Decision Intelligence Market worth $50.1 billion by 2030 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, March 22, 2024 /PRNewswire/ -- With a focus on ethical behaviour and explainable AI, the Decision Intelligence Market will see a rise in the integration of AI and ML for real-time decision support in the future. Innovation will be propelled by cross-domain applications, cooperative decision-making, and tailored insights, combined with an emphasis on automation, regulatory compliance, and governance to satisfy changing industry demands.
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The Decision Intelligence Market is estimated to grow from USD 13.3 billion in 2024 to USD 50.1 billion in 2030, at a CAGR of 24.7% during the forecast period, according to a new report by MarketsandMarkets(TM). Several trends fuel the global spread of Design Intelligence (DI). Increasingly affordable computing power allows complex AI models to run efficiently. Businesses see the value of data-driven insights for improving products, operations, and marketing. A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of DI for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on "Decision Intelligence Market"
339 - Tables
61 - Figures
334 - Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019-2030
Base year considered 2023
Forecast period
2024-2030
Forecast units
USD Billion
Segments Covered
Offering, Type, Business Function, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered IBM(US), Oracle (US), Google (US), Intel (US), Microsoft (US), TCS(INDIA), DOMO(US), Board International
(Switzerland),
Provenir (New Jersey), Pyramid Analytics (Netherlands), 4CAST(Israel), H20.ai(CA), Remi.AI (Australia),
Quantellia (US),
Peak.AI (UK), DIWO(US), Cerebra (US), Clarifai (US), FLYR LABS(US), Metaphacts (Germany), Systems
Technology Group (US),
paretos(Germany), Course5i(US), Telius (US), Evolution Analytics (US), HyperFinity (UK), Aera Technology
(US),
Quantexa (UK), Urbint(US), PlanningForce(Belgium), EY(UK)
By offering the services segment to account for higher CAGR during the forecast period.
In the Decision Intelligence Market, the highest CAGR of services is fueled by complex decision-making processes, AI and machine learning advancements, real-time insights demand, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated decision intelligence services across sectors. As businesses prioritize agility and informed decision-making, the Decision Intelligence Market is expected to sustain significant growth, supported by evolving technologies and a growing emphasis on data-centric strategies.
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By Type, Decision Automation is expected to hold the largest market size for the year 2024.
Decision automation contributes to cost savings and operational efficiencies by reducing manual intervention, minimizing errors, and optimizing resource allocation based on data-driven insights. This aligns with business objectives focused on improving productivity and profitability while maintaining accuracy and consistency in decision-making. Moreover, advancements in cloud computing facilitate the scalability, flexibility, and accessibility of decision automation solutions, making them more attractive to organizations of all sizes and industries. As businesses strive to stay competitive in a data-driven landscape, the growth of decision automation in the Decision Intelligence Market is expected to continue as a strategic investment in enhancing agility, efficiency, and competitive advantage.
By Vertical, Retail & eCommerce is projected to grow at the highest CAGR during the forecast period.
The retail and e-commerce sector is experiencing a surge in the adoption of decision intelligence (DI) due to a confluence of factors. The exponential growth of e-commerce has resulted in vast repositories of customer data. While rich in potential insights, this data surge presents a challenge for traditional business intelligence (BI) tools. Here, DI leverages machine learning (ML) and advanced analytics to transform this data into actionable insights. Retailers can utilize DI for real-time personalization, optimizing product recommendations and marketing campaigns. Additionally, DI empowers data-driven inventory management, minimizing stockouts and maximizing efficiency. Furthermore, DI can bolster fraud prevention efforts and optimize supply chain logistics. In a competitive digital landscape, retailers increasingly recognize DI as a strategic imperative for enhancing customer experience, boosting operational efficiency, and gaining a competitive edge.
Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Asia-Pacific (APAC) region is experiencing rapid growth in the Decision Intelligence Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries, and a burgeoning startup ecosystem focusing on analytics and insights. Moreover, the region's favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC's dominance in Decision Intelligence Market growth.
