Management Decision Market Size
|2019 - 2029
|Market Size (2024)
|USD 6.55 Billion
|Market Size (2029)
|USD 12.41 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Management Decision Market Analysis
The Global Management Decision Market size is estimated at USD 6.55 billion in 2024, and is expected to reach USD 12.41 billion by 2029, growing at a CAGR of 13.64% during the forecast period (2024-2029).
In 2022, advanced insights-driven firms were 1.6 times more likely to report leveraging data, analytics, and insights to develop experiences, products, and services that set them apart from the competition than novices, according to a Forrester report. Banks are presently using AI technologies, including speech recognition, predictive analytics, and others, to get a competitive edge in the market.
- The highest BI and analytics tool usage comes from Finance and accounting departments. Applications such as TallyPrime are customized for MSMEs as they can generate all the significant financial statements whenever the business requires it, including a ratio analysis report.
- If a new hire turns out to be a poor fit for the company, it could cost them a lot of money. Several businesses use analytics to look into potential candidates' experiences and track records before hiring new employees.
- A survey conducted by Gartner revealed that Marketing analytics is responsible for influencing 53% of marketing decisions. Gartner expects, by 2023, 60% of CMOs will slash the size of their marketing analytics department in half because of failed promised improvements. Analytic tools provide a dashboard from which businesses can glean insights and make decisions. Depending on the complexity of the data and the request, there may be delays in timely insights, which may restrain the smooth growth of the Management decision market. Platform fraud affected 40% of the organizations that experienced a scam. So security is another challenge that hampers the market.
- The transition to platforms intensified during the Covid-19 as companies adopted delivery and contactless payments to keep serving their clients in private. With labor shortage and remote working taking a curve, organizations clinched to platforms powered by artificial intelligence that leverage internal and external data to enhance decision-making. Decision-making tools were referred to as choosing a course of action that aligns with your business's priorities.
Management Decision Market Trends
BSFI Sector is Expected to Hold Significant Share
- Analytical market studies or revenue research can be used in banking and finance to link a company's business model to its commercial goal. While analytics can forecast losses, it may also be used to develop strategies that will result in business success. For instance- A financing company offering a loan has to manually analyze data and other documents stored in word or excel formats. Processing is interrupted if there is no smart collaboration option because of missing documents or pending deliveries. Management Decision software plays a significant role here as the application handles data preparation and supports all analysis, voting, and decision-making processes.
- One of the biggest commercial banks in Germany provides its clients with domestic and foreign financial services in the real estate, corporate banking & asset finance, and conveyor business sectors. It started a digitalization project with software solution developer Knowis AG to address the increased demands on the bank's middle office. The application guided bank's back office professionals with the chores of risk analysis and risk assessment that arose during the life cycle of a loan commitment and helped them react more swiftly to unexpected developments.
- Pakistan-based United Bank Limited (UBL) adopted to digital platform developed by Cloudera to handle the increasing volume and improve the business. After using the application, UBL could decide the ideal amount of cash to keep at each bank's ATM or proactively identify each digital transaction as fraudulent or not. This is how the bank fueled its data and digital transformation journey moving forward.
- Saudi Export-Import Bank (Saudi EXIM Bank) announced using SAS Technology for its banking operations. The methodology by SAS will provide best practices to assist the bank in creating a culture of risk awareness, maximizing capital and liquidity, and satisfying regulatory requirements. The application establishes a centralized inventory model supporting a company's internal policies and procedures across all business units.
North America is Expected to Hold Major Share
- 10% of organizations believe that one out of every ten dollars from online sales goes towards fighting fraud. This urges a unique software tool to make corrective decisions for better business management. The US market is expected to dominate the Cloud Based Data Management Services, achieving a market value of 43, 352.9 USD million by 2028.
- Canada Government implemented Chinook, a Microsoft Excel-based program created by Immigration, Refugees and Citizenship Canada (IRCC) for processing temporary resident applications. Its goal is to improve client service and boost efficiency by reducing the effects of system and broadband latency. The tool simplified the visual representation of a client's information.
- North America-based Suez's subsidiary eRIS focus on creating value for utility companies and ensuring the correct data is absorbed to solve the problem by digitalization. The application sets alerts and thresholds, generates measurable values, and tracks KPIs with integrated workflows.
- Feb 2023 - Coupa Software, a Business Spend Management (BSM) Firm, acquired Thoma Bravo, the software investment firm. This investment will help Coupa digitally transform the CFO's Office by delivering leading-edge innovation on their platform.
