Decision Intelligence Market Share, Size, Trends, Industry Analysis Report, By Vertical (BFSI, Healthcare); By Component; By Deployment; By Enterprise Size; By Region, And Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3796
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global decision intelligence market was valued at USD 10.52 billion in 2023 and is expected to grow at a CAGR of 15.4% during the forecast period.
By strategically optimizing investments in data and advanced technology, organizations can efficiently collect actionable intelligence, which in turn facilitates more sophisticated decision-making processes and ultimately leads to improved returns on investments. These applications are specifically tailored for users who may not possess extensive coding expertise but still wish to create comprehensive business intelligence (BI) solutions. Integrating these intelligent applications into the BI tool enables users to access focused and interactive analytics, empowering them to automate actions and make well-informed decisions based on the presented data. Decision intelligence platforms provide a comprehensive and integrated approach to the collection, storage, and analysis of vast amounts of data.
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As a result of harnessing this data, organizations can make well-informed decisions across various areas, including product development and marketing campaigns. The advent of AI has brought about a revolution in data analysis, automating numerous tasks and freeing up users to focus on more strategic initiatives. Moreover, AI-driven advancements in data analysis techniques have significantly improved decision-making processes, leading to more favorable outcomes for businesses. Surprisingly, the COVID-19 pandemic has had a positive influence on the global market.
Ongoing global crisis has amplified the demand for decision intelligence solutions, which play a crucial role in aiding organizations to make well-informed choices concerning supply chain management, customer experience, and risk management. Concurrently, the pandemic has accelerated the adoption of cloud-based decision intelligence platforms, enabling employees to access these tools conveniently from any location. Moreover, businesses have come to realize the significance of integrating artificial intelligence into their decision-intelligence solutions to automate tasks and improve the precision of their decision-making processes.
Industry Dynamics
Growth Driver
Increasing advantages of decision intelligence
Decision intelligence is a newly emerging discipline that centers on improving decision-making processes within organizations through the integration of technology, structured methodologies, and human expertise. By incorporating advanced analytic capabilities into decision-making and operational workflows, decision intelligence enables businesses to attain significant and favorable outcomes. The market's growth is bolstered by increasing investments in artificial intelligence (AI) and internet-of-things (IoT) technologies, as well as continuous advancements in big data technology, which allow for the generation of actionable business insights.
Report Segmentation
The market is primarily segmented based on component, deployment, enterprise size, vertical, and region.
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By Component |
By Deployment |
By Enterprise Size |
By Vertical |
By Region |
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By Component Analysis
Solutions segment accounted for the largest share in 2022
Solutions accounted for largest revenue market share. This growth can be attributed to the escalating demand for data-driven decision-making solutions, as businesses increasingly seek decision intelligence tools to enhance their decision-making processes. These solutions have undergone significant advancements, equipping them to effectively address a wide array of business challenges. The rising focus on data-driven decision-making has further propelled the adoption of decision intelligence solutions, as the demand for such tools continues to surge.
Services segment is likely to register highest growth rate. The increasing complexity of decision intelligence solutions presents implementation and usage challenges for businesses. Consequently, there is a rising demand for consulting and training services to bridge the knowledge gap and assist organizations in effectively utilizing these solutions. As businesses increasingly recognize the importance of data-driven decision-making to enhance their performance, there is a growing need for support services that offer troubleshooting and optimization guidance.
By Deployment Analysis
On-premise segment expected to hold substantial market share in 2022
On-premise segment is projected to hold significant market share. Certain businesses place a high priority on maintaining control and security over their data, which is not always achievable with cloud-based alternatives. Moreover, the need for customization often prompts businesses to opt for more flexible on-premises solutions. Additionally, cost considerations come into play, as cloud-based solutions tend to be more expensive, especially for businesses with limited budgets.
Cloud segment witnessed steady growth. Rising demand for decision-making further drives the adoption of the cloud-based solutions. These providers are actively investing in the development of robust intelligence solutions, simplifying the process of identifying & implementing solutions that precisely align with the specific needs of businesses.
By Vertical Analysis
IT & telecom segment is anticipated to witness highest growth in 2022
IT & telecom segment held the largest share. Decision intelligence plays a crucial role in analyzing customer data from various touchpoints, such as call logs, chat transcripts, and social media interactions, to identify preferences, sentiments, and pain points. This enables businesses to offer personalized services, launch targeted marketing campaigns, and proactively resolve customer issues.
Healthcare segment witnessed the highest growth rate. Decision intelligence plays a crucial role in the healthcare sector, offering a wide range of benefits. These include the creation of user-friendly workflows to enhance patient care, improved data processing for the development of EHR management, and the augmentation of healthcare professionals' decision-making abilities. AI serves as a key enabler for incorporating decision intelligence into the healthcare businesses that handle vast.
Regional Insights
North America region dominated the global market in 2022
North America region dominated the global market. This dominance can be attributed to the region's extensive research and development (R&D) capabilities in artificial intelligence (AI), which are prevalent in developed economies and numerous top AI enterprises and research institutes located in the area. The region's continuous investment in innovative technologies aimed at enhancing customer experiences and corporate processes is expected to drive lucrative growth prospects. Moreover, region boasts a wealth of R&D expertise in AI and has recently made substantial investments in AI-related technology.
APAC is likely to emerge as fastest growing region. As the economies in the region continue to develop and mature, businesses across diverse industries are increasingly recognizing the importance of data-driven decision-making. Consequently, there is a notable increase in the adoption of decision intelligence solutions in the region. These technologies enable organizations to efficiently process and analyze vast amounts of data, empowering them to make informed decisions.
Key Market Players & Competitive Insights
The decision intelligence market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Board International
- Domo
- Google H2O.ai
- International Business Machines
- Intel Corp.
- Microsoft
- Oracle
- Provenir,
- Pyramid Analytics.
Recent Developments
- In May 2023, Digital Science & Research Solutions completed the acquisition of metaphacts. The latter is a software company specializing in knowledge graphs & decision intelligence solutions.
- In October 2022, Pyramid Analytics unveiled a dedicated business practice tailored to meet the distinct requirements of U.S. federal agencies. Building upon its proven track record and achievements in the federal market, Pyramid seeks to extend its presence and strengthen its position as a leading provider of decision intelligence solutions for the U.S. Federal Government.
Decision Intelligence Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 11.64 billion |
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Revenue forecast in 2032 |
USD 36.66 billion |
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CAGR |
15.4% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Component, By Deployment, Enterprise Size, Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The decision intelligence market report covering key segments are component, deployment, enterprise size, vertical, and region.
Decision Intelligence Market Size Worth $36.66 Billion by 2032.
The global decision intelligence market is expected to grow at a CAGR of 14.9% during the forecast period.
North America is leading the global market.
key driving factors in decision intelligence market are component, deployment, enterprise size, vertical, and region.
