The global management decision market size is expected to reach USD 13.91 billion by 2030, according to a new study by Polaris Market Research. The report “Management Decision Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Function (Credit risk management, Collection management, Customer experience management, Fraud detection management, Pricing Optimization, Others); By Deployment Mode; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors driving the market’s growth include adopting management decisions across various verticals such as banking and financial services and others. Also, most banks that wish to offer new services pass over their business requirements to IT and wait months or years for software to be developed. Due to the incapacity of the business domain to adequately express their business requirements, the software frequently fails to meet business needs. This can be extremely harmful to the company. These tools can be useful in these situations.
Financial firms concentrate on fine-tuning models to minimize bad results and reduce risks. As a result, several market solutions have been adopted, fueling the industry’s expansion. Experian, for example, stated in July 2021 that Soar, a digital banking platform, is launching a Decision Analytics solution to meet the expectations of the community banking platform. The cooperation details how the SaaS PowerCurve Customer Acquisition platform would automate loan choices, digitize customer onboarding, and streamline the customer application.
Based on the vertical, the energy and utility segment accounted for the leading share in the market, in 2020. This software is an advanced analytics platform that can assist any company involved in the energy and utility lifecycle, incorporating capabilities including demand and predictive modeling, energy pricing and analysis, customer onboarding and lifecycle management, and internal systems such as predictive maintenance.
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Market players such as IBM Corporation, FICO, TIBCO Software Inc., Oracle Corporation, SAP SE, Equifax, Inc., Experian Information Solutions, Inc., InRule Technology, Inc., and Scorto, Inc. are some key players operating in the global market. In January 2021, FICO has established a partnership with YapiKredi, one of Turkey’s leading private banks, to manage analytics and decision logic in the company using FICO Decision Central. Businesses can utilize FICO Decision Central to capture models and other decision assets, which can be reused, adjusted, and enhanced over time.
Polaris Market Research has segmented the management decision market report based on component, vertical, deployment mode, function, and region:
Management Decision, Component Outlook (Revenue – USD Billion, 2017 – 2030)
- Deployment and Integration
- Support and Maintenance
Management Decision, Function Outlook (Revenue – USD Billion, 2017 – 2030)
- Credit risk
- Customer experience
- Fraud detection
- Pricing Optimization
Management Decision, Deployment Mode Outlook (Revenue – USD Billion, 2017 – 2030)
Management Decision, Vertical Mode Outlook (Revenue – USD Billion, 2017 – 2030)
- IT and Telecom
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Energy and Utilities
- Transportation and Logistics
Management Decision, Regional Outlook (Revenue – USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa