CHICAGO, November 12, 2018
CHICAGO, November 12, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the Business Rules Management System 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 11.0% during the forecast period.
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BRMS solutions enable automated processing of rules based on business needs and the reuse of business rules across multiple applications and responds faster to any change. Enterprises are rapidly adopting BRMS software, as it provides various benefits, such as the Line Of Business (LOB) control over implemented decision logics, no dependency on IT teams for changing the business rules, improved operational efficiency, and reduced costs.
Browse and in-depth TOC on "Business Rules Management System Market"
57 - Tables
46 - Figures
168 - Pages
The support and maintenance segment is estimated to grow at the highest CAGR during the forecast period
Support and maintenance services include support related to the implementation and use of solutions provided by the BRMS vendors. Maintenance services facilitate upgrades to the existing systems and assist in solving issues of products. These services ensure uninterrupted operating of the BRMS software deployed in organizations.
The Small and Medium-sized Enterprises (SMEs) segment is estimated to grow at a higher CAGR during the forecast period
SMEs are rapidly adopting BRMS software, which enables their business to scale and grow faster. The implementation of BRMS solutions would help SMEs in increasing their revenue, achieving their desired outcomes, and improving their business efficiency. The SMEs have realized that immediate responses, quick business decisions, and customer satisfaction are the key features to expand their business, generate more revenue, and ensure desired outcomes. Thus, this trend of adopting BRMS solutions and the associated services is expected to continue among SMEs during the forecast period.
North America is estimated to dominate the Business Rules Management System Market during the forecast period
The global Business Rules Management System Market by region has been segmented into North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is estimated to have the largest market size in 2018, owing to the presence of several vendors and huge investments toward adopting BRMS solutions in the region. The market in APAC is expected to grow at the highest CAGR during the forecast period, due to the rapid development of the required infrastructure and the increasing need to adopt newer technologies.
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The report also studies various growth strategies, such as mergers and acquisitions, partnerships and collaborations, and developments, adopted by the major players to expand their presence in the market. Major technology vendors in the Business Rules Management System Market include IBM (US), FICO (US), Pegasystems (US), Oracle (US), CA Technologies (US), Red Hat (US), Object Connections (Australia), Sparkling Logic (US), OpenText (Canada), Software AG (Germany), SAS (US), ACTICO (Germany), Newgen Software (India), Fujitsu (Japan), Intellileap (India), Signavio (Germany), Agiloft (US), Decisions LLC (US), Experian Information Solutions (Ireland), Business Rule Solutions (US), TIBCO (US), SAP (Germany), Bosch (Germany), InRule (US), Progress Software (US), and Decision Management Solutions (US).
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