Chicago, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The Decision Intelligence Market is projected to grow from USD 10.0 Billion in 2022 to USD 22.7 Billion by 2027, at a CAGR of 17.8% during the forecast period, according to a new report by MarketsandMarkets™.
Decision Intelligence gives businesses the ability to leverage information and AI to quickly, accurately, and consistently decide how to proceed with various business demands and issues. It enables data collection and machine learning modelling in order to forecast precise results for the best business decision-making. The goal is to equip humans with AI and a more comprehensive, approachable perspective of all the data pertaining to their businesses so that they may make the best decisions possible. It gives businesses the capability to analyze and forecast data in order to make more educated decisions at every level of the organisation, gain greater visibility into their processes, and produce unmatched business results.
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Decision Intelligence Market Dynamics:
Drivers:
- Advent of ML and AI to maximize potential of decision intelligence
- Increasing need to lower risks associated with human decisions
Restraints:
- Information overload and dependence on decision support systems
- Inability to quantify RoI
Opportunities:
- Surge in developments of big data technology for actionable business intelligence
- Elimination of mistakes and biases from decision-making process to boost adoption
List of Key Companies in Decision Intelligence Market:
- Google (US)
- IBM (US)
- Oracle (US)
- Microsoft (US)
- Board International (Switzerland)
- Cerebra (US)
- Clarifai (US)
- Domo (US)
- Intel (US)
- Metaphacts (Germany)
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Based on component, the Decision Intelligence Market is segmented into Solutions, Platform and Services. The services segmentation included integration and deployment services, consulting services, and training and support services. The solutions segmentation included integrated and standalone solutions. Despite the organisations' fast digitalization over the past two years, only around one-third of them have completely adopted a data-driven approach to strategic decision-making. By enabling more employees inside an organisation to make data-driven decisions, the newly developing field of decision intelligence may contribute to an improvement in company performance. Businesses should select Decision Intelligence solutions with strict data management and a broad range of analytical capabilities.
Based on deployment mode, the Decision Intelligence Market is segmented into on-premises and cloud. Using data to create business strategies is a major advantage. They regularly spend money on upholding company standards and legal requirements, as well as maintaining their data in a single, centralised location. Businesses are therefore putting their attention on reducing stress and developing methods for learning from data. The cloud sector commands a substantial market share because of its ease of availability and adaptability. The security issues connected to cloud data storage, however, are expected to create opportunities for on-premises adoption, particularly among large enterprises.
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Based on organization size, the Decision Intelligence Market is segmented into large enterprises and SMEs. Large and medium-sized firms are adopting decision intelligence platforms at an incredible rate, and the industry is rising across all industries. As the businesses expand, so does the need to include data from all relevant domains. Due to the extensive usage of AI and ML in enterprises, the industry for decision intelligence solutions has grown. With the help of this technology, businesses of all sizes can now make data-driven decisions, giving all company user access to cutting-edge AI-powered insights.
The decision intelligence are segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. This section offers information on these regional markets' sizes, rates of growth, anticipated trends, and market forces. During the projection period, North America is anticipated to hold the greatest market share for all decision intelligence. Market revenue growth is anticipated to be fueled by the rising acceptance of Al and ML technologies in nations such as the U.S. and Canada. Additionally, the quickly expanding banking and retail industries in these nations are boosting need for superior decision insights, which is anticipated to propel market revenue growth in the near future. Future market revenue growth in North America is anticipated to be primarily driven by rising investments in Al and loT technologies, a strong presence of Al providers, and rising demand for Al solutions across numerous industries, including retail and healthcare.
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