Decision Intelligence Market Expected to Reach $39.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Decision Intelligence Market," The decision intelligence market was valued at $9.8 billion in 2021, and is estimated to reach $39.3 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

Decision intelligence offers businesses the ability to use data and AI to quickly, accurately, and consistently decide how to proceed with various business requirements and issues. In addition, it also enables data collection and machine learning modeling in order to forecast precise results for the best business decision-making. Moreover, it gives businesses the ability to process and forecast data in order to make more informed decisions at every level of the organization, gain better insight into their operations, and produce game-changing business results. Furthermore, businesses are constantly working to improve the reliability of one‘s day-to-day operations and eradicate biases using decision intelligence that encourages automation without underselling the significance of human judgment, skills, and instinct. Decision intelligence enables businesses to achieve more with less by using data analytics, ML, and AI for better decision-making.

Moreover, factors such as big data technology advancements for practical business intelligence and the advent of ML and AL are enabling a variety of sectors to fully utilize decision intelligence primarily driving the growth of the decision intelligence market. However, worries about data security and privacy seem to hamper the market growth to some extent due to abundance of information, reliance on a decision support system, and adoption of decision intelligence. Moreover, rapid advancements in big data technology will lead to actionable business information, which is expected to provide lucrative opportunities for the market growth during the forecast period.

Depending on deployment mode, the on-premise segment dominated the decision intelligence market share in 2021 and is expected to continue this dominance during the forecast period, owing to various end users increasingly embrace the on-premises software deployment model due to the practical options and substantial customization provided by the on-premises. However, the cloud segment is expected to witness the highest growth in the upcoming years, owing to cloud data warehouses and cloud decision intelligence are increasingly being used to solve decision intelligence problems. By enabling a large number of concurrent users, cloud resources easily scale in and out. 

Region wise, the decision intelligence market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to advanced technologies such as AI, ML, intelligent apps, and natural language queries to transform data dashboards and business analytics into more comprehensive decision-support platforms. However, Asia-Pacific is expected to witness the highest growth in the upcoming years, owing to data scientists and engineers, as well as the potential of vast automation and AI/ ML projects in the region, enterprises across Asia-Pacific leverage engineered decision making for substantial and consistent positive decision making.

The COVID-19 pandemic had an impact on all industries across the globe. The markets faced difficulties due to the lockdowns and strict restrictions implemented by governments of various countries. Despite having a negative effect on several sectors, the COVID-19 pandemic had a positive effect on the decision intelligence market forecast. To halt the deadly coronavirus from spreading, many businesses and organizations had to close their operations. Many companies shifted to deploying intelligence software during this time in order to observe the workflow and make better decisions easily and remotely. Decision intelligence differs from other analytical methodologies by starting with a decision and the business issue it is meant to address. It then searches for information that is pertinent to the choice and the issue. These factors have accelerated the market growth during the pandemic. 

Government Initiatives:

Government agencies are becoming truly data-driven by applying decision intelligence helps government agencies to transform their data, which may contain inconsistencies or errors from manual inputs, into accurate and complete data that can be trusted. Government agencies are collaborating with key players in the market to adapt decision intelligence by enhancing their productivity. For instance, in August 2022, Quantexa and UK government teamed up for big data and analytics framework as part of supplier ecosystem. The framework will allow government departments and local authorities to choose from a range of best-in-class specialist suppliers to help unlock the value of data and improve public sector services.  U.K. Government is moving swiftly to decision intelligenceto track down those who defrauded the system and return as much of the ill-gotten taxpayers’ money as possible. Such factors lead to the growth of decision intelligence market analysis.

KEY FINDINGS OF THE STUDY

• By component, in 2021, the platform segment was the highest revenue contributor to the market, during the forecast period. However, the solution segment is estimated to reach $13,476.88 million by 2031, , with an 17.0% impressive CAGR.
• By deployment model, the on-premise segment is estimated to reach $24,746.63 million by 2031, with an 14.4% impressive CAGR, during the forecast period. However, cloud segments are expected to witness approximately 16.7% CAGRs, respectively, during the forecast period respectively.
• Region-wise, the decision intelligence market growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.

Key players profiled in decision intelligence industry include Google LLC, Oracle Corporation, Microsoft Corporation, Board International, Metaphacts GmbH, H2O.ai, International Business Machines Corporation, Intel Corporation, Diwo.ai, and Clarifai, Inc.. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the decision intelligence industry.