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(Wireless-NewsWire.Com, August 05, 2021 ) The key factors that are expected to drive the growth of the market are the increasing need to manage regulatory and policy compliance and the growing need to improve process efficiency.
As per report "Business Rules Management System Market by Component (Software and Services), Organization Size (Large Enterprises and SMEs), Deployment Type, Vertical (BFSI, Government and Defense, and Telecom and IT), and Region - Global Forecast to 2025", market size is expected to 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.
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A BRMS enables defining, analyzing, executing, auditing, and maintaining a wide variety of business rules that are applied to complex decision logic within an organization. The software provides the ability to define relationships between different business rules and relate these business rules to various IT applications that need to be enforced with one or more of these business rules. Moreover, BRMS software and services are adopted for their major advantage, which is, the business rules are managed externally, away from the application code. This facilitates the business logic to be leveraged by multiple applications and changed independently from the governing applications.
Support and maintenance services include the support related to the implementation and use of solutions, and are provided by BRMS vendors. Maintenance services facilitate upgrades to the existing systems and aid in solving product issues. Support services empower organizations to efficiently tackle service requests, such as end-user issues, technical issues, encryptions, and security issues.
The retail and consumer goods vertical is one of the fastest-growing verticals in the BRMS market, due to the rising consumer purchasing power. With the proliferation of online markets, retailers are adopting more innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks. With the advent of online retailers and cloud technologies, the retail and consumer goods vertical has experienced major disruptions.
North America is expected to dominate in the market, due to several factors, such as large investments in BRMS software, better receptiveness to the adoption of new and emerging technologies, and high penetration of the internet. The market has been steadily showing positive trends in the region, as several enterprises, including government agencies, are adopting BRMS software and services at various levels as a part of their strategy to sustain in the market and increase their productivity by improving the application performance.
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The major players in the business rules management system market are 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.
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