What is Decision making software Market?
Decision-making software is used by computer applications which help individuals and organizations to make apt choices and further help in taking decisions, usually by the method of ranking and prioritizing. Most of the decision-making software focuses on the ranking and prioritizing or by choosing from the alternatives that are described on multiple criteria or attributes. Thus this software is usually based on the decision analysis, generally on multi-criteria decision-making, and hence is often stated to as "decision analysis" software. Some decisions supporting systems include the decision making software component. This software assists the decision-makers through different stages of the decision-making process, which includes problem investigation and formulation, finding choices and solutions for making decisions, arranging of the preferences, and tradeoff decisions. The purpose of the software is to support the analysis that is involved at the several stages of the process of decision-making, and not to replace the analysis. Decision-making software should be used for supporting the process, and not as driving or dominating force during the process of decision making. The use of this software liberates the users from the details of the technical implementation, thus allowing them to pay attention to the judgments of the fundamental value. For the usage of the software, it is very important to have complete knowledge of the adopted methodology and also about the decision problems at hand. The decision-making software includes diverse features and tools during the process of helping the decision-makers for ranking, prioritizing or choosing among the alternatives which include:, • Pairwise comparison, • Sensitivity analysis, • Group evaluation (teamwork) and • Web-based implementation
Highlights from Decision making software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP SE (Germany), QLIK TECHNOLOGIES INC. (United States), Information Builders (United States), Parmenides AG (Germany), TIBCO Software Inc. (United States), Riskturn Inc. (United States), Paramount Decisions Inc. (United States), 1000Minds (New Zealand), PureSoftware (India), GoldSim Technology Group (United States) and Decision Innovation (United States) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Decision making software market throughout the forecasted period.
SAP SE (Germany), QLIK TECHNOLOGIES INC. (United States), Information Builders (United States), Parmenides AG (Germany), TIBCO Software Inc. (United States), Riskturn Inc. (United States), Paramount Decisions Inc. (United States), 1000Minds (New Zealand), PureSoftware (India), GoldSim Technology Group (United States) and Decision Innovation (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Lumina Decision Systems (United States), Palisade (United States), Banxia Software Ltd. (United Kingdom) and Dataland Software (Serbia). Decision making software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Large Enterprises and Small and Medium-sized Enterprises (SMEs) |
Usage Type | Free Trial,Monthly Subscription,Annual Subscription,One-Time License |
Deployment Type | Cloud-based,On-premise |
End-User | Government & Public Utilities,Healthcare,Industrial End-user Manufacturing,Retail & Consumer Goods,Aerospace & Defense,Others |
Number of Users | 2-9,10-49,50-99,100-499,Above 1000 |
On the basis of geography, the market of Decision making software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Digitization all Across the Globe
Market Growth Drivers:
High Demand Due to the Ability to Provide High Quality, Rapid, Accurate, Real-time Data and Increasing Demand for Efficient Product Development Cycle
Challenges:
The Advent of New Software Due to Changing Technologies, Technological Complexities in Decision Making Software and Growing Demand for High-End Processors
Restraints:
Lack of Awareness of More Advanced Features and Benefits, Lack of Skilled and Technical Expertise and Chances of Occurrence of Errors in the Software
Opportunities:
Growth in the Use of Cloud-Based Platforms and Drastically Accelerating the Need for Organizations to Transform Digitally
Key Target Audience
Decision-Making Software Developers, Key Vendors and Service Providers, Business Firms and Organisations, Software Developers and Others
Market Leaders & Development Strategies
In March 2023, SAP SE partnered with industry-leading data and AI companies – Collibra NV, Confluent Inc., Databricks Inc. and DataRobot Inc. – to expand SAP Datasphere and allow organizations to create a unified data architecture that securely combines SAP software data and non-SAP data. This partnership helped company to expand its presence in decision making software market
In March 2023, SAP SE launched SAP Datasphere solution, next generation of its data management portfolio. This gave customers easy access to business-ready data across the data landscape. This launch helped company to expand its presence in decision making software market