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Decision Intelligence Market Size, Share & COVID-19 Impact Analysis, By Application (Decision Support, Decision Augmentation, and Decision Automation), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By Industry (IT & Telecommunication, BFSI, Transportation & Logistics, Retail & Ecommerce, Consumer Goods, Construction, Government and Others), and Regional Forecast, 2023 – 2030

Region : Global | Format: PDF | Report ID: FBI108592

 

KEY MARKET INSIGHTS

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The global decision intelligence market size was valued at USD 12.88 billion in 2022. The market is projected to grow from USD 14.66 billion in 2023 to USD 44.63 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.


Decision intelligence is an evolving field focused on improving decision-making within organizations through structured processes, human expertise, and technology integration. It empowers organizations to achieve significant business results by equipping individuals with advanced analytics capabilities integrated into their decision-making processes. The primary goal of decision intelligence is to bridge the gap between decision-making and information.


Decision intelligence solutions employ advanced algorithms and data-driven methods to analyze vast amounts of information, extract relevant data, and generate valuable insights. This enables companies to boost productivity, manage risks, and optimize resource allocation efficiently. As a result, it has become an increasingly popular and cost-effective approach to enhancing decision-making in the market. For example,


According to a survey report, as of 2023, 33% of large enterprises had employed analysts skilled in decision intelligence, particularly in decision modeling. This has been instrumental in assisting data analysts and managers in various activities, including composing, designing, implementing, modeling, monitoring, aligning, and tuning decision models and processes to remain competitive and meet customer demands in the market.


COVID-19 IMPACT


Increased Adoption of AI and Cloud-based Decision Intelligence Platforms during COVID-19 Spurred Market Growth


The COVID-19 pandemic had a positive impact on this market. The spread of the virus increased the demand for solutions that help organizations make more informed decisions regarding customer experience, risk management, and supply chain management. Additionally, the pandemic accelerated the adoption of cloud-based business intelligence platforms as many businesses transitioned online, enabling individuals to access these solutions easily from remote locations. Furthermore, during the pandemic, these solutions were integrated with other cloud services, data sources, and applications, making it easier for businesses to leverage existing data and tools.


These services also offer a pay-as-you-go model, allowing many businesses to avoid large upfront investments in infrastructure. Therefore, this cost-effective approach across various businesses is expected to boost market growth. Moreover, during the outbreak, organizations recognized the value of integrating artificial intelligence into their business intelligence solutions to automate tasks and improve decision-making accuracy, making it a crucial factor for market growth.


LATEST TRENDS


Surge in the Development of Big Data Analytics for Actionable Business Intelligence to Boost the Market Demand


Decision intelligence is one of the fastest-growing areas of data science and artificial intelligence. Software tools and platforms such as IBM Cognos DecisionStream and RapidMiner assist in data analysis, decision support, and the optimization of data-related processes. Decision intelligence and big data analytics collaborate to create powerful systems capable of handling vast amounts of data, facilitating knowledge discovery and text analytics. This, in turn, streamlines decision-making processes for businesses and management.


This technology automates the extraction of relevant information from documents and generates general insights. Customers are no longer constrained by the need to choose the right keywords. Instead, they can interact with content through word-based queries, leading to quicker access to information. This, in turn, accelerates all downstream procedures that rely on timely information and enables its use in real-time decision-making. All these factors contribute to the growth of the market.


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DRIVING FACTORS


Introduction of AI and ML Techniques helping Several Industries to Maximize the Potential of Decision Intelligence to Fuel the Market Growth


Decision intelligence is evolving as a solution that combines decision management, decision support, and complex system applications to address the urgent need to leverage and digitize new technologies, including Machine Learning (ML) and AI. AI and ML enhance decision intelligence technology by improving predictive capabilities and forecasting. Organizations in various industries are turning to these solutions to automate and expedite decision-making across various use cases and sectors. Consequently, it bridges the gap between data and enables better decision-making for organizations grappling with the vast ocean of data.


Furthermore, this technology benefits industries such as financial services, healthcare, and supply chains, enabling them to fully tap into their data potential and maximize the advantages of AI. The introduction and implementation of ML and AI allow businesses to understand customer preferences by analyzing data from multiple sources. Many companies have shifted their focus toward providing a unified customer experience across all channels to deliver real-time personalized offers based on the analysis of customers' purchasing habits. Therefore, the increasing adoption of decision intelligence in several industries acts as a catalyst for market growth.


RESTRAINING FACTORS


Security Related Data Concerns May Hinder Market Growth


Data, which is the backbone of decision intelligence solutions, remains a crucial yet challenging aspect for organizations to manage. Inefficiencies in handling exabytes and petabytes of data have increased the risk of security breaches and data loss, thereby hindering the growth of the market. Additionally, marketing teams rely on secure and real-time data to understand customer behavior and preferences.


