Global Business Rules Management System Market: Enhanced Adoption of Analysis-Driven Decision Making is Giving Rise to Greater Adaptability of these Systems

Global Business Rules Management System Market

Business rules management system can be defined as the collection of technologies utilized for identifying logic as a business rule which is subsequently implemented throughout the organization’s different application and processes in an automated form. This system helps in implementing the rules/logic in a more agile form as it offers a number of benefits in the working of an organization such as safeguards, detection of faulty business rules, conversion of business rules in an executable form making it easier for application integration; all of this in highly dependable and scalable form.

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Business rules management system market is growing due to increased efficiency and implementation of rules, regulation and policies along with reduction in dependency on IT teams for compilation and implementation of business rules and compliances; the effects of these factors are mentioned below:

  • Increased efficiency and implementation of rules, regulation and policies: Considering the significant volume, an efficient deployment method for rules, regulation and policies is the need of the hour for different businesses and organizations. This need is met by the adoption of business rules management system which not only efficiently integrates these policies but also improves their working and identifies any incidences of clashes between policies if present
  • Reduction in dependency on IT teams for compilation and implementation of business rules and compliances: Another requirement that various business and organizations are currently facing is the over-dependency on their IT department for the implementation of basic compliances in their business applications. Another benefit of utilizing business rules management system is that it solves this requirement as well along with a variety of other benefits that it offers to business enterprises, relating to better implementation and higher success rate in meeting the compliances.

Strategic expansion of businesses through acquisitions and product launch activities undertaken by market players:

  • In August 2019, OpenGate Capital announced that they had acquired InRule Technology, Inc. This acquisition will enable InRule Technology to further their ambitions and provide various innovations in their service offerings to establish themselves as a leader for decision management services. They will also be able to invest in higher volumes for enhancement of technologies and transform their business
  • In February 2019, Equifax Analytics Pvt. Ltd announced the launch of “Equifax Interconnect”, designed for financial institutions operating in the Indian region. It helps them in managing the different policies, sources of data, analyzing and modeling the data in an accurate and effective way. It empowers its users with helpful management of strategies and rules without the requirement of extensive knowledge of technical environment

The market is segmented on the basis of components as software, services; services is categorized into integration & deployment, training & consulting, support & maintenance; deployment type as on-premises, cloud; organization size as SMEs, large enterprises; verticals as BFSI, government & defense, telecom & IT, manufacturing, retail & consumer goods, healthcare & life sciences, transportation & logistics, energy & utilities, others.

“According to Data Bridge Market Research, global business rules management system market is expected to be growing with a healthy CAGR of 10.50% during the forecast period of 2019 to 2026”

Some of the major players operating in market are IBM Corporation, Fair Isaac Corporation, Pegasystems Inc., Oracle, Broadcom, Red Hat Inc., SparklingLogic, OpenText Corp, Software AG, SAS Institute Inc., ACTICO GmbH, 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., Progress Software Corporation, and Decision Management Solutions.

With the availability of various technologies and advanced analytical solutions such as AI, Big Data, Cloud computing and other analytical services provided by specialized IT providers major enterprises have initiated their preference for utilizing analysis that is backed by real-time data analysis rather than hoping to base their decisions on presumptions.