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Decision Intelligence Market Analysis
- Report ID: GMI5445
- Published Date: Mar 2023
- Report Format: PDF
Decision Intelligence Market Analysis
The decision intelligence market revenue from cloud-based segment generated over USD 5 billion in 2022, owing to their independent scaling capabilities for computing and storage. Additionally, companies are taking efforts to introduce advanced and simplified cloud-based decision intelligence solutions. For instance, in February 2023, the analytics automation business Alteryx, Inc. unveiled enterprise-grade and self-service features for the Alteryx Analytics Cloud Platform to assist clients in making quicker and more intelligent decisions. The updated platform offers complete Designer Cloud access and provides an intuitive, easy-to-use drag-and-drop interface accessible to employees of all skill levels, without sacrificing data security requirements.
In terms of organization size, the large enterprise segment held over 50% decision intelligence market share in 2022, as major enterprises are switching from traditional dashboards and manual data analysis to advanced decision intelligence technologies to help their business and analytics teams make more rapid and reliable decisions. Furthermore, the growing product adoption by major enterprises to integrate information and the growing amount of data that these firms collect on a regular basis from several independent sources are predicted to fuel the market expansion.
The decision intelligence market revenue from the platform segment is poised to exceed USD 15 billion by 2032, as the focus of organizations on maximizing ROI by being more cognitive, the use of decision intelligence systems has increased. Additionally, big data has prompted IT behemoths to design decision intelligence platforms to aid IT teams in simplifying and controlling the process. For instance, the leading deep-tech AI startup Intelmatix launched its Enterprise Decision Intelligence Platform, its flagship patented technology, to help businesses make the best decisions at the right time, boost productivity, and develop into cognitive organizations.
The manufacturing segment is anticipated to hold a decision intelligence market share of over 5% by 2032. Manufacturing services need a substantial number of connections and back-end integration capabilities. Market participants are integrating real-time data, ML, and AI in manufacturing business domain expertise to detect opportunities and business risks precisely and dynamically, to continually enhance manufacturing organizations' financial and operational performance, thereby augmenting the product popularity across the segment through 2032. For instance, in October 2022, Dynam. AI, an AI software development business that automates essential decision-making for the industrial sector, has teamed with CloudFactory, a global leader in human-in-the-loop AI, to assist enterprises in accelerating the implementation of AI solutions for decision-making automation.
As per application, the demand forecasting segment accounted for 30% decision intelligence market share in 2022. Events have a significant influence on business, and many firms are seeking an efficient approach to include them in their forecasts to improve accuracy and profitability. Furthermore, the growing need for an innovative methodology for supply chain management to adapt to disruptions and fulfill the company's strict requirements for sourcing, processing, packaging, and distribution is attributed to the market growth. For instance, in November 2022, Aera Technologies, a decision intelligence provider, collaborated with Pulmuone Co. Ltd., the world's top tofu producer, to enable decision intelligence throughout the latter’s supply chain.
North America decision intelligence market size was worth over USD 1 billion in 2022. The growing deployment of AI and ML-enabled decision Intelligence in the US government sector to improve the delivery of key public services including healthcare, homeland security, and the military is likely to boost the regional market demand. For instance, in October 2022, the pioneering decision intelligence platform provider Pyramid Analytics and Carahsoft Technology Corp., the Trusted Government IT Solutions Provider®, entered into a partnership under which Carahsoft will act as Master Government Aggregator® for Pyramid Analytics and make the Pyramid Decision Intelligence Platform accessible to federal, state, and local government agencies through Carahsoft's reseller partners.
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Decision Intelligence Market Scope
