Management decision has been adopted by several companies across the globe to counter the growing need for faster operational decisions and business agility. The increasing adoption of management decision software helps organizations adhere to increasing government compliance and accelerate return on investment for organizations, which are driving the management decision market growth. The strategic partnership is an important growth strategy adopted by the key market players to develop new services and gain traction in the management decision market. MarketsandMarkets expects the management decision market to grow from USD 3.09 Billion in 2017 to USD 6.18 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Rapid adoption of management decision software, owing to robust and well-established economies, is expected to make North America the largest regional market.
In the US and Canada, organizations have rapidly adopted and invested in the emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as big data and cloud platforms. Moreover, there has been an increasing demand among enterprises to automate business decision-making process and increase productivity in the region. Several companies willingly invest in North America due to presence of numerous large enterprises in the region. The factors driving the growth of the management decision market in North America are stable economy, technology enhancements, and optimized infrastructure costs.
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The BFSI segment is expected to account for the largest market size during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) segment includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This industry deals with critical financial data and credit risks; hence, it is a good contributor in the management decision market. Owing to the continuous changes in the competitive environment, companies need to enhance their operational efficiencies. Hence, management decision software empowers financial institutions to automate their business decision-making process to enhance the operational efficiencies of an organization. Furthermore, growing need to deal with increasing number of recurring operation decisions daily is expected to drive the demand for management decision software.
The major vendors of the management decision market include FICO (US), SAS (US), TIBCO (US), Oracle (US), IBM (US), Sapiens (Israel), Experian (Ireland), ACTICO (Germany), Pegasystems (US), Equifax (US), Parmenides (Germany), Decision Management Solutions (US), and Sparkling Logic (US). These players have adopted various growth strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to grow in the management decision market.
FICO (US), with a significant presence in the market, has aspired to become the top market provider of management decision solutions by focusing on decision management software. In April 2016, FICO launched Decision Central, a management decision solution, which enabled businesses to improve their performance by taking decisions that could be modified and improved over time. In July 2017, FICO opened its new office in Florida to serve its Latin American and Caribbean customers.
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IBM (US) is another top player in the management decision market. In the management decision market, the company offers its flagship product, named IBM Operational Decision Manager (ODM), with various deployment options and finest features to keep its customers satisfied in the ever-competitive market. In July 2017, IBM partnered with Automation Anywhere, a leading vendor in robotic process automation. This partnership enabled IBM to enhance its digital automation product portfolio. IBM offerings for automation of business processes has helped enhance the decision-making capabilities of its customers.
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