Management Decision Solutions Market
Management Decision Solutions Market (Component: Software and Services; Deployment: On-premise and Cloud; Application: Fraud Detection, Risk Management, Pricing Management, Marketing Management, and Others; Enterprise Size: Small & Medium Enterprises and Large Enterprises; and Industry: Healthcare, BFSI, Retail & Wholesale, Manufacturing, Government, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Data Management Software Helps in Decision Making During COVID-19 Pandemic
Government leaders are empowering decision makers with data management software during the coronavirus pandemic. However, orchestrating change requires executive advocacy, along with the participation and alignment from a broad set of cross-functional participants to ensure the needs of the organization. As such, companies in the management decision solutions market are taking advantage of the fact that government leaders are taking decisions based on data and not intuition.
The upfront cost of adopting management decision solutions during the COVID-19 crisis can be an uphill task. Hence, stakeholders in the management decision solutions market are focusing on essential industries such as government organizations, BFSI, and healthcare to keep economies running. As such, end-use industries are realizing the need to deploy organizational transformation by prioritizing facts over intuition.
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Difficulty in Quantifying Data, System Design Failure Inhibiting Market Growth
The management decision solutions market is expected to expand at a robust CAGR of ~11% during the assessment period. However, limitations of this software such as difficulty in quantifying all data and system design failure are inhibiting market growth. Hence, companies should increase their R&D efforts to develop user-friendly software solutions.
While every year witnesses some fraudulent activities that make headlines, companies in the management decision solutions market are capitalizing on this opportunity to offer fraud detection software. ClearSale is gaining recognition for the same by offering its comprehensive eCommerce fraud prevention solution built on the technology of artificial intelligence.
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Coherent, Fast, Flexible Pricing Software Streamlining Retail Workflows
There is a need for automated pricing management for omni-channel, mono-, and multi-brand retailers. The Competera Pricing Platform is being highly publicized as a cloud-based pricing software that suits omni-channel enterprise retailers from any industry. This explains why the management decision solutions market is projected to surpass US$ 11.5 Bn by 2030.
Competitor-centric pricing influenced by market fluctuations has triggered the demand for cloud-based pricing software. Intelligent pricing software are eliminating the need for regular re-pricing, constant manual check, and data dependence. Software developers in the management decision solutions market are increasing the availability for coherent, fast, and flexible pricing software that enable defined workflows and a transparent cause & effect analysis of every price change. Elasticity-based price setting driven by volatile demand patterns is being taken into consideration while developing pricing software.
Real-time Data Visualizations Growing Popular in Business Intelligence Software
Business intelligence software solutions are gaining prominence in the BFSI sector. TrustBankCBS is providing its business intelligence (BI) software solution that offers various analytics techniques and creates real-time data visualizations. Such software are eliminating challenges of multiple disparate systems and tedious task of integrating disparate systems, whilst maintaining uniform data repository. Companies in the management decision solutions market are increasing the availability of business intelligence platforms that identify patterns and analyze trends from historical data in the BFSI sector.
Easy-to-use interfaces, pre-configured scenarios, and domain-based practices are forming the foundation of business intelligence software for BFSI.
Cloud-based ERP Platforms Aid in Financial Management for Manufacturers
There is a growing demand for enterprise resource planning (ERP) software in the manufacturing sector. Oracle ERP Cloud Software is gaining popularity as an all-in-one solution for management of the organization’s business processes. Manufacturing companies are benefitting with such platforms, since they help to ensure regulatory compliance within the industry and government standards.
Process centralization, workflow visualization, and improved productivity with the ERP software are helping manufacturers for efficient budget and workforce allocation. Such trends are contributing to the expansion of the management decision solutions market. Several operations such as risk management, financial management, and reporting are being achieved with cloud-based ERP solutions. Innovative integration tools are being introduced in ERP platforms such as the accommodation of Microsoft Project and Microsoft Excel to improve processes.
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Management decision software are offering the right tools for developing new skill sets and encouraging participation from employees during the COVID-19 outbreak. Cloud-based ERP solutions are being used to achieve industry compliance and caters to reporting standards through its risk management function. Interactive dashboards are gaining prominence in business intelligence software that are being used in the BFSI sector.
However, a common resistance to using decision support systems and fear of implementing new technology are causing an impediment in the management decision solutions market. Hence, companies should develop easy-to-use interfaces and expand their services portfolio for training of users to achieve successful implementation of management decision software in organizations.
Management Decision Solutions Market: Overview
- According to Transparency Market Research’s latest research report on the global management decision solutions market for the historical period 2018–2019 and the forecast period 2020–2030, the management decision solutions market is anticipated to cross the value of US$ 11.5 Bn by 2030, expanding at a CAGR of ~11% during the forecast period. Rising need to improve operational efficiency and decision making through integration of intelligent platforms to monitor and control overall enterprise risk are driving the demand for management decision solutions.
- Increase in adoption of cloud-based deployment due to low total cost of ownership and flexibility in accessibility of management decision solutions are driving the market for small & medium enterprises
- North America is anticipated to emerge as the leading management decision solutions market, followed by Europe and Asia Pacific, during the forecast period
Focus on Data Monitoring: A Key Driver of Management Decision Solutions Market
- Management decision solutions help keep track of data such as basic employee information, performance assessment, social security numbers, financials, and other data. The software’s ability to provide customized solutions considering the current workforce dynamics exhibits its high growth potential. The solution majorly helps an organization in fraud detection, risk management, pricing management, and marketing management.
