Published Date : 21 Nov 2023
The global decision intelligence market size is anticipated to reach around USD 45.15 billion by 2032 up from USD 10.55 billion in 2022 with a CAGR of 15.7% between 2023 and 2032.
Decision intelligence (DI) is an interdisciplinary field that combines various techniques, methods, and tools to help individuals and organizations make better decisions. It leverages a wide range of disciplines, including artificial intelligence, machine learning, statistics, data analysis, behavioral economics, psychology, and operations research, to provide a systematic and data-driven approach to decision making. Decision intelligence focuses on improving the quality and effectiveness of decisions by integrating data, analytics, and human expertise.
Decision intelligence is increasingly relevant in present data-driven and complex business environments, where organizations need to make critical decisions based on vast amounts of information. It can be applied to a wide range of domains, including finance, healthcare, supply chain management, marketing and others to help optimize decision making and improve outputs.
The decision intelligence market is driven by several factors such as the growing data volumes and complexity, increasing awareness and adoption, rising adoption in the government and public sector, increasing utilization in the healthcare and life sciences sector and others. In addition, the advancements in AI and Machine learning is one of the crucial elements that propel the market growth over the forecast period.
North America is expected to dominate the market over the forecast period. The regional growth of the market is attributed to the presence of giant IT companies, research institutions and startups that are at the forefront of developing and implementing decision intelligence solutions. In addition, North American organizations such as businesses, government agencies, and educational institutions, have embraced data-driven decision making as a fundamental part of their strategies, fostering a healthy environment for decision intelligence adoption.
In North America, the US is expected to hold a prominent market share for decision intelligence during the study period. The US is a global leader in technology and innovation and the home for many tech giants, startups and research institutions that drive the development of advanced decision intelligence solutions, including AI and ML applications.
In addition, the big players in decision intelligence in the US are Microsoft, Intel Corporation, Google LLC, Domo Inc., Pyramid Analytics, IBM and Others. Thus, this is expected to drive market growth in the country during the forecast period.
|Market Revenue in 2023||USD 12.15 Billion|
|Projected Forecast Revenue by 2032||USD 45.15 Billion|
|Growth Rate from 2023 to 2032||CAGR of 15.7%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Increasing data volume and complexity
The increasing volume of data generated by businesses, individuals, and IoT devices creates a need for sophisticated decision making tools and techniques to extract valuable insights form this data. For instance, according to data experts, data volumes in their firms are expanding by 63 percent on average each month. Among those surveyed, 10% stated that monthly volumes are increasing at a rate of 100% or higher. Thus, this is expected to drive the market growth over the forecast period.
Advancement in big data technology
Among the quickly developing areas of data science and artificial intelligence is decision intelligence. Dialectal analysis is one of several issues with decision intelligence technologies that have been fixed and integrated into online applications. Big data analytics and decision intelligence may be used to create reliable systems that help management and corporate decision making, handle big data at massive sizes, and do text and subjective analysis.
Data privacy and security concerns
There are serious privacy and security issues with the growing use of data in decision making. Effective data collection and use may be hampered by an organization's need to preserve sensitive information and adhere to privacy regulations.
Lack of expertise
Skilled professionals who understand the nuances of decision intelligence, data analytics, and AI are in high demand. A shortage of talent can be a restraint for organizations looking to adopt decision intelligence solutions. For instance, according to the IBM report, the global demand for AI expertise is exceeding the supply, with less than 10,000 individuals having the requisite abilities to become experts in the field. According to the same estimate, there will be a significant skill gap by 2030 as a result of the continued lack of AI talent. Thus, the aforementioned facts hamper the decision intelligence market revenue share over the anticipated timeframe.
Integration of AI and ML
As AI and ML technologies advance, there are opportunities to integrate them with decision intelligence solutions to further enhance predictive capabilities and automation. For instance, in June 2023, Pyramid Analytics, a business and decision intelligence platform, just released the most recent version of the Pyramid Decision Intelligent Platform, which now integrates DALL-E and ChatGPT from OpenAI. This special mix supports generative AI for a variety of applications, and the new hub feature, with its customized analytics experience, is designed to increase productivity and user satisfaction. Thus, this is expected to offer a lucrative opportunity for market growth over the forecast period.
The increasing collaboration among the market players is expected to offer a lucrative opportunity for market growth during the forecast period. For instance, in July 2023, with the release of Pronto Xi BI Unlimited with IBM Cognos Analytics with Watson, an Australian enterprise resource planning (ERP) solutions provider, Pronto Software and IBM formally reinforced their long-standing partnership. This partnership represents a critical turning point in providing Pronto Software clients with sophisticated analytics and all-encompassing insights.
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