Predictive Analytics & Prescriptive Analytics are Gaining the Momentum in the Automotive Analytics Space
Data analytics and machine learning
have turned out as the key technologies in the automotive industry. The analysis of large volumes of data generated from the data enablers such as telematics devices, industrial equipment such as SCADA systems, sensors and so on. Vehicle development has become a largely virtual process with the use of design models and simulation analysis solutions. The growth of connected car technologies has been providing new opportunities and challenges for the automotive industry because of which, demand for the predictive and prescriptive analytics are gaining the popularity in the recent years in automotive industry. IndustryARC estimates predictive and prescriptive analytics are projected to witness brisk growth rates of CAGR 17.4% and 23.0% respectively during 2017-2023.
Predictive analytics has been increasingly utilizing in the applications including sales & marketing, automotive manufacturing operations, diagnostics and maintenance and customer management applications. Predictive maintenance is one among the significant application which aim to identify vehicle maintenance issues before they occur. By leveraging data from warranty repairs with current vehicle sensor data and other on-board systems, predictive data analytics have been predicting the maintenance issues in advance to their occurrence. Moreover, predictive analytics is assisting auto industry in overwhelming the marketing challenges. By tapping the power of big data, predictive analytics applications have been assisting in accurately identifying target audience who are most likely to purchase an automotive or automotive components in the near future thereby assisting in boosting the sales of automotive components especially in after-market sector.
Prescriptive analytics is being increasingly utilizing in making the business decisions and is the latest field of proposing beneficial actions that assist business in maximizing profits and to mitigate risks. Prescriptive analytics combines Big Data, machine learning, artificial intelligence and business rules and thereby delivery optimized solutions to lever the situation of uncertainty for businesses in automotive industry. Operational applications including supply chain management are the primarily applications of prescriptive analytics followed by diagnostics solutions where recommendable actions are required for an automotive. Prescriptive analytics software type is projected to boost over the next decade and companies such as IBM Corporation (U.S.) Oracle Corporation (U.S.) & many others are increasingly involved in the development of prescriptive analytics.
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