Management Decision Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
Management decision solutions help organizations in making data-driven decisions by applying business rules, analytics, business intelligence, artificial intelligence (AI), predictive analysis, and related technologies. The solutions also helps in improving the agility, speed, and precision of the decision-making processes of any organization. Management decision solutions are designed specifically for business managers in order to provide them better control over the organization’s decision strategies. Using management decision solutions, enterprises can control, authorize, and automate decisions to enhance value and consistency in customer communications and ensure compliance with regulations.
At present, enterprises consider decision management as an important part of their decision-making procedures that enhances operational efficiency. Decision management also helps enterprises in accelerating their return on investment (ROI) and boosts their business performance across the board. These factors are boosting demand for management decision solutions globally. Banking, financial services and insurance (BFSI) industry deals with critical credit management and requires efficient fraud detection management and collection management for its daily business processes. Rise in number of repeatable operation decisions every day is anticipated to boost the demand for management decision solutions in the BFSI industry. These are the major factors that have contributed to the large scale adoption of management decision solutions by the BFSI industry across the world.
The demand for management decision solutions is rising at a rapid pace among enterprises across the world. This is primarily due to rise in requirement to automate high-volume decisions across the organization and to bring consistency, agility, and accuracy in the decision-making process. However, resistance of middle management to adopt management decision solutions is one of the major factors expected to restrain the expansion of the management decision solutions market around the globe.
Rise in proliferation of new technologies such as big data and cloud that improve efficiency of management decision solutions is expected to create lucrative opportunities for the expansion of the management decision solutions market in the coming years. In addition, rise in expenditure on analytics is anticipated to offer significant opportunities for the market during the forecast period.
The global management decision solution market can be classified based on component, function, deployment, enterprise size, and industry. In terms of component, the management decision solution market can be segmented into software and services. The services segment can be further categorized into consulting services, implementation and integration services, and maintenance & support services. In terms of function, the management decision solution market can be divided into credit risk management, collection management, pricing optimization, fraud detection management, customer experience management, and others. Based on deployment, the management decision solution market can be classified into on-premise and cloud. Based on enterprise size, the management decision solution market can be categorized into large enterprise and small and medium enterprise. In terms of industry, the management decision solution market can be classified into retail and consumer goods, BFSI, life sciences and health care, telecom and IT, manufacturing, energy and utilities, transportation and logistics, government, and others.
North America is anticipated to dominate the management decision solution market over the forecast period. North America has a high concentration of telecom and IT, BFSI, and life sciences and health care businesses, which is accelerating demand for management decision solutions market across the region. The Asia Pacific region is anticipated to offer lucrative expansion opportunities for the vendors of management decision solutions across the region. This is attributed to the increasing commercial funds by numerous corporations in emerging nations.
Major players operating in the global management decision solutions market include Fair Isaac Corporation (FICO), SAS Institute, Inc., ACTICO GmbH, Experian Information Solutions, Inc., Decision Management Solutions, Sapiens International Corporation, TIBCO Software Inc., Oracle Corporation, SPSS Inc., Sparkling Logic, IBM Corporation, and OpenRules.
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