Global Management Decision Market Size, Trends, and Analysis - Forecasts To 2026 By Component (Software, Services (Deployment and Integration, Support and Maintenance, Consulting)), By Function (Credit Risk Management, Collection Management, Customer Experience Management, Fraud Detection Management, Pricing Optimization, Others (Decision Automation and Project Prioritization)), By Deployment Type On-Premises, Cloud), By Organization Size (Small and Medium Enterprises, Large Enterprises), By Industry (BFSI, Telecom and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Energy and Utilities, Government, Others (Education, Media and Entertainment)), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Management decision software is used to facilitate the decision management process in companies. Decision management is carried out to effectively streamline and improve the action-taking processes within the everyday workings of a company. Decision management aims to improve the decision-making processes by efficiently utilizing all available information to enhance the reliability of decisions, to make the right decisions consistently, and to make these decisions at a faster pace with minimal time redundancies while accounting for the risks involved and the time constraints. Management decision systems use tools like business intelligence, business rules, continuous improvement, artificial intelligence, predictive analytics, and recently cloud computing to enhance the decision-making processes. In the decision management systems, the decisions are treated as repeated commodities that can be automated to be provided under predetermined circumstances through the use of analytics and technology. Management decision software allows the decision-makers to either fully automate the decision-making process or it can provide the best possible decisions for a human user to make. The rapid growth in internet users and the increased importance of providing services online has increased the workload. The internet makes it possible for businesses to interact with a larger customer base than before which has increased the decision-making workload volume on decision-makers. Financial institutions, banking, and insurance companies have begun increasingly utilizing management decision software to streamline their internal and customer-facing decision-making processes to be efficient, consistent, and reliable. The global management decision market is driven by the growing number of software solution vendors, growing adoption of cloud-based systems, growing customer bases, increased adoption of management decision software in the BFSI sector, and the need for real-time data analysis and visualization for effective decision making. The management decision market is restrained by the need for skilled employees and the growing privacy concerns among users.
Software and services are considered under the component segment. The services segment includes various segments like deployment and integration, support and maintenance, and consultation. The software segment is the trending segment in the market in 2020. Services are often rendered on a one-time basis and with the increasing availability of adeptly skilled labor, the software segment is becoming increasingly cost-effective to users. The software is often updated and newer versions with better capabilities and functionalities are released consistently which ensures that customers have to buy new software routinely which gives the vendors a returning customer base.
Based on the function analysis, the market is explained into credit risk management, project prioritization, collection management, pricing optimization, customer experience management, and fraud detection management among others. Credit risk management will generate huge revenue and occupy a major share in the market. Credit risk management is a crucial part of the BFSI sector which can have a significant impact on the revenue stream of the company. As companies are facing an increasing customer base and faced with a large volume of decisions, credit risk management decisions can be automated or the best options can be made available for decision-makers based on predetermined conditions. This effectively streamlines the decision-making process and allows companies to serve more customers efficiently.
Based on the deployment type, the market is considered and explained into on-premises and cloud. The on-premises segment is expected to hold the dominant share of the market. As companies especially those in the BFSI sector deal with high volumes of confidential data they prefer on-premise software that gives them an added sense of security and control over their data. The cloud segment is widely adopted among end users. Cloud-based systems are becoming increasingly popular as companies adopt work from home and bring your device practices and are increasingly turning to cloud systems due to their convenience. This increased adoption of cloud technology and the growing cloud security features are expected to increase the demand for the cloud segment during the forecast period.
Based on the size of organizations, the management decision market can be segmented into small and medium enterprises and large enterprise segments. The large enterprise segment occupies major chunk of the market. Large enterprises have a large customer base in various regions and preside over a thousand employees. Fast decision management is crucial to these enterprises to stay competitive in the market. These enterprises also have the resources to implement the latest technology.
Based on industry analysis, the market is explained into BFSI, government, telecom and IT, energy & utilities, retail and consumer goods, transportation & logistics, and healthcare & life sciences, among others. The BFSI segment will hold highest share of the market between 2021-2026. This sector deals with a large number of decisions routinely that are repeated, these decisions can be automated to streamline their workload and are expected to increase the demand in the BFSI industry during the forecast period.
The largest share of the management decision market is held by the North American region. The region has a large number of large enterprises that are increasingly adopting management decision systems. There is also a large number of management decision solutions vendors in the region. The APAC region is expected to grow rapidly between 2021-2026. The region has is expected to see an increase in the number of large enterprises in the region as investments flow in from other regions. The increasing availability of skilled labor force in the region is also expected to increase the adoption of management decision systems in the region.
FICO (US), Sparkling Logic (US), SAS (US), OpenRules (US), TIBCO (US), Decision Management Solutions (US), Oracle (US), Parmenides (Germany), IBM (US), Sapiens (Israel), Equifax (US), Experian (Ireland), Pegasystems (US), and ACTICO (Germany) among others, are the major vendors.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Management Decision Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Management Decision Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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