Decision Intelligence Market is propelled by increasing need for data-driven, AI-driven insights to support complex decision-making across diverse industries.
PORTLAND, OREGON, UNITED STATES, October 23, 2023 /EINPresswire.com/ — The decision intelligence market was valued at $9.8 billion in 2021, and is estimated to reach $39.3 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
Decision intelligence offers businesses the ability to use data and AI to quickly, accurately, and consistently decide how to proceed with various business requirements and issues. In addition, it also enables data collection and machine learning modeling in order to forecast precise results for the best business decision-making. Moreover, it gives businesses the ability to process and forecast data in order to make more informed decisions at every level of the organization, gain better insight into their operations, and produce game-changing business results.
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Furthermore, businesses are constantly working to improve the reliability of one‘s day-to-day operations and eradicate biases using decision intelligence that encourages automation without underselling the significance of human judgment, skills, and instinct. Decision intelligence enables businesses to achieve more with less by using data analytics, ML, and AI for better decision-making.
Moreover, factors such as big data technology advancements for practical business intelligence and the advent of ML and AL are enabling a variety of sectors to fully utilize decision intelligence primarily driving the growth of the decision intelligence market. However, worries about data security and privacy seem to hamper the market growth to some extent due to abundance of information, reliance on a decision support system, and adoption of decision intelligence. Moreover, rapid advancements in big data technology will lead to actionable business information, which is expected to provide lucrative opportunities for the market growth during the forecast period.
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Depending on deployment mode, the on-premise segment dominated the decision intelligence market share in 2021 and is expected to continue this dominance during the forecast period, owing to various end users increasingly embrace the on-premises software deployment model due to the practical options and substantial customization provided by the on-premises.
However, the cloud segment is expected to witness the highest growth in the upcoming years, owing to cloud data warehouses and cloud decision intelligence are increasingly being used to solve decision intelligence problems. By enabling a large number of concurrent users, cloud resources easily scale in and out.
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Region wise, the decision intelligence market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to advanced technologies such as AI, ML, intelligent apps, and natural language queries to transform data dashboards and business analytics into more comprehensive decision-support platforms. However, Asia-Pacific is expected to witness the highest growth in the upcoming years, owing to data scientists and engineers, as well as the potential of vast automation and AI/ ML projects in the region, enterprises across Asia-Pacific leverage engineered decision making for substantial and consistent positive decision making.
Key players profiled in decision intelligence industry include Google LLC, Oracle Corporation, Microsoft Corporation, Board International, Metaphacts GmbH, H2O.ai, International Business Machines Corporation, Intel Corporation, Diwo.ai, and Clarifai, Inc.. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the decision intelligence industry.
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