The global business rules management system market size would grow from USD 1. 0 billion in 2020 to USD 1. 8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11. 8% during the forecast period.
New York, Dec. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Business Rules Management System Market by Component, Organization Size, Deployment Type, Vertical And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05622761/?utm_source=GNW
The growth of the business rules management system market can be attributed to reduced dependency on IT teams for writing business rules and increasing need to manage regulatory and policy compliance.
The cloud deployment type is expected to grow at a higher CAGR during the forecast period
The cloud technology is being widely adopted by enterprises, due to the various benefits it offers, such as increased storage, enhanced scalability, greater flexibility, improved security, better portability, and compliance.SMEs are adopting the cloud deployment type, mainly due to its cost-effectiveness.
The rise in data generation and use of advanced technologies, such as IoT and analytics, are leading to the greater adoption of the cloud deployment type, due to the benefits of enhanced and organized storage, and ready availability of data when required. These factors are also driving the adoption of cloud-based BRMS software.
The SMEs organization size is expected to grow at a higher CAGR during the forecast period
SMEs are defined as business entities with less than 1,000 employees.SMEs generally face 3 critical challenges, namely, capital, resource skills, and management control.
To overcome these issues, they are adopting BRMS software, which enables their business to scale and grow faster.The implementation of BRMS software would help SMEs in increasing their revenue, achieving their desired outcomes, and improving their business efficiency.
The SMEs have realized that immediate responses, quick business decisions, and customer satisfaction are the key features needed to expand their business, generate more revenue, and ensure desired outcomes.
BFSI vertical to hold the highest market share in 2020
The BFSI vertical deals with crucial financial data.Economic changes significantly affect this vertical.
The BFSI market is heavy with regulatory requirements and has a tighter budget.It is also subjected to higher pricing pressure and profitability.
At the same time, it also battles the competition to attract, retain, and grow profitable customer relationships. This is when it faces challenges in achieving operational efficiency.
APAC to grow at the highest CAGR during the forecast period
The increasing investments from the private sector, robust government support, and availability of a huge population are expected to drive the growth of new and emerging technologies in APAC.The APAC region needs more cost-effective, secure, reliable, and efficient BRMS software and services.
Technological advancements in APAC, along with an upward trend toward monitoring and reporting software, are expected to provide additional benefits to BRMS vendors. The APAC region is expected to experience extensive growth opportunities during the forecast period.
• By Company: Tier 1–33%, Tier 2–25%, and Tier 3–42%
• By Designation: C-Level Executives–31%, Director Level–34%, and Others–35%
• By Region: North America–42%, Europe–28%, APAC–22%, and RoW– 8%
The business rules management system market comprises major solution providers, such as IBM (US), FICO (US), PEGASYSTEMS (US), Oracle (US), Progress Software (US), SAP (Germany), Broadcom (US), ACTICO (Germany), SAS (US), InRule Technology (US), Software AG (Germany), OpenText (Canada), Newgen Software (India), Fujitsu (Japan), Experian (Ireland), Sparkling Logic (US), Business Rule Solutions (US), Decisions LLC (US), TIBCO (US), Intellileap (India), Agiloft (US), Signavio (Germany), Decision Management Solutions (US), CNSI (US), and Decisions on Demand (US). The study includes an in-depth competitive analysis of key players in the business rules management system market with their company profiles, recent developments, and key market strategies.
The business rules management system market revenue is primarily classified into revenues from software and services.Further, services revenue is associated variety of services such as integration and deployment, support and maintenance, and training and consulting.
The market is also segmented based on component, services, deployment type, organization size, vertical, and region.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall business rules management system market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.
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