Decision AI Market by Component (Solution & Services), Application (Governance, Risk, & Compliance Management, Financial Forecasting and Budgeting, Custom Decision AI Market by Component (Software & Services), Application (Supply Chain Management and Demand Planning , Asset and Investment Management, Predictive Maintenance), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027
AI-based decision intelligence is a capability developed through a combination of human-technology collaboration and encompasses data science, Machine Learning (ML), and management decision-making. The decision-making is facilitated through the deployment of AI (and its suite of technologies that include Machine Learning (ML), Natural Language Processing (NLP), and Computer Vision) and advanced analytics (predictive analytics and prescriptive analytics). It enables businesses to make informed decisions with regard to their internal operations/strategic outcomes or in terms of resolution provided to end users.
Decision AI Market Size and Growth
The Decision AI market size is expected to grow from USD XX billion in 2022 to USD XX billion by 2027, at a Compound Annual Growth Rate (CAGR) of XX% during the forecast period. Various factors, such as growing use cases in the healthcare sector and the increasing need for real-time decision-making, are driving the adoption of decision AI across various industries.
Market Dynamics
Driver: Growing Use Cases in the Healthcare Sector
AI supports clinicians in reviewing images and scans while enabling radiologists or cardiologists to derive essential insights for prioritizing critical cases, avoiding potential errors in reading Electronic Health Records (EHRs), and establishing more precise diagnoses. Under emergencies, the time lapse between ambulance call and arrival is critical. In such circumstances, AI can analyze verbal and nonverbal clues to establish a diagnosis from a distance and enable emergency dispatchers to take appropriate measures to save lives. In the future, medical units are expected to leverage this technology to respond to emergency calls with automatic defibrillator-equipped drones or with CPR-trained volunteers, which would increase the chances of survival in the emergency.
Challenge: Ownership of the Collected Data
Concerns related to the data ownership and privacy of collected data pose potential risks to the identity of individuals. Therefore, organizations are bound to follow certain limitations in data collection types, quantities, and methods. These limitations are likely to vary from nation to nation across the globe. Therefore, enterprises must stay abreast with the changing rules and data-related regulations.
Key Market Players
The major players in the Decision AI market include IBM (US), Google (US), Facebook (US), Teradata (US), SAS Institute (US), Cognizant (US), Videonetics (India), Weride (China), Oracle (US), and 4Cast (Israel).
Recent Developments
- In December 2021, AstraZeneca unveiled a USD 1 billion state-of-the-art research and development facility to advance next-generation therapeutics, including nucleotide-based gene-editing and cell therapies.
- In November 2021, Google announced a new AI-driven tutor platform that uses competency assessments by educators to generate quizzes, course recommendations and other guidance specially tailored to a student’s needs.
- In September 2021, Facebook announced its plans to unveil a new suite of AI-powered visual search tool to help consumers shop for products across the platform’s array of apps.
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Growth opportunities and latent adjacency in Decision AI Market