Management Decision Industry Overview
The Management Decision market is moderately competitive, and startups are trying to disrupt the decision industry with customized analytics tools. However, the market is dominated by global players such as BM Corporation, Oracle Corporation, SAS Institute, Inc., and TIBCO Software Inc. These businesses' primary growth tactics to survive the fierce competition include product releases, substantial investment in research and development, collaborations, and acquisitions.
Feb 2023 - Redslim, the software service provider, signed a contract with Interrodata to help businesses make data-driven decisions faster jointly. Interrodata's Investigative Decision Analytics platform directs sales and marketing managers toward action without the pain of manual analytics. This Analytical program will help clients unlock growth potential by revealing hidden insights.
January 2023 - Tech Mahindra partnered with retail AI analytics solution provider Retalon. The partnership will solidify Tech Mahindra's position in the market and further increase the scope of its worldwide retail offering to meet its clientele's ever-evolving and dynamic needs. Through this relationship, the retail and consumer packaged goods sectors will be able to understand their customers better, make better decisions, and operate more efficiently. The companies claim that this platform will help in improving gross margins from 9-12% annually.
Management Decision Market Leaders
SAS Institute Inc.
TIBCO Software Inc.
FICO (Fair Isaac Corporation)
*Disclaimer: Major Players sorted in no particular order
Management Decision Market News
- November 2022 - IBM introduced Business Analytics Enterprise, a more advanced version of the program allowing companies to acquire a thorough perspective of the data sources across their entire business. The program will assist in business intelligence planning, budgeting, reporting, forecasting, and dashboard capabilities.
- January 2022 - The cloud platform LambdaTest, introduced Test Analytics, a solution to enable better decision-making. With the help of highly customized dashboards provided by LambdaTest Test Analytics, DevOps teams can monitor the status and effectiveness of testing across numerous LambdaTest product lines in a single view, enabling businesses to make better decisions.
- The Pennsylvania ed-tech company Frontline Education launched HR Capital Analytics Tool. The program will examine absenteeism trends and patterns, comprehend information about teacher candidates and open positions, determine staffing needs by position, quickly fill openings for substitutes, plan recruitment, and hiring strategies, and share professional development opportunities. The tool will increase administrators' ability to expedite decision-making and strategically plan.
Management Decision Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment on the impact due to COVID-19
4.4 Market Drivers
4.4.1 Increasing need for business agility which requires faster and efficient decision making
4.4.2 Increasing demand for Decision Analytics in BFSI sector to drive the market
4.5 Market Restraints
4.5.1 High monetary cost involved for the implementation
5. MARKET SEGMENTATION
5.1 By Component
5.2 By Deployment Type
5.3 By End-User Industry
5.3.2 IT and Telecom
5.3.6 Other End-User Industries
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
5.4.4 Latin America
18.104.22.168 Rest of Latin America
5.4.5 Middle East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Oracle Corporation
6.1.3 SAS Institute Inc.
6.1.4 TIBCO Software Inc.
6.1.5 FICO (Fair Isaac Corporation)
6.1.6 Pegasystems Inc.
6.1.7 SAP SE
6.1.8 Actico GmbH
6.1.9 Sapiens International Corporation
6.1.10 Equifax, Inc.
6.1.11 Scorto, Inc.
6.1.12 Experian Information Solutions, Inc.
6.1.13 Sparkling Logic, Inc.
6.1.14 InRule Technology, Inc.
6.1.15 DMC Dubai (Decision Management Consultants)
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Management Decision Market Research FAQs
How big is the Global Management Decision Market?
The Global Management Decision Market size is expected to reach USD 6.55 billion in 2024 and grow at a CAGR of 13.64% to reach USD 12.41 billion by 2029.
What is the current Global Management Decision Market size?
In 2024, the Global Management Decision Market size is expected to reach USD 6.55 billion.
Who are the key players in Global Management Decision Market?
IBM Corporation, Oracle Corporation, SAS Institute Inc., TIBCO Software Inc. and FICO (Fair Isaac Corporation) are the major companies operating in the Global Management Decision Market.
Which is the fastest growing region in Global Management Decision Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Management Decision Market?
In 2024, the Asia-Pacific accounts for the largest market share in Global Management Decision Market.
What years does this Global Management Decision Market cover, and what was the market size in 2023?
In 2023, the Global Management Decision Market size was estimated at USD 5.76 billion. The report covers the Global Management Decision Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Management Decision Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Management Decision Industry Report
Statistics for the 2024 Management Decision market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Management Decision analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.