Business Rules Management System Market

Global Business Rules Management System Market Size & Growth (2021 – 2026)

Global Business Rules Management System Market was valued at USD 1.5 billion in 2019 and is determined to reach a value of USD 1.8 billion by 2025, registering a CAGR of 10.50% in the outlook period of 2020-2025.

Business rules management system (BRMS) is a new age software that plays a crucial role in the implementation of various business rules that consists of related policies and regulations. It offers various tools that assist developers and business professionals to manage the existing or new rules, along with an environment where enterprise rules can be altered and adopted.

Business rule management system offers a quick solution for several business policies and rules efficiently than conventional processes. For instance, BRMS helps in retrieving the data that has been secured in multiple software systems for business leaders and managers.

The increasing need for compliance with the business regulations and policies is mainly promoting the demand in the global BMRS market. Activities such as pricing strategy updates and operational practices for real-time instances are also supporting this business growth. Besides, the rising complexities, enforced changes, and non-compliance conditions, are a few crucial aspects promoting the implementation of business rule management systems.

Recent Developments:

• In October 2018, IBM Corporation published about the launch of its Operational Decision Manager V8.10, where the updated version can help in easing the use and increases the speed related to decision-making process.
• In February 2018, Red Hat Inc., published about the launch of a new decision management platform known as Red Hat Decision Manager 7, aimed at simplifying the process of integration of rules-based applications and services.
• February 2020 - Pegasystems confirmed about its collaboration deal with Idio. Under this agreement, these companies have enables B2B organization to present the most relevant content and accelerate the business buying behavior.

Impact of Covid-19 on Business Rules Management System Market:
Amid the COVID-19, the government across the world have mandated compulsory lockdowns, also, only restricted businesses were allowed to operate in the lockdown bounded by various set of rules. Few businesses were also said to mandate manufacturing of PPE kits to increase production. With the ongoing changes associated with rules and guidelines, enterprises can now manage rules with the assistance of BRMS technology.

Market Growth and Trends:

The Healthcare sector is among the prominent industries that need to comply with several international and domestic business standards related to privacy, data, billing, hygiene, etc. For instance, HIPPA (Health Insurance Portability and Accountability Act) is the business norms implemented by the United States to develop regulations related to privacy and security of certain health information.

• Along with the regular changes that have taken place with the law with the emerging use of technologies in the sector, the monitoring of business rules has become very complex. In addition, the penalties for violations are also high. This has encouraged health centers to adopt BRMS software or solutions. These fines and consequences can range from $ 100 to $ 50,000 per violation, with a maximum fine of $ 1.5 million per year for each violation.
• According to the HIPPA Journal, in 2019, there were more than 510 healthcare data breaches in the United States. In addition, amid the COVID-19 pandemic, governments made health care standards stricter. Thus, the BRMS solution enabled such an organization to quickly cope with changes.

Market Drivers and Restraints:

• Increased efficiency and enforcement of rules, regulations and policies should drive the global business rules management system market growth.
• Reducing the reliance on IT teams to compile and implement business rules and compliance should also stimulate market growth
• The lack of adoption of these systems due to the approach of maximizing benefits and understanding the systems, since avoidable expenses should slow down the growth of the global business rules management system market.
• Lack of adoption by companies to modernize their understanding and business procedures should also restrict this business growth.

GLOBAL BUSINESS RULES MANAGEMENT SYSTEM MARKET REPORT COVERAGE:

Global Business Rules Management System Market Segmentation:

The global business rules management system market is segmented by service, industry size, deployment type, vertical and region.

Global Business Rules Management System Market By Service:

 the market is separated into Integration and deployment, training and consulting, and support and maintenance.

Global Business Rules Management System Market By Organization Size:

 the global market is bifurcated into small and medium enterprises and large enterprises.

Global Business Rules Management System Market By Deployment Type:

 the global business management system market is classified as cloud and on-premises.

Global Business Rules Management System Market By Industry Verticals:

 the global business management system market is covered in retail, healthcare, manufacturing, aerospace and defense, logistics, government, IT and telecommunications, travel and transportation. Among these, the healthcare industry is likely to witness significant growth in the foreseen years.

Regional Analysis:

The global business rules management system on the basis of the geography is studied in seven regions, including North America, Latin America, Western Europe, Asia-Pacific (excluding Japan), Eastern Europe, Japan and the Middle East and Africa.

North America has one of the strictest regulations for industries in the field. Companies like Nestlé in the United States have mentioned adopting BRMS solutions to monitor and comply with the country's complex trade rules. With this adoption, the company said it had simplified the consistent design of rule-based smart business operations tailored to the digital age.

Key players in the market:

IBM Corporation, Fair Isaac Corporation, Pegasystems Inc., Oracle, Broadcom, Red Hat Inc., SparklingLogic, OpenText Corp, Software AG, SAS Institute Inc., ACTICO GmbH are some of the main competitors currently operating in the systems market. Newgen Software Technologies Limited, FUJITSU, Intellileap Solutions, Signavio, Agiloft Inc., Decisions LLC, Business Rule Solutions LLC., Experian Information Solutions Inc., TIBCO Software Inc., SAP SE, Robert Bosch GmbH, InRule Technology Inc., are other prominent companies in this business.