$1.41 Billion Business Rules Management System Market by Software, Service, Organization Size, Deployment Type, Vertical, and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2018--The “Business Rules Management System Market by Software, Service (Integration and Deployment, Training and Consulting, and Support and Maintenance), Organization Size, Deployment Type, Vertical, and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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 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 .
DriversReduced Dependency on It Teams for Writing Rules Increased Need to Manage Regulatory and Compliance Policy Growing Need to Improve Process Efficiency
RestraintsCompanies’ Resistance in Adopting Modern Technologies Profit-Driven Approach of Companies
OpportunitiesIncreasing Focus of Companies on Data-Driven Decision Making Rising Number of SMES Creating New Revenue Opportunities for Vendors
ChallengesLack of Documentation on Business Rules Fear of Vendor Lock-In
Companies MentionedACTICO Agiloft Bosch Business Rule Solutions CA Technologies Decision Management Solutions Decisions LLC Experian FICO Fujitsu IBM Inrule Technology Intellileap Newgen Software Object Connections OpenText Oracle Pegasystems Progress Software Red Hat SAP SAS Signavio Software AG Sparkling Logic TIBCO
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Related Topics:Software,Information Management
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE TELECOMMUNICATIONS
SOURCE: Research and Markets
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PUB: 11/19/2018 06:18 AM/DISC: 11/19/2018 06:18 AM