Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Global Decision Intelligence Market (Platforms, Solutions (Integrated & Standalone), Services), Deployment Type (Cloud, On-premises), Organization Size, Vertical (BFSI, Healthcare & Life Sciences, Retail & eCommerce), and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global decision intelligence market is projected to grow from USD 10 billion in 2022 to USD 22.7 billion by 2027, at a CAGR of 17.8% during the forecast period.
Decision intelligence (DI) enables businesses to take prompt, wise judgments. It combines artificial intelligence with data science, management science, behavioral science, and other technologies. The effects of a single choice on several individuals, procedures, and KPIs are also shown through DI. Artificial intelligence is the central element of every decision intelligence (DI) system (AI).
An efficient DI model requires the use of AI methods including machine learning, deep learning, data visualization, business intelligence, and predictive modelling. Business intelligence (BI), which offers precise and up-to-date data and analysis for several operations, is quickly being a crucial component of DI solutions.
Decision-makers may use this to make educated, data-driven judgments. Business process is made more flexible by BI, which enables business executives to use self-service analytics to analyse and display data without relying on assistance from technical people.
The BFSI segment to have the largest market size during the forecast period
By vertical, the segments include BFSI, telecom, healthcare and life sciences, retail and e-commerce, government and defense, manufacturing, IT and ITeS, energy and utilities, transportation and logistics, and others (media and entertainment, travel and hospitality, and education and research). Financial services businesses use Decision Intelligence to process credit applications for transactions such as mortgages and vehicle loans.
AI-powered, it can use a customer's credit score, income, or other data to confirm a client's eligibility for specific services. Morgan Stanley, a sophisticated financial institution, that helps its consumers make wiser choices by utilizing in-house financial advisors and advanced decision-making technologies. Decision Intelligence powers their wealth management technology.
Following the client's goal the AI system offers successful strategies, which are then confirmed by human specialists before being presented to the consumer. The banking industry employs decision intelligence to examine consumer behavior, anticipate demands, identify pain points, and create individualized products. According to a McKinsey report, only 20% of businesses are satisfied with their decision-making speed. Others admit to spending too much time attempting to make the perfect decision, which is not always the case.
The deployment & integration solution is registered to grow at the highest CAGR during the forecast period
By services, the decision intelligence had been segmented into Consulting, deployment & implementation, support & maintenance. The technical expertise provided by integration and deployment services enables organisations to select the appropriate software architecture for their operational requirements. For system integration and deployment services, the appropriate amount of connections and back-end integration expertise are therefore required. Due to the fact that these services ensure that systems work effectively with one another to increase the effectiveness of the whole supply chain and production process, they are gaining popularity among end-users throughout the globe.
Among Vertical, Healthcare and Life Sciences vertical is anticipated to register the highest CAGR during the forecast period
The use of AI and RPA in healthcare decision intelligence has a wide range of advantages, including better data processing for developing high-quality electronic health record management, creating a user-friendly workflow for effective patient care, and improving the decision-making abilities of healthcare professionals. Healthcare organisations must enhance their decision intelligence by utilising AI technologies in a world of rapid change and rapidly shifting relationships with information. AI is the key to unlocking opportunities to add decision intelligence into healthcare organisations that functionalize over growing streams of data and constant learning to make information easily accessible for better decision making.
North America to account for the largest market size during the forecast period
North America is expected to have the largest market share in the decision intelligence market. North America is one of the leading markers for Decision Intelligence in terms of market share. Countries, such as the US and Canada, are adopting Decision Intelligence technology in multiple application areas, propelling the growth of Decision Intelligence in this region. The high penetration of Decision Intelligence in multiple verticals, such as BFSI, healthcare, and retail, is driving the growth of this market in this region. The North American region has been extremely open toward the adoption of any new and innovative technologies and is expected to provide market growth opportunities to Decision Intelligence vendors, as it is expected to witness an exponential growth of IT device-based generated data and stringent laws and policies for safeguarding the data.
Market Dynamics
Drivers
- Advent of ML and AI to Maximize Potential of Decision Intelligence
- Increasing Need to Lower Risks Associated with Human Decisions
Restraints
- Information Overload and Dependence on Decision Support Systems
- Inability to Quantify ROI
Opportunities
- Surge in Developments of Big Data Technology for Actionable Business Intelligence
- Elimination of Mistakes and Biases from Decision-Making Process to Boost Adoption
Challenges
- Integration of Data from Data Silos
- Security of Data and Concerns About Privacy to Hinder Widespread Adoption of Decision Intelligence
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 234 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $10 Billion |
| Forecasted Market Value (USD) by 2027 | $22.7 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Decision Intelligence Market, by Component
6.1 Introduction
6.2 Platforms
6.3 Solutions
6.4 Services
7 Decision Intelligence Market, by Deployment Mode
7.1 Introduction
7.2 On-Premises
7.3 Cloud
8 Decision Intelligence Market, by Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Decision Intelligence Market, by Vertical
9.1 Introduction
9.2 BFSI
9.3 Telecom
9.4 Healthcare & Life Sciences
9.5 Retail & e-Commerce
9.6 IT & ITeS
9.7 Manufacturing
9.8 Energy & Utilities
9.9 Government & Defense
9.10 Transportation & Logistics
9.11 Other Verticals
10 Decision Intelligence Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent and Related Markets
14 Appendix
Companies Mentioned
- 10xDS
- Board International
- Cerebra
- Clarifai
- Coca-Cola
- Course5I
- Diwo
- Domo
- FreeAndSingle
- H2O.AI
- Humana
- IBM
- IBM Watson
- Intel
- Metaphacts
- Microsoft
- Oracle
- Pace Revenue
- Paretos
- Peak.AI
- PrettyLittleThing
- Provenir
- Pyramid Analytics
- Quantellia
- Remi.AI
- Systems Technology Group (STG)
- Tellius
For more information about this report visit https://www.researchandmarkets.com/r/n5i97o
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