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.
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:
Strategic expansion of businesses through acquisitions and product launch activities undertaken by market players:
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.
Global Business Rules Management System Market– Industry Trends and Forecast to 2026