Decision Intelligence Market Size By Components (Solution, Consulting & Advisory Service, Others], Platform), By Deployment Mode (On-premises, Cloud-based), By Organization Size, By Application (Demand Forecasting, Discovering Cause & More), By End Use, 2023 - 2032
Report ID: GMI5445
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Published Date: March 2023
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Report Format: PDF
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Base Year: 2022
Companies covered: 17
Tables & Figures: 455
Countries covered: 16
Pages: 200
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Decision Intelligence Market
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Decision Intelligence Market Size
Decision Intelligence Market size surpassed USD 10 billion in 2022 and is expected to grow at over 10% CAGR between 2023 and 2032, owing to the growing demand for multiple problem-solving solutions.
Decision intelligence has emerged as one of the most critical technical imperatives today as firms of all sizes strive to become data driven. With the growing pressure to digitize and gain competitive advantage from new technologies such as AI and ML, decision intelligence is emerging as a solution capable of connecting decision support, decision management, and complex system applications. The burgeoning need to decrease certain risks posed by human decision-making is set to spur the decision intelligence market revenue growth.
Inadequate availability of technologies to slow down decision intelligence market progress
The lack of sufficient developments to enable technological breakthroughs in decision intelligence devices is hindering product acceptance across some industrial verticals. Current software solutions are unable to fully use hardware-based developments including the introduction of decision intelligence technologies. Nevertheless, technology firms are investing heavily in R&D operations to combine augmented analytics capabilities with AI and ML, to assist enterprises in moving beyond the boundaries of traditional business intelligence.
Decision Intelligence Market Analysis
The decision intelligence market revenue from cloud-based segment generated over USD 5 billion in 2022, owing to their independent scaling capabilities for computing and storage. Additionally, companies are taking efforts to introduce advanced and simplified cloud-based decision intelligence solutions. For instance, in February 2023, the analytics automation business Alteryx, Inc. unveiled enterprise-grade and self-service features for the Alteryx Analytics Cloud Platform to assist clients in making quicker and more intelligent decisions. The updated platform offers complete Designer Cloud access and provides an intuitive, easy-to-use drag-and-drop interface accessible to employees of all skill levels, without sacrificing data security requirements.
In terms of organization size, the large enterprise segment held over 50% decision intelligence market share in 2022, as major enterprises are switching from traditional dashboards and manual data analysis to advanced decision intelligence technologies to help their business and analytics teams make more rapid and reliable decisions. Furthermore, the growing product adoption by major enterprises to integrate information and the growing amount of data that these firms collect on a regular basis from several independent sources are predicted to fuel the market expansion.
The decision intelligence market revenue from the platform segment is poised to exceed USD 15 billion by 2032, as the focus of organizations on maximizing ROI by being more cognitive, the use of decision intelligence systems has increased. Additionally, big data has prompted IT behemoths to design decision intelligence platforms to aid IT teams in simplifying and controlling the process. For instance, the leading deep-tech AI startup Intelmatix launched its Enterprise Decision Intelligence Platform, its flagship patented technology, to help businesses make the best decisions at the right time, boost productivity, and develop into cognitive organizations.
The manufacturing segment is anticipated to hold a decision intelligence market share of over 5% by 2032. Manufacturing services need a substantial number of connections and back-end integration capabilities. Market participants are integrating real-time data, ML, and AI in manufacturing business domain expertise to detect opportunities and business risks precisely and dynamically, to continually enhance manufacturing organizations' financial and operational performance, thereby augmenting the product popularity across the segment through 2032. For instance, in October 2022, Dynam. AI, an AI software development business that automates essential decision-making for the industrial sector, has teamed with CloudFactory, a global leader in human-in-the-loop AI, to assist enterprises in accelerating the implementation of AI solutions for decision-making automation.
As per application, the demand forecasting segment accounted for 30% decision intelligence market share in 2022. Events have a significant influence on business, and many firms are seeking an efficient approach to include them in their forecasts to improve accuracy and profitability. Furthermore, the growing need for an innovative methodology for supply chain management to adapt to disruptions and fulfill the company's strict requirements for sourcing, processing, packaging, and distribution is attributed to the market growth. For instance, in November 2022, Aera Technologies, a decision intelligence provider, collaborated with Pulmuone Co. Ltd., the world's top tofu producer, to enable decision intelligence throughout the latter’s supply chain.
North America decision intelligence market size was worth over USD 1 billion in 2022. The growing deployment of AI and ML-enabled decision Intelligence in the US government sector to improve the delivery of key public services including healthcare, homeland security, and the military is likely to boost the regional market demand. For instance, in October 2022, the pioneering decision intelligence platform provider Pyramid Analytics and Carahsoft Technology Corp., the Trusted Government IT Solutions Provider®, entered into a partnership under which Carahsoft will act as Master Government Aggregator® for Pyramid Analytics and make the Pyramid Decision Intelligence Platform accessible to federal, state, and local government agencies through Carahsoft's reseller partners.
Decision Intelligence Market Share
Major players involved in the decision intelligence market include
Many new advancements and product range expansions by companies are projected in the market.
For instance, in June 2022, Basis Technologies, a major business intelligence tools manufacturer for marketing and promotion, introduced a data visualization solution that accelerates campaign reporting through live customized dashboards. The feature simplifies time-consuming reporting methods and reduces the amount of repeated manual effort required to compile and send digital advertising reports.
Impact of COVID-19 pandemic
The COVID-19 outbreak was unprecedented and took most governments, businesses, and individuals off guard. Within weeks, the global health catastrophe transformed into an economic and supply chain disaster. However, the crisis created an opportunity for sophisticated analytics and AI-based approaches to augment decision-making by corporate executives who needed to respond rapidly to limit their losses during the pandemic, which boosted demand for decision intelligence solutions, services, and platforms. The COVID-19 pandemic encouraged digital disruption to increase the complexity of both corporate challenges as well as decision-making processes, providing opportunities for industry growth in the post-pandemic scenario.
The decision intelligence market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component
Market, By Deployment mode
Market, By Organization Size
Market, By Application
Market, By End-use
The above information has been provided for the following regions and countries: