Estimated Growth Potential Of The Decision Intelligence Market 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Decision Intelligence Global Market Report 2023, The global decision intelligence market is expected to grow from $11.07 billion in 2022 to $13.05 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The decision intelligence market is expected to reach $24.81 billion in 2027 at a CAGR of 17.4%.
North America held the largest decision intelligence market share.
Decision Intelligence Market Driver
The increasing growth in the healthcare industry is expected to propel the growth of the decision intelligence market going forward. The healthcare industry refers to the sector that provides medical goods, services, and healthcare-related support to individuals, communities, and populations. In the healthcare industry, decision intelligence helps improve patient care, optimize healthcare processes, and enhance overall healthcare outcomes. Decision intelligence empowers healthcare professionals and organizations to make informed and data-driven decisions by leveraging data, analytics, and artificial intelligence. It helps identify individuals at high risk of developing certain diseases. For instance, in May 2023, according to a report published by The Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms to $297 billion. Further, total long-term care spending reached $76.62 billion (£60.0 billion) in 2021, up 4.4% in real terms from 2020. All non-government financing programs saw growth in 2021, with total non-government healthcare spending rising by 9.9% in real terms. Moreover, spending on preventive care was $45.93 billion (£35.1 billion) in 2021, more than doubling from 2020. Therefore, the increasing growth in the healthcare industry is driving the growth of the decision intelligence market.
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Key Decision Intelligence Market Segments
The global decision intelligence market is segmented –
1) By Component: Solution, Services, Platform
2) By Deployment Mode: On-Premise, Cloud Based
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Demand Forecasting, Discovering Cause, Logistics Optimization
5) By End User: Retail And E-Commerce, Healthcare, Banking, Financial Services And Insurance (BFSI), Energy, Manufacturing, Transportation And Logistics, Information Technology And Telecommunications, Other End-Users
Decision Intelligence Market Prominent Players
Major players in the decision intelligence market are Google LLC, Microsoft Corporation, Intel Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Advanced Micro Devices Inc., Baidu Inc., Arm Limited, Alteryx, insightsoftware, Domo Inc., Alation, Sisense, Looker, Board International, ThoughtSpot, Systems Technology Group, Peak.ai, Heap, Ayasdi, Cerebra, Enlitic Inc., Provenir, Diwo Inc., AiCure LLC, Clarifai Inc., Metaphacts GmbH, H2O.ai Inc., Pyramid Analytics BV, and Quantellia.
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Prominent Decision Intelligence Market Trend
AI-powered technologies are a key trend gaining popularity in the decision intelligence market. Major companies operating in the decision intelligence market are focused on developing innovative AI-powered technologies to sustain their position in the market. For instance, in May 2023, MDS Global, a UK-based software company, launched MDS DecisionAI, an AI-powered marketing decision intelligence platform. This innovative platform uses artificial intelligence to help brands make better marketing decisions by giving them insights into their customers, competitors, and the market. It enables organizations to optimize their marketing and business strategies by offering a full suite of AI modules explicitly tailored for the telecoms industry, such as forecasting, churn, propensity models, and marketing and media mix analyses. To make interventions more quickly, it enables them to recognize monetization opportunities and blind spots. By applying AI, they may make better-informed judgments about when and how to change their strategy, invest in innovation, and allocate commercial and marketing budgets.
The Decision Intelligence Global Market Report 2023 provides comprehensive insights on the decision intelligence market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the decision intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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