Global Prescriptive Asset Management Solutions Market Size, Status and Forecast 2021-2027

Analytics is the computational analysis of a set of data. The field of analytics has evolved over a period of time. It used to be descriptive in nature and used historical data to analyze situations and actions. Later, descriptive analytics was further refined to diagnostic analytics, which provided reasoning for actions. With further advancements in computational technology, the approach of predictive and prescriptive analytics came into existence. Predictive analytics helps decision makers to mathematically predict the future. On the other hand, prescriptive analytics helps decision makers to take action regarding future events. Prescriptive analytics and maintenance are computing tools that use modern technologies such as artificial intelligence, machine learning, as well as pattern recognition to create efficient decision making for asset management. They are used to monitor equipment performance at the premises and also predict performance expectations. Anyone responsible for asset management can reap the benefits of prescriptive analytics. Original equipment manufacturers (OEM), maintenance organizations, or any third party service providers can use prescriptive analytics to efficiently manage assets. Prescriptive analytics draws data from business intelligence, enterprise asset management (EAM), enterprise resource planning (ERP), and other enterprise information systems. Using these data, the solution frames what if conditions of all the possible results. Each option is critically evaluated in order to arrive at the optimal course of action. Prescriptive analytics saves time and significantly reduces human error since the outcome is created by the combination of predictive modelling, machine learning, and statistical algorithms. Prescriptive maintenance continuously monitors the asset and immediately identifies any asset failure. It is not limited to predicting failure like predictive analytics. It has a larger canvas. Prescriptive analytics helps in strategic decision making for the maintenance of the asset throughout its life cycle. Therefore, the prescriptive approach to asset management has several benefits. It helps in providing real-time data analysis and improves asset performance by significantly reducing downtime.

Market Analysis and Insights: Global Prescriptive Asset Management Solutions Market
The global Prescriptive Asset Management Solutions market size is projected to reach US$ XX million by 2027, from US$ XX million in 2020, at a CAGR of XX% during 2021-2027.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Prescriptive Asset Management Solutions market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Prescriptive Asset Management Solutions market in terms of revenue.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Prescriptive Asset Management Solutions market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Prescriptive Asset Management Solutions market.

Global Prescriptive Asset Management Solutions Scope and Market Size
Prescriptive Asset Management Solutions market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Prescriptive Asset Management Solutions market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.

Segment by Type
Software
Services

Segment by Application
Oil & Gas
Chemicals
Water & Wastewater
Power Generation
Others

By Region
North America
United States
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

By Company
AspenTech
ABB
SSG Insight
Arcadis Gen Sheffield
PlantVision
Altran Americas
IBM Corporation
Rockwell Automation
SAP SE
Wipro
eMaint

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