The growing need to reduce specific risks related to human decision-making, and the advent of ML and AL which are enabling a variety of sectors to fully utilize decision intelligence drive the global decision intelligence market growth.
PORTLAND, Ore., April 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Decision Intelligence Market by Component (Platform, Solutions, Services), by Deployment Mode (On-premise, Cloud), by Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises (SMEs)), by Industry Vertical (Energy and Utilities, BFSI, IT and Telecom, Government, Healthcare, Manufacturing, Retail and Consumer Goods, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global decision intelligence industry was valued at $9.8 billion in 2021 and is estimated to generate $39.3 billion by 2031, witnessing a CAGR of 15.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers, Restraints, and Opportunities
The growing need to reduce specific risks related to human decision-making, and the advent of ML and AL which are enabling a variety of sectors to fully utilize decision intelligence drive the decision intelligence market. However, concerns regarding data security and privacy hinder the global market growth. On the other hand, rapid advancements in big data technology that will lead to actionable business information will present new growth opportunities for the global decision intelligence market in the coming years.
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Covid-19 Scenario
- The impact of COVID-19 had a mixed impact on the decision intelligence market.
- The market faced challenges, owing to the lockdowns and restrictions imposed by governments across the globe, which led to a decline in consumer spending on luxury items, including decision intelligence products.
- However, the COVID-19 pandemic also had a positive effect on the market for decision intelligence. Many businesses deployed intelligence software at that time in order to observe the workflow and make better decisions easily and remotely.
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The platform segment to dominate the market during the forecast period
Based on component, the platform segment contributed to the largest share of nearly half of the global decision intelligence market in 2021 and is expected to dominate the market during the forecast period. This is because IT companies, such as Google, Oracle, IBM, and Microsoft are compelled to create decision intelligence platforms to assist IT teams in managing the process due to the abundance of data generated. The solutions segment, on the other hand, is expected to witness the fastest CAGR of 17.0% from 2022 to 2031. This is because various decision-making methodologies, such as AI, ML, contextual intelligence, and automation are used to produce actionable and unique business recommendations that can be instantly implemented to produce business value.
The on-premise segment to maintain its leadership during the forecast period
Based on deployment mode, the on-premise segment grabbed the highest share of more than two-thirds of the overall decision intelligence market in 2021 and is projected to maintain its dominance in 2031. This is owing to the superior data protection provided by on-premise while allowing businesses to comply with various regulatory standards. However, the cloud segment is expected to witness the fastest CAGR of 16.7% from 2022 to 2031. This is owing to the surge in cloud data warehouses and cloud decision intelligence being used increasingly to solve decision making problems.
The large enterprise segment to maintain its leadership during the forecast period
Based on enterprise size, the large enterprise segment grabbed the highest share of nearly two-thirds of the overall decision intelligence market in 2021 and is projected to maintain its dominance in 2031. However, the small and medium-sized enterprises (SMEs) segment is expected to witness the fastest CAGR of 16.7% from 2022 to 2031. This is because of BI tools that users with little or no coding experience can create to develop more robust BI. These applications and connections make it simple to automate and combine corporate operations, including people, data, technology, and procedures.
North America to dominate the market by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly one-third of the global decision intelligence market. This is because advanced technologies such as AI, ML, intelligent apps, and natural language queries are used to transform data dashboards and business analytics into more comprehensive decision-support platforms in the region. However, the market in Asia-Pacific is likely to dominate in terms of revenue and exhibit the fastest CAGR of 18.1% during the forecast period. Enterprises across Asia-Pacific leverage engineered decision making for substantial and consistent positive decision making.
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Leading Market Players
- Oracle Corporation
- Microsoft Corporation
- Board International
- Metaphacts GmbH
- H2O.ai
- International Business Machines Corporation
- Intel Corporation
- Diwo.ai
- Clarifai, Inc.
- Google LLC
The report analyzes these key players of the global decision intelligence market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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