DUBLIN, December 06, 2021--(BUSINESS WIRE)--The "Management Decision Market by Software, Service, Deployment Type, Function (Credit Risk Management, Collection Management, Customer Experience Management), Organization Size, Industry, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global management decision market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period, to reach USD 9.0 billion by 2026 from USD 4.8 billion in 2021.
Key factors that are expected to drive the growth of the market are the rising need to improve the quality of decisions and achieve business agility with enhanced effectiveness, growing need for faster operational decisions and improve process efficiency, and compelling need to manage regulatory and compliance standards. These factors are driving the demand for management decisions.
The COVID-19 Impact on the global management decision market
The pandemic has had a positive impact on the management decision market. The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome. The COVID-19 pandemic has reinforced the need for companies in the various sector to implement digital technologies and harness the power of management decision software solutions and services for improving their quality of decision making and create consistency, thereby supporting tactical and strategic decisions within organizations.
The services segment is expected to grow at a higher CAGR during the forecast period
The services segment for management decision market is expected to grow at a higher CAGR due to the need of deployment and integration, support and maintenance, and consulting services for ensuring smooth functioning of business decision management software solutions. These services help in enhancing business agility with improved and intelligent decision-making capabilities and support. The services ensure compliance standards by providing explainable decision tree-based strategies that better meet the organization's goals and constraints, built using powerful and interpretable optimization models and frameworks. Enterprises need active support from skilled professionals to minimize their management decision software downtime during the pre-and post-installation of solutions. These services provide the support needed to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted IT expenses.
Energy and utilities industry vertical to hold the highest market share in 2021
Energy and utilities is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services in terms of the management decision market. Management decision software provides a next-generation advanced analytics platform that can help any business operating within the energy and utility lifecycle transform capabilities such as demand and load forecasting, energy pricing and analysis, customer onboarding and lifecycle management, and internal operations such as predictive maintenance (AI/ML).
APAC to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of management decision software and services. China, Japan, and Australia and New Zealand (ANZ) are the leading countries in terms of the adoption of management decision software and services in the region. While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation. Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for management decision vendors.
Rising Need to Improve the Quality of Decision and Achieve Business Agility with Enhanced Effectiveness
Growing Need for Faster Operational Decisions and Improved Process Efficiency
Reduced Dependency on It Teams for Writing Business Rules
A Compelling Need to Manage Regulatory and Compliance Standards
Resistance of the Middle Management to Adopt Business Decision Management Software
Companies' Resistance to Adopt Modern Technologies to Reduce Machine Dependency, Wrong Information, and Limited Skills
Rising Trend of Automation and Intelligence Decisioning
Increasing Focus of Companies on Data-Driven Decision-Making
Growing Inclination of Organizations Toward Decision-Making with Predictive Analytics
Lack of Documentation on Business Rules for Decision Management
Lack of Skilled Workforce and Poor Management in Creating User Adoption Process
Decision Management Solutions
Sapiens International Corporation
For more information about this report visit https://www.researchandmarkets.com/r/x3owos
View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005604/en/
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