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Increased need to manage regulatory and policy compliance needs is expected to fuel the demand for Business Rules Management System (BRMS) solutions across the globe
The global BRMS market is expected to grow from USD 0.84 Billion in 2018 to USD 1.41 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period. BRMS helps organizations in complying with various regulations, including capital requirements in banking or eligibility requirements for government benefits. It enables companies to capture policies and regulations, making it easier to enforce those rules during every transaction through automated processes. However, the existing vendor services make it difficult for companies to switch to new vendors, due to high switching cost, changes to be made in implementation, and training employees to use these new systems. These factors might restrict the adoption of BRMS solutions.
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The software segment is estimated to hold a larger market size during the forecast period
The BRMS solutions provide the ability to define relationships between different business rules and relate these business rules to various IT applications that need to be enforced with one or more of these business rules. Moreover, the BRMS solutions and services are adopted for their major advantage, which is, the business rules are managed externally, away from the application code.
The integration and deployment segment is estimated to hold the largest market size during the forecast period
Integration and deployment services provided by BRMS service providers offer cohesive services to end-users, including large enterprises and SMEs. These services help in efficiently implementing and integrating the BRMS software with the organization’s existing IT infrastructure systems. System integration services also help organizations plan their integration layout as per their business requirement.
North America is estimated to have the largest market share in 2018, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
North America is estimated to hold the largest market size in the global BRMS market in 2018. North America is the most matured region in the BRMS market, as most large enterprises are located in this region. On the other hand, the BRMS market in APAC is expected to witness exponential growth to become the fastest-growing region .
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakdown of the primary profiles is given below:
- By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%
- By Designation: C-Level: 35%, Director-Level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 20%, APAC: 30%, and RoW: 5%
The key vendors profiled in the report are as follows:
1. IBM (US)
2. FICO (US)
3. Pegasystems (US)
4. Oracle (US)
5. CA Technologies (US)
6. Red Hat (US)
7. Object Connections (Australia)
8. Sparkling Logic (US)
9. OpenText (Canada)
10. Software AG (Germany)
11. SAS (US)
12. ACTICO (Germany)
13. Newgen Software (India)
14. Fujitsu (Japan)
15. Intellileap (India)
16. Signavio (Germany)
17. Agiloft (US)
18. Decisions LLC (US)
19. Experian Information Solutions (Ireland)
20. Business Rule Solutions (US)
21. TIBCO (US)
22. SAP (Germany)
23. Bosch (Germany)
24. InRule (US)
25. Progress Software (US)
26. Decision Management Solutions (US)
The market has been segmented on the basis of components (software and service). The services in the market include integration and deployment, training and consulting, and support and maintenance. The organization size segment includes Small and Medium-sized Enterprises (SMEs) and large enterprises. The deployment type in the market includes on-premises and cloud. The market by vertical covers Banking, Financial Services, and Insurance (BFSI), government and defense, telecommunications and IT, manufacturing, retail and consumer goods, healthcare and life sciences, transportation and logistics, energy and utilities, others (media and entertainment, and education). The market has also been segmented on the basis of major regions, namely, North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Key benefits of buying the report
- The report comprehensively segments the BRMS market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across verticals and regions.
- The report would help stakeholders understand the pulse of the market and provide them with information about the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders better understand their competitors and gain more insights to enhance their positions in the market.
- The competitive landscape section includes new product launches, partnerships, agreements and collaborations, mergers and acquisitions, and expansions related to the global BRMS market.