Business Rules Management System (BRMS) Market to Witness Huge Growth by 2020: K
Posted by ved123 on December 27th, 2019
A business rules management system is a software used to install, outline, monitor, perform and maintain the complexity of decision logic that is used in operational systems in an organization.
Every organisation’s key business policies and regulatory compliance data are securely locked inside multiple software systems and usually not accessible to leaders/managers responsible for executing business policies and protocols. Business Rules Management System (BRMS) provides customised solutions to react quickly to all kinds of business rules and policies in a far efficient manner than traditional methods.
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The increased agility and receptiveness of present day organizations has increased the demand for consistent business planners, need to reduce time to market, reduce operational & maintenance cost. These factors drive the growth of the BRMS market.
The Global Business Rules Management System (BRMS) market was valued at US$ 636.7 million in 2015 and is expected to reach US$ 1,443.9 million by 2020, growing at a CAGR of 17.8% during the forecast period. Open source experienced the highest market growth, at a CAGR of 31.2%.
The Global Business Rules Management System (BRMS) Market is segmented by the following regions – North America, Western Europe, Asia Pacific, Central Eastern Europe, Latin America and the Middle East & Africa. Each region has been assessed by their operating environment and by the application verticals.
The Global Business Rules Management System (BRMS) Market has seen moderate growth in North America and Europe although North America had the largest share in 2014. North America BRMS market is estimated to grow at a CAGR of 14.7% during the forecast period.
Latin America, Middle East & Africa are expected to be the fastest growing markets in 2020 as compared to 2015.
Segmentation by Verticals
The major end user verticals for BRMS are Banking, financial services and insurance (BFSI), healthcare, retail and manufacturing. A strong growth was experienced in all the major verticals during the forecast period. BRMS application is highest in Banking and Healthcare. Retail and manufacturing are the emerging sectors. Logistics is an emerging sector for BRMS application and it is estimated to grow at a CAGR of 24.8% during the forecast period.
The key vendors in the Global Business Rules Management System (BRMS) market are Bosch, IBM, FICO, Fujitsu, Oracle, Progress Software, Red Hat, and Newgen Software.
The key vendors in the market are Software AG, Progress Software, FICO, Sparkling Logic, Appian. Total 15 companies have been covered in the report.
Competitive benchmarking in terms of product/service offerings, mergers and acquisitions, strategic alliances, business strategies and SWOT analysis. A detailed competitive profiling of all the major vendors in the market is done.
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The report is of significance for the key stakeholders of the BRMS market such as technology enablers and service providers by providing useful insights:
Competitive analysis (i.e. current and future key business strategies of the competitors and their regional growth)
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About the Authorved123
Joined: April 9th, 2019
Articles Posted: 298
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