Top Key Companies in Decision Intelligence Market:
The major decision intelligence solution and service providers include IBM(US), Oracle (US), Google (US), Intel (US), Microsoft (US), TCS(INDIA), DOMO(US), Board International (Switzerland), Provenir (New Jersey), Pyramid Analytics (Netherlands), 4CAST(Israel), H20.ai(CA), Remi.AI (Australia), Quantellia (US), Peak.AI (UK), DIWO(US), Cerebra (US), Clarifai (US), FLYR LABS(US), Metaphacts (Germany), Systems Technology Group (US),paretos(Germany), Course5i(US), Telius (US), Evolution Analytics (US), HyperFinity (UK), Aera Technology (US), Quantexa (UK), Urbint(US), PlanningForce(Belgium), EY(UK). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Decision Intelligence Market.
Recent Developments:
-- In February 2024, IBM Cloud Pak for Data version 4.8 introduced
significant enhancements, offering faster access to distributed data
sources, reduced ETL requests, and improved data cataloging
capabilities. This update aimed to streamline data management processes,
enhance productivity, and enable more efficient organizational
decision-making leveraging the platform's features.
-- In November 2023, Wonderbox Group collaborated with Board, an
intelligent planning solutions provider, to improve sales forecasting
and cost optimization. It aimed to streamline budgeting processes,
manage P&L more effectively, and boost technical performance through
agile and customized processes. With the Board's tools, they can unify
data, collaborate efficiently, and make informed decisions for
controlling costs.
-- In November 2023, Provenir partnered with Tbi bank to enable real-time
credit decisions at scale, showcasing the integration of decision
intelligence into digital lending processes.
-- In September 2023, The Oracle Cloud Infrastructure (OCI) Generative AI
service developed, in collaboration with Cohere, enhanced decision
intelligence by automating business processes, improving
decision-making, and enhancing customer experiences. This service
supported large language models (LLMs) to optimize end-to-end processes
while ensuring data security and privacy, aligning with the principles
of responsible AI deployment.
-- In September 2022, Tata Consultancy Services (TCS) announced the latest
release of its TCS Connected Intelligence Platform (CIP). The new
release of CIP is a low-code decision intelligence platform designed to
provide organizations with the next best actions for customers,
employees, partners, and business processes in real-time. It offered a
graphical, drag-and-drop interface for configuring the next best action
strategies using business rules, segmentation, contextual data, and
AI/ML models to accelerate the development and deployment of decision
intelligence use cases. This update aimed to transform data into a
strategic asset that delivers in-the-moment recommendations for informed
and intelligent decisions across departments, value chains, and
industries.
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Decision Intelligence Market Advantages:
-- Decision intelligence solutions provide organizations with actionable
insights derived from complex data sets, enabling informed and
data-driven decision-making processes.
-- These systems predict future trends, foresee events, and optimise
decision outcomes by utilising sophisticated analytics approaches like
machine learning and predictive modelling.
-- Decision intelligence platforms facilitate prompt decision-making and
adaptability to dynamic business environments by providing real-time
data processing capabilities that allow organisations to analyse and act
upon data streams as they arise.
-- Solutions for decision intelligence combine data from various sources
and formats to give an organization-wide holistic picture of the data,
enabling thorough analysis and decision-making across departments and
functions.
-- By using algorithmic models and decision rules to automate
decision-making processes, these solutions increase operational
effectiveness, decrease manual labour, and minimise decision execution
errors.
-- Platforms for decision intelligence provide individualised insights and
recommendations based on each user's unique preferences, actions, and
goals, increasing user satisfaction and engagement.
-- Through the analysis of past data, the identification of trends, and the
assessment of possible outcomes, decision intelligence solutions help
organisations identify and mitigate risks and enable proactive risk
management and mitigation techniques.
-- Decision intelligence solutions assist organisations in optimising
resource allocation, streamlining operations, and enhancing cost
efficiency by analysing data on resource utilisation, demand trends, and
performance metrics.
-- Through performance tracking and feedback systems, decision intelligence
platforms facilitate iterative learning and continuous improvement,
allowing organisations to gradually enhance their decision models and
strategies.
Report Objectives
-- To define, describe, and predict the Decision Intelligence Market by
offering, type, business functions, vertical, and region
-- To provide detailed information about the major factors (drivers,
restraints, opportunities, and challenges) influencing the market growth
-- To analyze the opportunities in the market and provide details of the
competitive landscape for stakeholders and market leaders
-- To forecast the market size of segments with respect to five main
regions: North America, Europe, Asia Pacific, Middle East & Africa, and
Latin America
-- To profile the key players and comprehensively analyze their market
rankings and core competencies
-- To analyze the competitive developments, such as partnerships, product
launches, and mergers & acquisitions, in the Decision Intelligence
Market
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