Decision Intelligence Market Share, Growth Prospects and Key Opportunities by 2027
(I-BusinessNews.Com, March 06, 2023 ) According to a research report "Decision Intelligence Market (Platforms, Solutions (Integrated & Standalone), and Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Healthcare & Life Sciences, and Retail & eCommerce) and Region - Global Forecast to 2027" published by MarketsandMarkets, the decision intelligence market is projected to grow from USD 10.0 billion in 2022 to USD 22.7 billion by 2027, at a CAGR of 17.8% during the forecast period. Employing decision intelligence that promotes automation without undervaluing the importance of human judgement, expertise, and instinct, businesses are persistently working to increase the efficiency of their day-to-day processes and eliminate biases. By utilizing data analytics, ML, and AI for better decision-making, decision intelligence helps businesses accomplish more with less.
On-Premises segment to account for higher CAGR during the forecast period
The Decision intelligence market is bifurcated on the basis of cloud and on-premises. The on-premises deployment mode is projected to have a higher CAGR during the forecast period. Decision intelligences may help the company in many ways, such as by having insights and data more available, accelerating decision-making, and enabling flexibility and adaptability during times of high demand. Modern, cloud-based decision intelligences can benefit from quick adaptation compared to traditional techniques. It is a powerful engine that feeds data via several filters, applications, and APIs, resulting in it arriving at its final destination in a useable condition. It has independent scaling capabilities for both computing and storage.
SMEs segment to account for higher CAGR during the forecast period
The Decision intelligence market is bifurcated on the basis of large enterprises and SMEs. The CAGR of the SMEs is estimated to be highest during the forecast period. Decision intelligences play a crucial role in SMEs. To develop datasets, businesses must be able to collect data from millions of people and evaluate the results in almost real-time. To get real-time data insights, decision intelligence streamlines crucial business operations and assists in data management. Decision intelligence may be very helpful to improve the customer information of SMEs in order to obtain sophisticated analytics and metrics, cost savings with streamlined processes, higher operational efficiency, accurate predict market trend, improved information security, and better decision-making.
APAC to hold higher CAGR during the forecast period
Over the next five years, the Asia Pacific region is expected to witness the fastest growth in the decision intelligence market. This is a result of the phenomenal rise of data across all organisations operating in this field. Irrespective of whether a company is in the manufacturing or media and entertainment industries, a massive data inflow has demonstrated the need for a decision intelligence system that is efficient. At first, companies were accustomed to keeping data separated. It was challenging to take any managerial choice and develop a plan as a result of these divisions. As a result, it is expected that this industry would quickly adopt decision intelligence technology and solutions.
Major vendors in the global Decision intelligence market Google (US), IBM (US), Oracle (US), Microsoft (US), Board International (Switzerland), Cerebra (US), Clarifai (US), Diwo.ai (US), Domo (US), H2O.AI (US), Intel (US), Metaphacts (Germany), Pace Revenue (UK), Paretos (Germany), Peak.ai (UK), Provenir (US), Quantellia (US), Systems Technology Group (US), Pyramid Analaytics (Netherlands), Tellius (US) and Course5i (India).
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