Management Decision Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Function (Credit risk management, Collection management, Customer experience management, Fraud detection management, Pricing Optimization, Others); By Deployment Mode; By Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 110
- Format: PDF
- Report ID: PM2247
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global management decision market was valued at USD 4.90 billion in 2021 and is expected to grow at a CAGR of 13.2% during the forecast period. Prime factors responsible for the market growth include the increasing need for quick business decisions to stay competitive in the market, business agility and ability to foresee key challenges coming ahead with enhanced effectiveness are significantly contribute to the management decision market growth. Companies frequently utilize a continuous improvement process to better their operations. Depending on the entire impact on the organization, making business decisions might take hours, days, or even months. Companies must continually cope with the repetition of decisions and the time frame.
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As a result, business organization software can eliminate some of the issues with making recurring judgments. Managers and other decision-makers can rely on a more efficient system as a result. Several complex verdicts must be taken every day, many of which are based on multiple rules and data sources. In addition, the decision-making reasoning often shifts due to changing legislative requirements or market situations. As a result, since business units can change the decision-making logic, this system makes a corporation more flexible.
Furthermore, AI is being incorporated in multiple management solutions that leverage attribute knowledge and human knowledge and experience that can provide background and complement data-driven insights. Bristlecone, a developer of AI-powered software products is available for the connected supply chain, announced a new cooperation with Aera Technology. This firm has been specialized in cognitive automation, in June 2021.
However, the opposition of IT workers and a lack of investment in recruiting resources with specific skills are two main impediments to expanding the management decision market. In any firm, the IT staff is responsible for maintaining and managing the existing infrastructure, and such services must be implemented alongside the existing infrastructure to perform properly. Lack of sufficient clarification among the user base to its use is a major challenge for most corporate software suppliers.
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Industry Dynamics
Growth Drivers
The management decision market has observed extensive developments in the last few decades supported by various factors such as major players' initiatives such as partnerships, product launches, mergers and acquisitions, collaborations, technological advancements, geographical expansion, and the rising trend of automation and intelligence decisions. For instance, in August 2021, Oracle Fusion Cloud Payroll, will now support India (HCM). This new service makes it easier and faster for enterprises to pay employees in India while still adhering to local norms and customs.
In addition, in June 2021, Slovenskásporitea, Slovakia's largest commercial bank, selected FICO Decision Optimizer to allow users to access loan profitability and improve portfolio organization. The bank builds data-driven lending approaches to enhance performance using FICO's advanced AI-powered optimization systematically. Slovenská sportier is a member of the Erste Group, one of Central and Eastern Europe's leading financial services providers, with over 16 million customers in 7 countries. Thus, major players' acquisitions and advancements in the software boost the market growth during the forecast period.
Furthermore, automated business services give businesses a substantial competitive edge since the sooner a user can decide on the best response to a business opportunity or danger and consistently act on it, the greater the business outcome will likely be. Companies can streamline processes, manage risk efficiently, and maintain profitability by automating key operational decisions, such as which loan approval or rejection, what product to introduce a different customer when to prompt an agent to call back a client for assistance, when to re-route cargo, and so on.
Report Segmentation
The market is primarily segmented based on component, vertical, deployment mode, function, and region.
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By Component |
By Function |
By Deployment Mode |
By Vertical |
By Region |
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Insight by Component
Based on the component segment, the services segment is expected to be the most significant revenue contributor in the global market, in 2021. This is due to the rise in market demand for implementation and integration, development and support, and consulting services to ensure that business software systems run well. With better and more intelligent decision-making capabilities and support, such services increase corporate agility.
The services ensure compliance by delivering explainable decision tree-based solutions that better fit the organization's goals and restrictions, which are constructed utilizing strong and interpretable optimization models and frameworks. To minimize software downtime throughout the pre-and post-installation of solutions, businesses require active help from knowledgeable people. These services give the assistance required to maintain business process efficiency, boost organizational growth, and decrease unnecessary IT costs.
Geographic Overview
In terms of geography, North America had the highest share in 2021. In North America, many firms have quickly accepted and invested in emerging technologies such as big data, analytics, and cloud platforms. Many firms in the United States are increasingly focused on advanced analytics. Decision Management Systems profoundly embed analytic insight to improve operational behavior. Furthermore, factors such as the presence of major firms and an increase in market demand among organizations to automate corporate decision-making processes to boost productivity are driving the expansion of the management decision market.
Moreover, Asia-pacific is expected to witness a high CAGR in the global market, in 2021. Due to increased commercial investments by various corporations in developing nations such as China and India, Asia-Pacific is likely to grow rapidly in the next years. Furthermore, factors such as strong economic growth and continued expansion in the services sector encourage businesses to invest substantially in management software to maintain growth and productivity.
Competitive Insight
Some of the major players operating in the global market include IBM Corporation, FICO, TIBCO Software Inc., Oracle Corporation, SAP SE, Equifax, Inc., Experian Information Solutions, Inc., InRule Technology, Inc., and Scorto, Inc., among others.
Management Decision Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 4.90 billion |
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Revenue forecast in 2030 |
USD 13.91 billion |
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CAGR |
13.2% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Vertical, By Deployment Mode, By Function, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
IBM Corporation, FICO, TIBCO Software Inc., Oracle Corporation, SAP SE, Equifax, Inc., Experian Information Solutions, Inc., InRule Technology, Inc., and Scorto, Inc. |
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