Global Business Rules Management System (BRMS) market is forecast to exhibit a CAGR of 11.42% during the forecast period, growing from $ 847.70 million in 2018 to $ 1630.67 million by 2024
NEW YORK, April 2, 2019 /PRNewswire/ -- Global Business Rules Management System (BRMS) Market By Component (Software & Services), By Organization Size (Large Enterprises & SMEs), By Deployment Mode (On-premise & Cloud), By Vertical, By Region, Competition, Forecast & Opportunities, 2024
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Global Business Rules Management System (BRMS) market is forecast to exhibit a CAGR of 11.42% during the forecast period, growing from $ 847.70 million in 2018 to $ 1630.67 million by 2024, on account of surging demand for managing regulatory and policy compliance needs, globally. Business rules management system (BRMS) is a software used to install, outline, perform and monitor the complexity of decision logic used in an organization. Moreover, enterprises are adopting BRMS software, as it offers low dependency on IT team for changing business rules, lower costs and Line of Business (LOB) control over implemented decision logics, etc.
Business Rules Management System (BRMS) market can be segmented based on component, organization size, deployment mode and vertical.In terms of component, the market can be bifurcated into software and services.
Services segment includes support & maintenance service, integration & deployment services and training & consulting services.Integration & deployment segment is the largest segment, as it includes support related to the easy implementation and use of applications.
Moreover, the former segment ensures uninterrupted operation of the BRMS software, thereby aiding market growth during the forecast period.In terms of organization size, business rules management system (BRMS) market can be classified into SMEs and large enterprises.
Large enterprises segment is anticipated to capture the leading market share in coming years, as it helps in taking effective decisions and large enterprises have more change adapting tendency. In terms of vertical, the market for business rules management system (BRMS) can be classified into BFSI, manufacturing, IT & telecom, government & defense and others. Government & defense is one of the emerging sectors in the market, as it helps to accelerate the decision making process and improve the efficiency of business processes.
Global Business Rules Management System (BRMS) market is gaining traction and expanding to various regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. In 2018, North America dominated the global Business Rules Management System (BRMS) market and the trend is likely to continue during the forecast period, backed by huge investments in BRMS solutions in economies such as US and Canada.
Major players operating in global Business Rules Management System (BRMS) market are Oracle Corporation, International Business Machines Corporation (IBM), CA Technologies, Inc., Fair Isaac Corporation and Pegasystems Inc., etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2018, IBM updated its BRMS system, which now supports decision modeling. In the same year, Red Hat Inc. also updated its BRMS software with Decision Manager 7.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
-- To analyze and forecast global Business Rules Management System (BRMS) market size.
-- To classify and forecast global Business Rules Management System (BRMS) market based on component, deployment mode, organization size, vertical and regional distribution.
-- To identify drivers and challenges for global Business Rules Management System (BRMS) market.
-- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global Business Rules Management System (BRMS) market.
-- To identify and analyze the profile of leading players operating in global Business Rules Management System (BRMS) market.
Some of the leading players in global Business Rules Management System (BRMS) market include Oracle Corporation, International Business Machines Corporation (IBM), CA Technologies, Inc., Fair Isaac Corporation and Pegasystems Inc., etc.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the service providers which could not be identified due to the limitations of secondary research. The analyst analyzed the service offerings, distribution channels and presence of all major service providers across the globe.
The analyst calculated global Business Rules Management System (BRMS) market size using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
-- Business Rules Management System (BRMS) software providers
-- Security and intelligence service providers
-- Research organizations and consulting companies
-- Government bodies such as regulating authorities and policy makers
-- Organizations, forums and alliances related to Business Rules Management System (BRMS)
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global Business Rules Management System (BRMS) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
-- Market, by Component:
o Services
- Integration & Deployment Services
- Support & Maintenance Services
- Training & Consulting Services
o Software
-- Market, by Organization Size:
o Large Enterprises
o Small & Medium Sized Enterprises
-- Market, by Deployment:
o Cloud
o On-premise
-- Market, by Vertical:
o BFSI
o Manufacturing
o Government & Defense
o IT & Telecom
o Others
-- Market, by Region:
o North America
- United States
- Canada
- Mexico
o Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
o Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
o South America
- Brazil
- Argentina
- Colombia
o Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Qatar
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global Business Rules Management System (BRMS) market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
-- Detailed analysis and profiling of additional market players (up to five).
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