Decision Intelligence Market
Big data technology advancements for practical business intelligence & advent of ML and AL in variety of sectors impacts market growth
PORTLAND, PORTLAND, OR, UNITED STATE, April 11, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Decision Intelligence Market Size Reach USD 39.3 Billion by 2031, Key Factors behind Market’s Hyper Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global decision intelligence market was valued at USD 9.8 billion in 2021, and is projected to reach USD 39.3 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
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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. 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.
The global decision intelligence market is segmented on the basis of component, deployment mode, enterprise size, industry vertical, and region. On the basis of component, it is segregated into platform, solutions, and services. On the basis of deployment mode, it is segregated into cloud and on-premises. On the basis of enterprise size, it is segregated into large enterprises and small and medium-sized enterprises (SMEs). On the basis of industry vertical, it is segregated into energy and utilities, BFSI, IT and telecom, government, healthcare, manufacturing, retail and consumer goods, and others. On the basis of region, it is segregated into North America, Europe, Asia-Pacific, and LAMEA.
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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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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.
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.
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.
Key players profiled in decision intelligence industry include Google LLC, Oracle Corporation, Microsoft Corporation, Board International, Metaphacts GmbH, H2O.ai, International Business Machines Corporation, Intel Corporation, Diwo.ai, and Clarifai, Inc.
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