What Is The Scope Of The Global Decision Management Market?
Decision management refers to the systematic process of identifying, automating, and optimizing decisions within an organization to improve efficiency, effectiveness, and consistency. It involves utilizing data, analytics, and technology to support decision-making across various business functions. The goal of decision management is to optimize decision-making processes, increase operational efficiency, and capitalize on opportunities to meet strategic objectives.
Decision Management Global Market Report 2024 provides data on the global decision management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The decision management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Decision Management?
The decision management market has expanded swiftly, growing from $5.66 billion in 2023 to $6.77 billion in 2024 at a CAGR of 19.5%. Historical growth drivers include the rising demand for automated decision-making, personalization in processes, and cloud migration. The market is expected to grow to $14.00 billion by 2028 at a CAGR of 19.9%. This growth will be driven by predictive analytics, IoT data integration, and heightened regulatory compliance. Trends include advancements in big data analytics, integration of IoT data, and improvements in customer relationship management systems.
What Are The Leading Drivers Of Growth In The Decision Management Market?
The growing demand for artificial intelligence (AI) is expected to drive the growth of the decision management software market. AI, which simulates human cognitive processes, is in high demand due to data proliferation, advances in algorithms, and improved computing power. Decision management systems leverage AI to automate and optimize decision-making across industries. In May 2022, IBM’s Global AI Adoption Index revealed that 35% of businesses used AI in their operations, up from 31% in 2021, with many more exploring its potential. The rising demand for AI is, therefore, boosting the growth of the decision management market.
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How Are The Segments Defined Within The Global Decision Management Market?
The decision management market covered in this report is segmented –
1) By Deployment: On-Premise, Cloud-Based
2) By Enterprise Type: Small And Medium Enterprises(SMes), Large Enterprises
3) By Function: Data Analytics, Business Process And Rule Management, Operations Research, Robotics
4) By Industry: Automotive, Banking, Financial Services, And Insurance (BFSI), Healthcare, Manufacturing, Retail, Information Technology (IT) And Telecommunications, Other Industries
How Are New Trends Expected To Influence The Growth Of The Decision Management Market?
In the decision management market, companies are developing AI-assisted interactive decision management tools to enhance decision-making. These tools use artificial intelligence to support users in making informed decisions. For instance, in March 2024, Sparkling Logic, a US-based software company, launched the AI Assistant, an interactive decision management tool embedded in the SMARTS business rules and decision management platform. This tool uses a large language model (LLM) form of generative AI, enabling users to interact with the AI in natural language to create and modify project assets like data, decision flows, and business rules.
Which Region Drives The Highest Growth In The Decision Management Market?
North America was the largest region in the decision management market in 2023. The regions covered in the decision management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
