Market Size of Global Management Decision Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.55 Billion |
| Market Size (2029) | USD 12.41 Billion |
| CAGR (2024 - 2029) | 13.64 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
