How Has the Decision Management Market Evolved Historically and What is its Current Size?
The decision management market has seen considerable growth due to a variety of factors.
• In recent times, the size of the decision management market has observed a significant increase. It is projected to escalate from $6.77 billion in 2024 to $8.13 billion in 2025, marking a compound annual growth rate (CAGR) of 20.2%.
Factors such as emphasis on customer experience management solutions, a rising requirement for automation in decision processes, an increased demand for personalisation in decision-making, an amplified significance of agility in decision processes, and growth in migration to cloud computing solutions explain the expansion in the historic period.
What is the Forecasted Market Size and CAGR for the Decision Management Market?
The decision management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of decision management is anticipated to experience swift expansion in the forthcoming years. An impressive CAGR of 19.8% projects the market value to reach $16.77 billion by 2029. The expected growth within the forecast period can be linked to an increased focus on predictive analytics, rising incorporation of Internet of Things (IoT) data, heightened regulatory compliance demands, an escalating dependence on big data analytics, and a boosting demand for decision support systems (DSS). Key trends we should watch during the forecast period encompass technological progression, widening of predictive analytics applications, advancements in big data analytic technologies, incorporation of IoT data streams, and collaboration with customer relationship management (CRM) data.
What Key Factors and Trends Are Driving The Growth Decision Management Market?
The surge in the need for artificial intelligence (AI) is predicted to impel the expansion of the decision management market. AI is characterized as the mimicry of human cognitive processes through machinery, predominantly computer systems. The increased interest in AI is derived from data proliferation, advancements in AI algorithms, the presence of high computing power, and an expanding awareness and learning. Decision management employs AI to mechanize, optimize, and enhance decision-making processes in diverse sectors and applications. For example, as per the IBM Global AI Adoption Index 2022 report disseminated by the International Business Machines Corporation, a survey carried out among 7,502 businesses in May 2022 revealed that over a third of businesses (35%) declared using AI in their functions, marking a four-point increase from 2021. Additionally, 42-64% are investigating its potential. 64% of businesses are optimistic that AI will escalate business efficiency, while 42% regard it beneficial in streamlining task procedures. In 2022, organizations were 13% more likely to resort to AI compared to the preceding year, 2021. Thus, the escalating requirement for artificial intelligence (AI) is catalyzing the expansion of the decision management software market.
What Are The Market Segments In The 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
Subsegments:
1) By On-Premise: Software Solutions, Decision Support Systems (DSS), Business Rule Management Systems (BRMS), Analytics And Reporting Tools, AI And Machine Learning Platforms
2) By Cloud-Based: Decision Management Platforms, Business Rule Engines, Predictive Analytics, Artificial Intelligence (AI) Solutions, Automation And Workflow Systems, Data Management And Integration Tools
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What New Trends Are Influencing The Decision Management Market?
Leading players in the decision management market are shifting their focus towards the creation of innovative tools like AI-enhanced interactive decision management tools to stay competitive. These AI-enhanced tools are software applications integrating AI algorithms to guide users in making knowledgeable decisions. For example, Sparkling Logic, a US-based software company, introduced AI Assistant, an interactive decision management tool, in March 2024. This tool, integrated into Sparkling Logic's SMARTS business rules and decision management platform, aids users in decision-making tasks throughout the decision-management lifecycle. AI Assistant employs a large language model variety of generative AI, pre-trained on a range of decision management tasks. It allows users to converse with AI assistants in natural language to develop and adjust project assets, including data, decision flows, and business rules.
Who Are the Key Players In The Decision Management Market?
Major companies operating in the decision management market are:
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• Salesforce Inc.
• CGI Inc.
• Moodys Investors Service Inc.
• Equifax Inc.
• Experian plc
• SAS Institute Inc.
• Pegasystems Inc.
• SAP SE
• ACI Worldwide Inc.
• Fair Isaac Corporation
• TIBCO Software Inc.
• Quantiphi Inc.
• Altair Engineering Inc.
• Sapiens International
• Appian Corporation
• Aible Inc.
• Meridian Link
• Bosch Software Innovations GmbH
• RapidMiner Inc.
• ACTICO GmbH
• InRule Technology Inc.
• Neota Logic Inc.
What Are The Regional Insights Into The Decision Management Market?
North America was the largest region in the decision management market in 2024. The regions covered in the decision management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
