Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Management Decision Market by Offering, Vertical (BFSI, Retail & Consumer Goods, Telecom, IT & ITeS, Healthcare & Lifesciences, Manufacturing, Government, Transportation & Logistics, Energy & Utilities), Application and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global management decision market is projected to grow from USD 6.2 billion in 2023 to USD 11.4 billion by 2028, at a CAGR of 13% during the forecast period.
Rising need to improve the quality of decisions and achieve business agility with enhanced effectiveness. In every organization, decision-making has become increasingly intricate and multifaceted. It now encompasses broader considerations with far-reaching impacts across the entire enterprise. Using legacy systems hinders this development and thus requires transformations at the application, platform, and technology levels. Business decision management software assists enterprises in making important strategic, tactical, and operational decisions. This would provide organizations with a competitive market advantage, increase efficiency, and better Return on Investment (RoI) in the coming years.
By Vertical, the manufacturing segment is expected to grow with the highest CAGR during the forecast period
Manufacturing enterprises are facing considerable cyber threats due to the increasing digital transformation in the vertical. Manufacturers are harnessing a new generation of machine-to-machine systems, mobile apps, and cloud-based services. This vertical deploys automation in work processes and integrates real-time systems with business applications to streamline the information flow. Manufacturing companies aim to deliver operational effectiveness and reduce IT equipment cost so that a cost-effective infrastructure can be delivered. The industry is expected to witness a demand for management decision software to improve its performance with minimum investments in IT infrastructure.
By Offering, the software segment is expected to hold the largest market size during the forecast period
The report has considered management decision software as a standalone and integrated software platform or suite. Software used in management decision-making encompasses a variety of tools. Business Intelligence (BI) software offers data analysis and visualization, while analytics platforms provide insights from large datasets. Decision Support Systems (DSS) combine data analysis with models, aiding complex choices. The software enables enterprises to automate repeatable operational decisions, improve the quality of decisions, ensure the consistency of decisions, and rapidly adjust and improve decisions over time.
Asia-Pacific is expected to grow with the highest CAGR during the forecast period
Asia-Pacific has a significant technology adoption rate and is expected to record the highest growth rate in the management decision market over the next few years. The rapid growth of the management decision market in the Asia-Pacific region can be attributed to the massive growth in business deals and transactions, such as mergers and acquisitions, joint ventures, and fundraising, across all the industry verticals in the region. The rapid expansion of domestic enterprises and infrastructure development are some of the important factors expected to drive the growth of the management decision market in Asia-Pacific.
Research Coverage
The report segments the global management decision market by component into two categories: software and services. By function, the management decision market is divided into three major categories: credit risk management, collection management, and customer experience management. By vertical, the management decision market has been classified into BFSI, IT and telecom, manufacturing, retail and consumer goods, government, healthcare and life sciences, energy and utilities, transportation and logistics, and other verticals (education, media, and entertainment). The market has been segmented by region into North America, Europe, APAC, MEA, and Latin America.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $6.2 Billion |
| Forecasted Market Value (USD) by 2028 | $11.4 Billion |
| Compound Annual Growth Rate | 13% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Increasing Integration of AI to Automate Decision-Making Process
- Rising Need to Improve Quality of Decisions and Achieve Business Agility
- Growing Focus on Nurturing Faster Operational Decision-Making and Improved Process Efficiency
- Demand for Reduced Dependency on IT Teams
- Rising Need for Companies to Manage Regulatory and Compliance Standards
- Restraints
- Resistance of Middle Management
- Rising Mistrust of Companies Regarding Adoption of New Technologies
- Opportunities
- Growing Trend of Automation and Intelligent Decision-Making
- Focus of Players on Data-Driven Insights
- Inclination of Organizations Toward Decision-Making with Predictive Analytics
- Challenges
- Insufficient Documentation
- Lack of Skilled Workforce
Ecosystem Analysis
- Solution Providers
- Service Providers
- System Integrators
- Data Sources and Partners
- Technology & Cloud Infrastructure Providers
- End-users
Case Study Analysis
- Mercury Insurance Adopted Fico's Management Decision Solutions to Accelerate Underwriting Process
- AbbVie Adopted Pegasystem's Management Decision Solutions to Enhance Customer Experience
- Sudleasing Used Actico's Credit Risk Management Platform to Achieve Efficient Credit Decision
- Bajaj Finance Employed Actico's Rules to Achieve Significant Improvement in Business Processes
- T-Mobile Adopted Pegasystem's Solutions to Establish Team of Experts to Handle Customer Issues
Technology Analysis
- Cloud/Software-as-a-Service
- Artificial Intelligence
- Machine Learning
- Robotic Process Automation
- IoT
Companies Profiled
- AbbVie
- ACTICO
- Apero Solutions
- Bajaj Finance
- Banco de Credito del Peru
- Banreservas
- Bradesco Saude
- Build.One
- California Department of Public Health
- Cleco
- CRIF
- Decisimo
- Decision Management Solutions
- Decisions
- Enova Decisions
- Equifax
- Experian
- FICO
- FlexRule
- IBM
- InRule
- Jungle Lasers
- Kubota Tractor Corporation
- Mercury Insurance
- National Physiatry Academy
- OpenRules
- Oracle
- Parmenides
- Pegasystems
- Power & Telephone Supply Company
- Progress
- RapidGen
- Rulex
- SA Taxi
- Sapiens International Corporation
- SAS
- Scorto
- Seon
- Sked24
- Sparkling Logic
- Sudleasing
- T-Mobile
- Team Si
- Telus
- TIBCO
For more information about this report visit https://www.researchandmarkets.com/r/29lr33
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