CHICAGO, Sept. 7, 2023 /PRNewswire/ -- The future of the Management Decision Market will be characterised by a greater integration of cutting-edge technology, individualised decision support, ethical considerations, and adaptation to changing business and technological landscapes. In a world that is always evolving, these trends will enable organisations to take more informed, effective, and ethical decisions.
The Management Decision Market size is projected to grow from USD 6.2 billion in 2023 to USD 11.4 billion by 2028, at a CAGR of 13.0% during the forecast period, according to a new report by MarketsandMarkets™. Increasing the integration of AI to automate the decision-making process will enhance the demand of the Management Decision Market. AI is transforming businesses, boosting innovation and productivity while facilitating organizational agility. It's widely implemented across industries, enhancing supply chains, transportation, education, marketing, and disaster management. AI's benefits include automation, anomaly detection, and accurate predictions, reducing manual work and improving decision-making.
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225 - Tables
55 - Figures
290 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | Offering (Software and Service), Application (Credit Risk Management, Collection Management, Customer Experience Management, Fraud Detection Management, Pricing Optimization, and Other Applications), Vertical, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Companies covered | IBM (US), FICO (US), SAS (US), Oracle (US), Pegasystems (US), TIBCO Software (US), Sapiens International Corporation (Israel), Experian (Ireland), Equifax (US), Actico (Germany), Parmenides (Germany), Decision Management Solutions (US), OpenRules (US), Sparkling Logic (US), Scorto (Netherland), RapidGen (UK), Progress (US), InRule (US), CRIF (Italy), Decisions (US), Enova Decisions (US), FlexRule (Australia), Rulex (US), Seon (UK), and Decisimo (UK) |
By Application, the collection management segment holds the largest market size during the forecast period.
Collection management is the process of managing and tracking customer debt. It is a critical part of the Management Decision Market, as it helps businesses to collect the money they are owed. Collection management software can help businesses automate tasks, improve efficiency, and make better decisions about how to manage their customer debt. The key trends in the collection management market include the increasing use of artificial intelligence (AI) and machine learning (ML), the growing popularity of cloud-based solutions, and the increasing focus on data analytics. These trends are expected to continue to shape the collection management market in the years to come.
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By offering, the service segment is expected to grow with the highest CAGR during the forecast period.
Based on services, the Management Decision Market is segmented into three categories: deployment and integration, support and maintenance, and consulting services. Services in the Management Decision Market aid organizations in making well-informed choices. Consulting firms provide industry-specific insights, while data analytics and business intelligence services offer data-driven guidance. Decision support services combine technology and expertise for modeling and analysis. With the help of these services, organizations can track, evaluate, and analyze the requirements of their business to make better-informed decisions.
North America is expected to hold the largest market size during the forecast period.
North America stands out as a highly advanced global region. Encompassing the United States and Canada, it commands the largest slice of the worldwide Management Decision Market, owing to the US market's prompt embrace of cloud and digital innovations. The North American nations boast robust, sustainable economies that facilitate robust investments in research and development, fostering the creation of novel technologies. Given their early adoption of cutting-edge trends like the Internet of Things (IoT), big data, Artificial Intelligence (AI), and Machine Learning (ML), manufacturers are eagerly integrating industrial IoT advancements into their production processes. This integration streamlines managerial choices and empowers predictive analytics capabilities.
Top Key Companies in Management Decision Market:
The Management Decision Market comprises major providers, such as IBM (US), FICO (US), SAS (US), Oracle (US), Pegasystems (US), TIBCO Software (US), Sapiens International Corporation (Israel), Experian (Ireland), Equifax (US), Actico (Germany), Parmenides (Germany), Decision Management Solutions (US), OpenRules (US), Sparkling Logic (US), Scorto (Netherland), RapidGen (UK), Progress (US), InRule (US), CRIF (Italy), Decisions (US), Enova Decisions (US), FlexRule (Australia), Rulex (US), Seon (UK), and Decisimo (UK). To increase their market share in the Management Decision industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Recent Developments
- In June 2023, IBM added new features to Operational Decision Manager (ODM). The supported versions of key software components have been updated, enhancing ODM's compatibility and performance. Operational Decision Manager containers now have the RuntimeDefault seccomp profile enabled by default. This profile specifies a predefined list of system calls that can be executed within the container.
- In June 2023, FICO, a global analytic software company and recognized leader in AI decisioning platforms, and Belvo, the leading open finance data and payments platform in Latin America, announced a strategic partnership to expand credit access in Latin America. The two firms are developing an interpretable and explainable machine learning model that will provide a customer score based on consumer-permission transaction-level data aimed at increasing consumer credit access, improving banks' risk management, and empowering lenders to create personalized financial experiences for their customers.
- In June 2023, the latest edition of the Pega Infinity™ software suite introduces new features to enhance low-code development, optimize existing processes, and deliver seamless experiences for employees and customers. These capabilities are designed to support organizations' journey toward becoming autonomous enterprises. The software suite enables businesses to innovate rapidly, boost productivity, personalize customer interactions, and streamline operations, leading to cost reduction and decreased manual efforts. By leveraging these advancements, organizations can achieve greater efficiency and effectiveness in their operations while delivering enhanced customer experiences.
- In May 2023, FICO launched 19 major enhancements to the FICO Platform, the leading applied intelligence platform in the market, that helps clients drive critical and strategic business outcomes across their customer lifecycle.
- In February 2023, SAS Decision Manager 5.2, integrated with SAS Viya 3.4, introduced several new features and enhancements to enhance decision-making capabilities. Users can now utilize data grid variables within rules, providing greater flexibility in decision logic. Custom DS2 code files can be added and edited directly in decisions, enabling users to leverage custom code. The integration of analytic store models allows users to include them in decisions and publish them to various platforms like SAS Cloud Analytic Services, Apache Hadoop, SAS Micro Analytic Service, and Teradata.
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Management Decision Market Advantages:
- Organisations may make strategic and informed decisions based on up-to-date information thanks to management decision solutions that use data analytics to give data-driven insights.
- These solutions lessen the need for subjective and manual decision-making, improving accuracy and lowering the possibility of mistakes in crucial choices.
- Workflows are streamlined through automation and decision process optimisation, saving time and resources and increasing overall operational effectiveness.
- Solutions for management decisions guarantee organizational-wide consistency in decision-making by adhering to accepted standards, rules, and best practises.
- These solutions can scale to handle increasing data volumes and complexity, ensuring that decision-making capabilities remain useful as organisations grow.
- Predictive analytics is frequently a component of management decision tools, enabling organisations to foresee future trends and take preemptive actions to seize opportunities or reduce risks.
- Management decision solutions assist businesses in finding cost-saving possibilities and cutting wasteful spending by optimising processes and resources.
- Decision-making tools can help organisations analyse risks and mitigate them more effectively, hence reducing the likelihood of problems and crises.
- Insights into market trends, consumer preferences, and competitive environments are provided by these solutions to enable strategic planning and long-term decision-making.
Report Objectives
- To determine, segment, and forecast the global Management Decision Market by offering, application, vertical, and region in terms of value.
- To forecast the size of the market segments to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Management Decision Market
- To study the complete value chain and related industry segments and perform a value chain analysis of the Management Decision Market landscape.
- To strategically analyze the macro and micro markets to individual growth trends, prospects, and contributions to the total Management Decision Market
- To analyze the industry trends, pricing data, patents, and innovations related to the Management Decision Market.
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the Management Decision Market
- To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies.
- To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and Research & Development (R&D) activities.
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