New York, US, June 28, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Business Rules Management Market information by Organization Size, by Components, by Vertical and Region – forecast to 2027” the market size to reach USD 1.0 BN by 2026 growing at a compound annual growth rate of 9.2%.
Market Scope:
Business rules management system or BRMS, simply put, is a technology that allows businesses in capturing decision logic as a business rule and automate it later across the software applications rather than embedding it into multiple applications every time it is modified or freshly developed. This methodology helps to manage those rules externally away from the code of existing applications. It has two components- service (training and consulting, support and maintenance, and integration and deployment), and software which are largely used by large enterprises and small and medium enterprises. By deployment it is of two types- cloud-based and on-premises. Owing to its alluring features and plentiful benefits, business rules management systems have several end users such as transportation and logistics, energy and utility, healthcare, manufacturing, IT and telecom, government and defense, retail and consumer, BFSI, and others.
Dominant Key Players on Business Rules Management Market Covered Are:
- SparklingLogic (US)
- Agiloft Inc. (US)
- Signavio GmbH (Germany)
- Intellileap Solutions (India)
- Decisions (US)
- CRIF (India)
- Open Text Corporation (Canada)
- Red Hat Inc. (US)
- Newgen Software Technologies Limited (US)
- OpenRules Inc. (US)
- ACTICO GmbH (Germany)
- Oracle (US)
- Pegasystems Inc. (US)
- FICO (US)
- IBM Corporation (US)
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Market USP exclusively encompassed:
Market Drivers
As per the latest MRFR report, there are numerous factors that are propelling the global business rules management system market share. Some of these entail the increasing need to offer operational efficiency, the need to manage compliance standards, rapid digital transformation across industries, the growing need for decision based on insights gained from enterprises and data seeking ways of enhancing their revenue generation, increasing number of web applications, the growing need for managing and changing business rules to the changing business needs and regulations, the resistance to adopt advanced technologies by companies, and the profit driven approach of companies, are adding to the global business rules management system market growth in the region.
On the contrary, the concerns regarding vendor lock-in, scarcity of documentation of business rules, limited awareness among enterprises regarding the business rules management systems, and high cost related to the implementation of BRMS software may limit the global business rules management system market growth over the forecast period.
Browse In-depth Market Research Report (100 Pages) on Business Rules Management:
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Segmentation of Market Covered in the Research:
The MRFR report throws light on an inclusive analysis of the global business rules management system market based on vertical, deployment, organization size, and component.
By component, the global business rules management system market is segmented into service and software. The service segment is again segmented into training and consulting, support and maintenance, and integration and deployment. Of these, the software segment will lead the market over the forecast period.
By organization size, the global business rules management system market is segmented into large enterprises and small and medium enterprises. Of these, large enterprises will dominate the market over the forecast period.
By deployment, the global business rules management system market is segmented into cloud-based and on-premises. Of these, the on-premise segment will spearhead the market over the forecast period.
By vertical, the global business rules management system market is segmented into transportation and logistics, energy and utility, healthcare, manufacturing, IT and telecom, government and defense, retail and consumer, BFSI, and others. Of these, the BFSI segment will have the lions share in the market over the forecast period.
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Regional Analysis
North America to Rule Business Rules Management System Market
Geographically, the global business rules management system market is classified into North America, South America, Europe, the Asia Pacific, & the Middle East & Africa (MEA). Of these, North America will rule the market over the forecast period. The demand for improved decision making, increasing efficiency and improved accuracy, the growing demand for business rules management system from different end use verticals including BFSI, the increase in the number of entrepreneurs who desire to respond quickly, the presence of several key players such as SparklingLogic (US), Agiloft Inc. (US), Decisions (US), Open Text Corporation (Canada), Red Hat, Inc. (US), Newgen Software Technologies Limited (US), OpenRules, Inc. (US), Oracle (US), Pegasystems Inc. (US), FICO (US),and IBM Corporation (US), the presence of advanced IT infrastructure, and high adoption of advanced technologies like SaaS, cloud, IoT, and AI are adding to the global business rules management system market growth in the region. The US and Canada have the utmost market share.
Europe to Hold Second-Largest Share in Business Rules Management System Market
In Europe, the global business rules management system market is predicted to hold the second-largest share over the forecast period for the increased adoption of business rules management systems solutions by several large and small scale enterprises and the rapidly growing need for automating the business decision-making process are adding to the global business rules management system market growth in the region.
In the APAC region, the global business rules management system market is predicted to have healthy growth over the forecast period.
In the MEA, and South America, the global business rules management system market is predicted to have sound growth over the forecast period.
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COVID-19 Impact on the Global Business Rules Management Market
The global economy had several disruptions in daily business operations chiefly on account of the COVID-19 pandemic. The outbreak has driven a new normal to allocate and manage resources more dynamically. Companies are focusing on business continuity without affecting business activities with more staff working remotely. It has forced management teams in redesigning their business rules and managing their resources more effectively for fetching more and more on the heavy investments while reducing operational costs and ensuring the seamless working of supply chains.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
