PORTLAND, Ore., Sept. 21, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Management Decision Market by Component (Software and Services), Deployment Model (On-premise and Cloud), Function (Credit Risk Management, Customer Experience Management, Compliance Management & Fraud Detection, Pricing Optimization, and Others), Organization Size (Small & Medium Sized Enterprises and Large Enterprises), and Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Manufacturing, Energy and Utilities, Government, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global management decision market garnered $4.13 billion in 2019, and is estimated to reach $11.64 billion by 2027, registering a CAGR of 13.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Rapidly changing government and industry regulations across countries, rise in demand of decision management solutions, and growing requirement to automate high-volume decisions across the enterprises drive the growth of the global management decision market. However, lack of availability of skilled personnel with sufficient knowledge hinders the market growth. On the other hand, ongoing partnership & product launches as well as increase in spending on analytics are anticipated to offer new opportunities in the coming years.
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- The demand for the management decision making software has been increased due to consistently changing working strategies during COVID 19 outbreak. .
- In addition, the market has witnessed increase demand due to surge in the requirement to automate high-volume decisions across the enterprises to improve consistency, and accuracy during remote working.
The software segment to maintain its lead status
Based on component, the software segment accounted for more than three-fifths of the global management decision market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to increase in integration of decision-making software among the organizations, which deals with banking, financial services, & insurance into their business process systems. However, the services segment is estimated to portray the highest CAGR of 15.4% from 2020 to 2027. Growing demand for training & consulting services by considering the necessity of low investment and increase in the demand for expertise to improve decision management capabilities drives the growth of the segment.
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The on-premise segment to maintain its leadership position
Based on deployment model, the on-premise segment contributed to the highest market share with nearly three-fifths of the global management decision market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to high adoption of on-premise management decision software among the heavily regulated industries. However, the cloud-based segment is estimated to generate the fastest CAGR of 14.6% from 2020 to 2027. This is attributed to growing investment in cloud applications.
North America is anticipated to dominate the market by 2027
Based on region, North America accounted for the highest share based on revenue, holding for nearly two-fifths of the global management decision market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to rapid adoption of latest technologies in countries such as the U.S. and Canada and surge in investment in the emerging technologies such as big data, analytics, and cloud platforms. However, Asia-Pacific is estimated to generate the fastest CAGR of 17.0% from 2020 to 2027. This is due to rise in commercial investments by several companies in the developing countries such as China and India
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Leading market players
- Tibco Software
- Fair Isaac Corporation
- Salesforce.com, Inc.
- IBM Corporation
- SAS Institute Inc.
- Oracle Corporation
- Manthan Software Services Pvt. Ltd.
- Sapiens International
- ACTICO GmbH.
- Experian Information Solutions, Inc.
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