As a prescriptive analytics technology provider, to us, Gartner's words resonate with what we're seeing from our customers. We feel that our mention in this report recognizes the fact that we offer programming-free optimization and an intuitive Cloud interface, thus enabling the Citizen Data Scientist to leverage the power of prescriptive analytics versus being dependent on programmers and putting the technology in the hands of business analysts throughout their organizations," said Mike Barker, VP Customer Success at River Logic.
The Gartner report identified and tracked a set of 20 prescriptive analytics vendors. It is estimated that they comprise 86% market share in this category that had estimated revenues of $636 million in 2017. River Logic is proud to be one of the vendors included in this Forecast Snapshot for prescriptive analytics.
1Source: Gartner, Forecast Snapshot: Prescriptive Analytics Software, Worldwide, 2019, Jim Hare, Alys Woodward, Eric Hunter, 23 January 2019