(I-BusinessNews.Com, January 11, 2021 ) According to market research report “Management Decision Market by Software, Service, Deployment Type, Function (Credit Risk Management, Collection Management, Customer Experience Management), Organization Size, Industry, And Region Â Global Forecast to 2022 ” the management decision market size is projected to reach USD 6.18 Billion by 2022. The management decision market size is expected to grow from USD 3.09 Billion in 2017 to USD 6.18 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Increase in need for business agility and faster operational decisions is the major driver of the management decision market growth. Moreover, it is increasingly important for enterprises to adhere to increasing government compliance, and accelerate return on investment for organizations , which drive the management decision market growth.
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Rapid adoption of management decision software, owing to robust and well-established economies, is expected to make North America the largest regional market.
In the US and Canada, organizations have rapidly adopted and invested in the emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as big data and cloud platforms. Moreover, there has been an increasing demand among enterprises to automate business decision-making process and increase productivity in the region. Several companies willingly invest in North America due to presence of numerous large enterprises in the region. The factors driving the growth of the management decision market in North America are stable economy, technology enhancements, and optimized infrastructure costs.
The BFSI segment is expected to account for the largest market size during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) segment includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This industry deals with critical financial data and credit risks; hence, it is a good contributor in the management decision market. Owing to the continuous changes in the competitive environment, companies need to enhance their operational efficiencies. Hence, management decision software empowers financial institutions to automate their business decision-making process to enhance the operational efficiencies of an organization. Furthermore, growing need to deal with increasing number of recurring operation decisions daily is expected to drive the demand for management decision software.
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The large enterprises segment is expected to gain a larger market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises have their customers across various regions and account for high market shares, technical expertise, and effective business strategies. This large enterprises are expected to invest in new and latest technologies to run their business effectively. The market size of the management decision market is larger in the large enterprises segment. Moreover, adoption of management decision software in large enterprises has become an integral part of these large-scale organizations to sustain in the competitive market. Furthermore, large enterprises prefer implementing software and services that are expected to assist them in increasing their profits.
The major vendors in the management decision market include FICO (US), SAS (US), TIBCO (US), Oracle (US), IBM (US), Sapiens (Israel), Experian (Ireland), ACTICO (Germany), Pegasystems (US), Equifax (US), Parmenides (Germany), Decision Management Solutions (US), OpenRules (US), and Sparkling Logic (US).
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