Key Challenges Faced by Management Decision Solutions Market Players
- Incompatible hardware and equipment, and data security concerns may restrain the growth of the management decision solutions market
Increase in Adoption of Management Decision Solutions across Emerging Markets
- In the current market scenario, North America dominates the global management decision solutions market. It is majorly driven by significantly high rate of adoption of management decision solutions within small & medium sized enterprises. The management decision solutions market in Asia Pacific is estimated to expand at a notable CAGR and cross the value of US$ 2.2 Bn by the end of 2030. The region is expected to generate prominent revenue opportunity of US$ 1,697.4 Mn between 2020 and 2030. Growing awareness among small & medium enterprises in Southeast Asia is expected to contribute to the growth of the market in Asia Pacific in the upcoming years.
- Germany, France, and the U.K. are key players empowering the growth of the Europe management decision solutions market. It is expected that these countries would be equipped with technology protocols and adoption of intelligent platforms for decision-making will increase. Therefore, they are anticipated to cumulatively represent 47.4% share of the market by 2030.
- North America has the biggest opportunity to deploy management decision solutions, as the region has the highest interest in adoption of business analytics and intelligence for decision-making. According to the Global Survey of Speech Analytics & Conversational Service Automation, in the year 2019, interest with regard to analytics and applications for conversational AI within enterprises was approximately 68%.
- The enterprise level intelligent platform market (management decision solutions market is the parent market) is estimated to expand at a CAGR of 10.5% during the period 2018-2026. Technology infrastructure development, advancements in algorithm, smartphones, and machine learning are the major reasons for the growth of the market in Asia Pacific.
Management Decision Solutions Market: Competition Landscape
- Detailed profiles of providers of management decision solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global management decision solutions market are
- ACTICO GmbH
- Decision Management Solutions
- Decision Time Ltd
- Experian Information Solutions, Inc.
- Fair Isaac Corporation (FICO)
- IBM Corporation
- Oracle Corporation
- RapidGen Software Ltd
- RIB Datapine GmbH, SAP SE
- Sapiens International Corporation
- SAS Institute, Inc.
- Scorto, Inc.
- Sparkling Logic
- TIBCO Software Inc.
Management Decision Solutions Market: Key Developments
- Key providers of management decision solutions such as Oracle Corporation, IBM Corporation, Fair Isaac Corporation (FICO), SAS Institute, Inc., and Experian Information Solutions, Inc. are focusing on the development of management decision solutions to attract more customers. Some of the key developments in the global management decision solutions market are highlighted below:
- In January 2021, Information Builders, Inc. was acquired by TIBCO Software Inc. The acquisition will help the company to strengthen its position within the data and analytics solutions, and its product portfolio as Information Builders, Inc. has a strong portfolio with regard to data & analytics.
- In November 2020, OpenRules Inc. and ProcessMaker signed a partnership to allow users to add high performance decision management to applications built with ProcessMaker. The partnership will open up new market opportunities for process and workflow designers across the globe.
- In November 2020, Tia Technology was acquired by Sapiens International Corporation. With the acquisition, Sapiens International Corporation will hold 70 customers of Tia Technology in Denmark, Norway, Sweden, Finland, South Africa, and the Baltics. From the past few years, the company was highly focused on penetrating into the Nordic region.
- In September 2019, Larsen & Toubro Infotech and ACTICO signed a strategic partnership, which will offer ACTICO Platform’s Intelligent Decision Management Automation capabilities as an integrated extension to LTI’s Mosaic. LTI Mosaic is a platform that offers data engineering, advanced analytics, knowledge-led automation, IoT connectivity, and improved solution experience to its users.
- In May 2019, decision management Software-as-a-Service was launched by Enova Decisions. The solution is powered by Sparkling Logic. Enova Decisions Cloud leverages cutting edge technology from Sparkling Logic and Amazon Web Services, and it is also pre-integrated with many major solution providers, including ID Analytics and iovation.
- In February 2019, Infruid Labs was acquired by Pegasystems Inc. The acquisition will bring a consumer-grade user interface and enterprise-class capabilities to Pega solutions that will help clients to efficiently understand and visualize Pega application data to improve decision-making.
- In the global management decision solutions market report, we have discussed individual strategies, followed by company profiles of management decision solutions providers. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global management decision solutions market.
Management Decision Solutions Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global management decision solutions market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the management decision solutions market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the management decision solutions market will progress during the forecast period of 2020 - 2030.
The report offers intricate dynamics about the different aspects of the management decision solutions market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the management decision solutions market during the forecast period. It also includes impact analysis of COVID-19 on the management decision solutions market. The global management decision solutions market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the management decision solutions market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the management decision solutions market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Management Decision Solutions Market
The report provides detailed information about the management decision solutions market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the management decision solutions market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of management decision solutions?
- What will be the Y-o-Y growth of the management decision solutions market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the management decision solutions market?
- What are the major drivers and restraints of the market?
- What will be the size of the management decision solutions market from 2020 to 2030?
- Which will be the fastest growing segment in the management decision solutions market?
- Which are the leading companies in the management decision solutions market?
- What are the strategies of companies operating in the market?
Research Methodology – Management Decision Solutions Market
The research methodology adopted by analysts to compile the management decision solutions market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the management decision solutions market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the management decision solutions market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the management decision solutions market.
Management Decision Solutions Market – Segmentation
TMR’s research study assesses the management decision solutions market on the basis of component, deployment, application, enterprise size, industry, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the management decision solutions market.