The latest report by IMARC, titled “Management Decision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global management decision market size reached US$ 5.9 Billion in 2022. Management decision refers to the procedure of enhancing and streamlining data-driven decisions of the institution by implementing numerous tools, such as artificial intelligence (AI), business intelligence (BI), and advanced analytics. It is mainly used by business managers to achieve optimal consistency, growth, precision, and improved control over decision strategies. This procedure involves analyzing, filtering, processing, and formulating the data to choose the best alternative. The procedure aids in making the organization robust, providing additional alternatives, enhancing acceptance and commitment, and generating information. In recent years, management decision has gained traction due to their extensive utilization in numerous industry verticals, including manufacturing, retail, healthcare, telecommunication and banking, financial services and insurance (BFSI), and information technology (IT).
Global Management Decision Market Trends:
One of the primary factors driving the market is the exponential growth in the BFSI industry globally. Additionally, management decision solutions help financial institutions and banks perform repetitive operations, including insurance claims, critical credits, and fraud detection management, thereby creating a positive market outlook. Other than this, analysis-based digital decision services and solutions assist in achieving improved efficiency, consistency, productivity, and transparency. Besides this, management decision-making helps in processing and using large quantities of information in real time and implementing more accurate decisions, thereby propelling the market growth. Furthermore, the rapid digitalization of banking procedures, and the increasing number of small and medium-sized enterprises (SMEs), are strengthening the market growth. Looking forward, IMARC Group expects the market size to reach US$ 12.0 Billion by 2028, expanding at a CAGR of 12.4% during the forecast period (2023-2028).
- Based on the component, the market has been bifurcated into software and services.
- On the basis of the deployment mode, the market has been segregated into on-premises and cloud-based.
- Based on the function, the market has been segmented into credit risk management, collection management, customer experience management, fraud detection management, pricing optimization, and others.
- On the basis of the organization size, the market has been divided into small and medium-sized, and large enterprises.
- Based on the industry vertical, the market has been categorized into BFSI, manufacturing, retail and e-commerce, IT and telecom, healthcare, government, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being ACTICO GmbH, Equifax Inc., Experian Information Solutions Inc. (Experian plc), Fair Isaac Corporation, International Business Machines Corporation, Oracle Corporation, Pegasystems Inc., Salesforce.com Inc., SAP SE, Sapiens International Corporation, SAS Institute Inc., and TIBCO Software Inc.
|Base Year of the Analysis
||Component, Deployment Mode, Function, Organization Size, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ACTICO GmbH, Equifax Inc., Experian Information Solutions Inc. (Experian plc), Fair Isaac Corporation, International Business Machines Corporation, Oracle Corporation, Pegasystems Inc., Salesforce.com Inc., SAP SE, Sapiens International Corporation, SAS Institute Inc. and TIBCO Software Inc.
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