United States, Rockville, MD, April 07, 2022 (GLOBE NEWSWIRE) -- The global business rules management system market is estimated to grow at an impressive CAGR of 10.6%. It is poised to reach a valuation of nearly US$ 3.5 Bn by 2032, from US$ 1.3 Bn in 2022.
The increased requirement to handle regulatory and compliance policies, as well as the formalization of corporate activities, are the primary drivers of the business rules management system market.
However, a lack of paperwork on business laws may stifle market expansion. On the contrary, firms' increased focus on data-driven decision making is a positive element for the global business rules management system market.
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Impact of COVID-19 on Business Rules Management System Market
Business rules are easily altered and expressed in a straightforward manner for easy comprehension. Furthermore, the necessity for development type is minimized to a greater level, as business rules can be produced by anybody with vendor-specific business rules expertise and software skills.
IT managers may be able to take management of rule modifications and life cycles, decreasing dependency on IT developers and lowering confusion. As a result, compared to a traditional software environment, designing and deploying rules takes less time.
Furthermore, the usage of business rules management system software and services is being driven by the growing use of automated rule deployment processes. These software and services offer advantages, including speedier, error-free, and cost-effective business development and deployment.
Growth Outlook for the Global Business Rules Management System Market According to Different Segments
The business rules management system market is segmented into deployment type, component, vertical and region.
BFSI firms are using modern technologies and business rules management system software and services to improve their operational efficiency in order to combat business challenges. During the forecast period, the BFSI sector is likely to be a prominent contributor to the business rules management system market's growth.
Different Segments of the Business Rules Management System Market based on Components
By component, the FMI study finds that the system has the highest sales potential through 2032. The adoption of software systems is likely to grow at a CAGR of 10.1% during the forecast period.
Consumer demand for software systems, due to a flexible guiding framework for judging whether behaviors are permissible in every particular situation, pushes the bar of the business rules management system market.
Which Enterprise holds the Largest Business Rules Management System Market share?
Large enterprises are likely to boost their need for business rules management systems during the forecast period. Large enterprises are rapidly adopting business rules management system software and services, and this trend is projected to continue during the forecast period.
To boost their total production and efficiency, large businesses are heavily investing in modern technologies. Large enterprises are putting a lot of effort into making cloud-native application operations and management easier on any cloud, and even across clouds.
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Competitive Outlook
How Strong is the Competitive Landscape for the Business Rules Management System Market?
With numerous established multinational competitors competing in the global business rules management system market, many businesses compete with little or no product difference. As a result, many businesses are aggressively seeking out strategic mergers and acquisitions in order to expand their market dominance.
- Pegasystems announced Value Finder, an AI-powered solution, in September 2020 to assist businesses engage a previously underserved group of customers based on product-centric eligibility and prioritizing parameters.
- Progress Software released Corticon.js in July 2020, a serverless business rules engine that allows for rapid rule development, testing, and deployment in essential JavaScript applications.
- FICO and Equifax announced a collaboration in March 2019 to create a cloud-based Data Decisions Connected Platform that combines the former's digital decisioning capabilities with the latter's data management and analytics capabilities. Equifax IgniteTM is integrated with FICO Cloud Applications and FICO Decision Management Suite (DMS) to assist enterprises analyze risk, guard against fraud, and boost marketing capabilities using data management and analytics technology.
Key Market Players
- IBM
- FICO
- PEGASYSTEMS
- ORACLE
- PROGRESS SOFTWARE
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Key Segments
By Component :
- Software
- Services
By Deployment Type :
- On-premises
- Cloud
By Organizational Size :
- Large Enterprise
- SMEs
By Vertical :
- BFSI
- Government and Defense
- Telecom and IT
- Manufacturing
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Transportation and Logistics
- Energy and Utilities
- Others
By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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