Press release
Decision Intelligence Market Size to Reach USD 39.3 billion by 2031 | Key Players - Google LLC, Oracle Corporation, Microsoft Corporation, Board International, Metaphacts GmbH, H2O.ai
Rapid advancements in big data technology that will lead to actionable business information will present new growth opportunities for the global decision intelligence market in the coming years.
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The growing need to reduce specific risks related to human decision-making, and the advent of ML and AL which are enabling a variety of sectors to fully utilize decision intelligence drive the decision intelligence market.
Based on component, the platform segment contributed to the largest share of nearly half of the global decision intelligence market in 2021 and is expected to dominate the market during the forecast period. This is because IT companies, such as Google, Oracle, IBM, and Microsoft are compelled to create decision intelligence platforms to assist IT teams in managing the process due to the abundance of data generated. The solutions segment, on the other hand, is expected to witness the fastest CAGR of 17.0% from 2022 to 2031. This is because various decision-making methodologies, such as AI, ML, contextual intelligence, and automation are used to produce actionable and unique business recommendations that can be instantly implemented to produce business value.
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Based on enterprise size, the large enterprise segment grabbed the highest share of nearly two-thirds of the overall decision intelligence market in 2021 and is projected to maintain its dominance in 2031. However, the small and medium-sized enterprises (SMEs) segment is expected to witness the fastest CAGR of 16.7% from 2022 to 2031. This is because of BI tools that users with little or no coding experience can create to develop more robust BI. These applications and connections make it simple to automate and combine corporate operations, including people, data, technology, and procedures.
Based on deployment mode, the on-premise segment grabbed the highest share of more than two-thirds of the overall decision intelligence market in 2021 and is projected to maintain its dominance in 2031. This is owing to the superior data protection provided by on-premise while allowing businesses to comply with various regulatory standards. However, the cloud segment is expected to witness the fastest CAGR of 16.7% from 2022 to 2031. This is owing to the surge in cloud data warehouses and cloud decision intelligence being used increasingly to solve decision making problems.
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Based on region, the market in North America was the largest in 2021, accounting for nearly one-third of the global decision intelligence market. This is because advanced technologies such as AI, ML, intelligent apps, and natural language queries are used to transform data dashboards and business analytics into more comprehensive decision-support platforms in the region. However, the market in Asia-Pacific is likely to dominate in terms of revenue and exhibit the fastest CAGR of 18.1% during the forecast period. Enterprises across Asia-Pacific leverage engineered decision making for substantial and consistent positive decision making.
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Major industry players such as - Google LLC, Oracle Corporation, Microsoft Corporation, Board International, Metaphacts GmbH, H2O.ai, International Business Machines Corporation, Intel Corporation, Diwo.ai, and Clarifai, Inc..
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