Organizations strategically collect data from multiple touchpoints and employ rigorous analysis methods to harness its full potential. This data, secured from both small and extensive public sources, serves various support purposes and applications. This data may include authorizations, personal preferences, and up-to-date contact information across products, services, and communication platforms. Therefore, providers must ensure high data security to maintain customer trust. Such cyberattacks persist and impede the adoption of these solutions in data-intensive industrial sectors.


SEGMENTATION


By Application Analysis


Decision Automation Segment Leads Due to the Systems’ Increasing Demand in Several Organizations for Automated Decisions


By application, the market is divided into decision support, decision automation, and decision augmentation. The decision automation segment dominates the market with the highest share. It utilizes artificial intelligence, data, and business rules to benefit organizations by automating decision-making across various areas. Automated decision-making increases productivity, reduces risks, and minimizes errors in decision-making. Consequently, decision automation systems ensure a consistent application of rules and criteria in all decisions, reducing variability and enhancing the quality of outcomes.


Furthermore, the decision support segment is predicted to grow with the highest CAGR during the forecast period. This system uses organizational information systems to analyze data and support decision-making. It serves as an information system used to support business activities and corporate decision-making. This process is fundamentally reliant on databases and accessible information. Therefore, increasing the adoption of big data and data-driven business software in decision support systems is crucial for boosting market growth.


By Enterprise Type Analysis


Large Enterprises Segment Lead the Way, Dominating the Market with Data-Driven Decision Solutions


By enterprise type, the market is divided into large enterprises and small & medium enterprises. The large enterprises segment dominates the market with the highest share. The growth can be attributed to several factors, including improved consumer engagement and fulfillment, enhanced data analysis and visualization, better data access and discovery, reduced operational expenses, and increased productivity. Furthermore, large enterprises manage a substantial volume of data, which, while valuable, can be challenging to analyze and manage effectively. These solutions play a crucial role in helping these organizations harness their data resources to make well-informed decisions. Moreover, their financial resources enable large enterprises to invest in decision-making solutions, recognizing the potential value and benefits these solutions offer their commercial operations.


In addition, the Small & Medium Enterprises (SMEs) segment is predicted to grow with the highest CAGR during the forecast period. SMEs are increasingly adopting data-driven decision-making solutions as they recognize their importance in achieving better results. Furthermore, the declining cost of these solutions has made them more accessible to SMEs. This accessibility is further facilitated by the growing availability of data, mainly driven by the widespread use of digital technologies, including social media, e-commerce, and mobile devices. This growing pool of data provides valuable insights to drive SMEs' decision-making processes. These factors play a vital role in boosting market growth.


By Industry Analysis


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BFSI Segment Leads Market Share, Spearheading Data-Driven Decision Intelligence


On the basis of industry, the market is segmented into it & telecommunication, BFSI, transportation & logistics, retail & e-commerce, consumer goods, construction, government, and others. BFSI segment held the largest market share in 2022. The technology offers several advantages, such as managing large transactional datasets and driving data infrastructure and technology investments. Moreover, decision intelligence in BFSI enables institutions to tailor products and services to individual customer needs, improving customer satisfaction and loyalty. These factors are anticipated to boost market growth.


Additionally, the IT & Telecom segment is expected to grow at the highest CAGR during the forecast period due to the increasing availability of data and the adoption of various technologies, including artificial intelligence, machine learning, and statistical analysis. These technologies assist businesses in identifying patterns and trends in data, which can be used to make better decisions and provide valuable insights to clients. Furthermore, IT and telecommunications play a vital role in data security and ensuring compliance with privacy regulations. Protecting sensitive data is crucial in decision intelligence to maintain trust and compliance. Hence, these factors are expected to drive the segment's growth throughout the forecast period.


REGIONAL INSIGHTS


In terms of region, the market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.


North America Decision Intelligence Market Size, 2022 (USD Billion)

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North America holds the largest global decision intelligence market share. It is one of the leading markets in terms of market share. The regional growth is attributed to the widespread adoption of technology in the U.S. and Canada across various industrial sectors. Additionally, the region exhibits excellent R&D expertise in AI-related technology and has implemented policies to support the development sector. Moreover, the market is expected to receive support from increased spending by major vendors such as IBM, Google, Microsoft, and others for product capabilities and firm growth. Consequently, North America holds the largest market share due to the region's ongoing advancements.


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Asia Pacific is expected to experience rapid growth during the forecast period, driven by increasing digitalization, advancements in analytics and AI technologies, and a growing emphasis on data-driven strategies. As economies in various regions undergo transformations, businesses across multiple sectors are increasingly realizing the significance of data-driven decision-making. Consequently, the adoption of decision intelligence solutions is on the rise. Furthermore, countries within these regions are progressively embracing advanced technologies, including machine learning, AI, cloud computing, and big data analytics. These technologies are pivotal components of decision-making solutions, empowering organizations to effectively handle and analyze vast volumes of data. Hence, the growing adoption of technology in the Asia Pacific region acts as a catalyst for market expansion.


Europe is expected to showcase steady growth over the forecast period. Sectors such as finance, IT & telecommunications, consumer goods, and retail in Europe are actively implementing decision intelligence to optimize operations, reduce costs, and enhance the customer experience. In addition, several European governments are encouraging digitalization and adopting advanced technologies, including decision intelligence, through incentives and subsidies. The region has a strong research and development ecosystem, with universities and technology companies working on cutting-edge business intelligence solutions. As a result, Europe has a growing pool of AI and ML talent, making it easier for businesses to implement these technologies.


South America is showing significant growth in its market due to the increasing number of industries in the region, including banking, logistics, and agriculture. The regional growth is due to more and more companies leveraging business intelligence tasks such as fraud detection, crop management, and supply chain optimization. In addition, the Middle East & Africa (MEA) market is expected to witness substantial growth over the forecast period due to increased investment and government funding for digitization.


KEY INDUSTRY PLAYERS


Market Players Adopt Merger & Acquisition Strategies to Expand their Operations


Prominent firms in the industry are actively expanding their global presence by introducing specialized solutions tailored to specific sectors. They are strategically forming partnerships and acquiring local businesses to establish a robust foothold in various regions. Additionally, major players in the market are innovating with new product offerings to both attract and retain their customer base. The continued investment in research and development is a driving force behind the growth of the global market. Through these corporate strategies, companies can maintain their competitiveness within the market.


LIST OF KEY PLAYER PROFILED: 



  • Google (U.S.)

  • IBM (U.S.)

  • Oracle (U.S.)

  • Microsoft (U.S.)

  • Clarifai (U.S.)

  • Paretos (Germany)

  • Pace Revenue (U.K.)

  • Metaphacts (Germany)

  • Diwo.ai (U.S.)

  • Provenir (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • June 2023: Oracle partnered with Cohere to offer powerful integrated AI services. These services would help organizations automate comprehensive business processes, improve decision-making, and enhance the customer experience.

  • June 2023: Moody's and Microsoft announced a partnership to deliver next-generation data, analytics, research, collaboration, and risk management solutions to global financial services and knowledge workers. This collaboration includes data delivery through Microsoft Fabric for comprehensive data management.

  • May 2023: SAP SE and IBM announced the introduction of IBM Watson technology embedded in SAP solutions. This integration aimed to deliver new AI-powered automation and insights to help drive innovation and create great user experiences across the entire SAP solution portfolio.

  • April 2023: Quantexa announced a partnership with Google Cloud, offering capabilities on the Google Cloud Marketplace. This partnership would enable global business clients to trust their data and make faster informed decisions to optimize, protect, and grow their business.

  • March 2023: Domo announced new native Domo Cloud Amplifier integration solutions that help customers leverage data across a growing cloud data platform ecosystem. With Cloud Amplifier, customers get the most out of existing data and report investments by connecting more unifying data management and delivering real-time data.


REPORT COVERAGE


An Infographic Representation of Decision Intelligence Market

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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Moreover, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 17.2% from 2023 to 2030



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Application



  • Decision Support

  • Decision Augmentation

  • Decision Automation


By Enterprise Type



  • Large Enterprises

  • Small & Medium Enterprises


By Industry



  • IT & Telecommunications

  • BFSI

  • Transportation & Logistics

  • Retail & Ecommerce

  • Consumer Goods

  • Construction

  • Government

  • Others (Manufacturing)


By Region



  • North America (By Application, Enterprise Type, Industry, and Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)



  • South America (By Application, Enterprise Type, Industry, and Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America



  • Europe (By Application, Enterprise Type, Industry, and Country)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe



  • Middle East & Africa (By Application, Enterprise Type, Industry and Country)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • South Africa (By Industry)

    • North Africa (By Industry)



  • Rest of the Middle East & AfricaAsia Pacific (By Application, Enterprise Type, Industry and Country)

    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific





Frequently Asked Questions

According to Fortune Business Insights, the market is projected to reach USD 44.63 billion by 2030.

In 2022, the market was valued at USD 12.88 billion.

The market is projected to grow at a CAGR of 17.2% during the forecast period.

By industry, the IT & telecommunication segment is expected to lead the market.

The introduction of AI and ML across several industries for maximizing the potential use of decision intelligence solutions is the key factor driving the market growth.

Google, IBM, Oracle, Microsoft, Clarifai, Paretos, PaceRevenue, Metaphacts, Diwo.ai, and Provenir are the top players in the market.

North America is expected to hold the highest market share.

By type, the decision support segment is expected to grow with a remarkable CAGR during the forecast period.

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