Data Analytics is probably the best tool to predict the insights of the market performance of the business and helps in making the optimum decisions, that is best suited to take the business to great heights. The global Data Analytics market is growing at a healthy CAGR of 30.08% and is expected to attain a big-fat size of $77.64 billion by 2023.
The rapid advancement of technologies and the constant emergence of newer technical trends is the apple and cinnamon combination nowadays. And looking at the current scenario, Data Analytics is also facing constantly varying trends in businesses. From Descriptive Analytics, the implementation in businesses migrated to predictive and prescriptive data analytics methods, and the question that arises here is to decide the best Analytics for your business.
This article is aimed at establishing a conclusive verdict on which of the data analytics is better-descriptive, predictive or the prescriptive one.
1. Descriptive Data Analytics: The market for Descriptive Data Analytics is blooming at a CAGR of 18.2% for the period 2016-22.
The Descriptive Data Analytics assists in drawing the conclusive reports and analyze the past events in the company. This basic approach helps in judging the overall performance of a past project, highlighting the strength and weaknesses, and concluding the productivity and fruitfulness of the project in the company.
The major drawback that this method faces is that there are no prospects of obtaining valuable suggestions based on the past data, for the better performance of the forthcoming projects and tasks.
2. Predictive Data Analytics: The Predictive Data Analytics market is growing with a CAGR of 22.17% and is forecasted to reach out to the milestone market size of $12.4 billion by 2022.
The implementation of more complex AI and ML algorithms in deciding how fruitful and successful future projects will be for the company is known as the Predictive Analytics approach.
Put in other words, Predictive Analytics is the best way to know the direction in which the steering of the business is turning.
The Predictive Data Analytics fails to suggest firm and well-analyzed ways for a project to give better results, and successful methodologies to increase the sales of the company.
3. Prescriptive Data Analytics: The Prescriptive Analytics market is flourishing at a CAGR of 26.6% and will shoot up to touch the size of $12.35 billion by the year 2026.
Other than giving accurate insights into what will be the futuristic results of the business, the Prescriptive Data Analytics also suggests the most successful way outs for the businesses to perform better in the future.
This method utilizes robust artificial intelligence algorithms to deduce the best predictions and worth-opting productive pieces of advice for businesses to become successful.
The final verdict on which of the data analytics methods is better is to go with the Prescriptive Analytics, and obtain a prescription for the best ‘medicines’ to omit and improve the weaker and poor portions of a project, and ‘tonics’ to boost up and skyrocket the business projects and/or sales. The Prescriptive Analytics provides a square knowledge of the business, the customer reach and success of the forthcoming projects, and also provides a peep into the business sales.
An organization can go with Descriptive Analytics, if only the report of past tasks is desired to be obtained, with no future predictions and suggestions. Similarly, Predictive Analytics can be implemented in business data, where only the direction of the business and its activities are intended to be derived.