Decision Management Global Market Forecasted to Reach $14.00 Billion at a CAGR of 19.9% by 2028 | Oracle Corporation, Salesforce Inc., CGI Inc., Equifax Inc., Experian plc

"The Business Research Company recently released a comprehensive report on the Global Decision Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The decision management market size has grown rapidly in recent years. It will grow from $5.66 billion in 2023 to $6.77 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to focus on customer experience management solutions, growing demand for Automation in decision processes, growing demand for Personalization in decision-making, growing importance of agility in decision processes, increasing migration to Cloud Computing solutions.

The decision management market size is expected to see rapid growth in the next few years. It will grow to $14.00 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to growing emphasis on predictive analytics, growing integration of Internet of Things (IoT) data, raising regulatory compliance requirements, increasing reliance on big data analytics, raising demand for decision support systems (DSS). Major trends in the forecast period include technological advancement, expansion of predictive analytics applications, advancements in big data analytics technologies, integration of internet of things (IoT) data streams, integration of customer relationship management (CRM) data.

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Market Drivers and Trends:

The growing demand for artificial intelligence (AI) is expected to propel the growth of the decision management market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, particularly computer systems. The demand for AI arises because of data proliferation, advancements in AI algorithms, the availability of computing power, and growing awareness and education. Decision management is used to harness the power of AI to automate, optimize, and improve decision-making processes across various industries and applications. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022 report released by the International Business Machines Corporation, a US-based information technology corporation, a poll conducted of 7,502 businesses found that more than a third of businesses (35%) reported using AI in their operations, a four-point rise from 2021, and 42-64% were exploring its potential. 64% of businesses believe that AI will improve business productivity, and 42% believe it will streamline job processes. In 2022, there was a 13% increase in the likelihood of organizations adopting AI compared to the previous year, 2021. Therefore, the growing demand for artificial intelligence (AI) is driving the growth of the decision management software market.

Major companies operating in the decision management market are increasing their focus on developing innovative tools, such as artificial intelligence (AI)-assisted interactive decision management tools, to gain a competitive edge in the market. An AI-assisted interactive decision management tool is a software application that utilizes artificial intelligence algorithms to support users in making informed decisions. For instance, in March 2024, Sparkling Logic, a US-based software company, launched AI Assistant. An interactive decision management tool that is embedded in Sparkling Logic's SMARTS business rules and decision management platform. The tool is designed to assist users with decision-making tasks throughout the decision-management lifecycle. AI Assistant uses a large language model (LLM) form of generative AI that has been pre-trained on various decision management tasks. This enables users to interact with AI assistants using natural language to create and modify project assets such as data, decision flows, and business rules.

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Major Key Players of the Market:

Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce Inc., CGI Inc., Moodys Investors Service Inc, Equifax Inc., Experian plc, SAS Institute Inc., Pegasystems Inc., SAP SE, ACI Worldwide Inc., Fair Isaac Corporation, TIBCO Software Inc., Quantiphi Inc., Altair Engineering Inc., Sapiens International, Appian Corporation, Aible Inc., Meridian Link, Bosch Software Innovations GmbH, RapidMiner Inc., ACTICO GmbH, InRule Technology Inc., Neota Logic Inc.

Decision Management Market 2024 Key Insights:

• The decision management market size is expected to see rapid growth in the next few years. It will grow to $14.00 billion in 2028 at a compound annual growth rate (CAGR) of 19.9%.
• The Rise Of Artificial Intelligence Driving The Decision Management Market Growth
• AI-Assisted Interactive Tools Redefining The Decision Management Landscape
• North America was the largest region in the decision management market in 2023

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