DUBLIN--(BUSINESS WIRE)--The "Business Rules Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The business rules management market is expected to witness a growth at a CAGR of 10.5% over the forecast period (2021-2026).
Business compliance with various rules and regulations is of utmost importance. These business rules drive the decisions on matters such as diverse as billing and payment, administration, fraud management, privacy, and other operations across the industries.
Companies Mentioned
- IBM Corporation
- Pegasystems Inc.
- FICO Inc,
- Oracle Corporation
- CA Technologies Inc. (Broadcom Inc.)
- Progress Software Limited
- SAP SE
- Robert Bosch GmbH
- Object Connections Inc.
- Business Rule Solutions Inc.
Key Market Trends
Healthcare Industry Vertical to Witness Significant Growth
- The Healthcare sector has become one of the stringent industries bound with various national and international business rules related to data, privacy, environment, billing, chemicals, hygiene, etc. HIPPA (Health Insurance Portability and Accountability Act) is one of the business regulations set by the United States to develop regulations protecting the privacy and security of certain health information.
- Along with the regular changes occurring with the act with the emerging use of technologies in the sector, the monitoring business rules has become very complex. Additionally, the penalties on violations are also high. This has encouraged healthcare organizations to adopt BRMS software or solutions. These fines and consequences can range from USD 100 to USD 50,000 per violation, with a maximum penalty of USD 1.5 million per year for each violation.
- According to the HIPPA Journal, in 2019, over 510 healthcare data breach has occurred with 500 or more records in the United States. The figure has grown from 18 in 2009. Moreover. amid the COVID-19 pandemic, the governments has made the rules related to the healthcare more stringent. Hence, the BRMS solution has enables such organization to cope up with the changes quickly.
North America is Expected to Dominate the Market
- North America has in force one of the stringent regulations for industries across the domain. Companies such as Nestle in the United States have mentioned adopting BRMS solutions for monitoring and comply with the complex business rules in the country. With this adoption, the company has mentioned that it has streamlined the coherent design of smart, rule-based business operations suitable for the digital age.
- Additionally, the Canadian Government has mentioned adopting BRMS software by partnering with the Business Rule Solutions Inc. based in the United States. With a comprehensive and holistic approach to the subject, the government has also benefitted in understanding the business prior to technology considerations.
- Moreover, the region is the home for many established players in the market. Companies such as CA Technologies (now Broadcom Inc.), Pegasystems. Oracle. IBM and Opentext are some of the players operating in the region giving a heads up to the region in the global market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Reduced Dependency on It Teams for Writing Rules
4.2.2 Increased Need to Manage Regulatory and Compliance Policy
4.3 Market Restraints
4.3.1 Companies Resistance in Adopting Modern Technologies
4.4 Porters FIve Force Analysis
4.5 Assessment on the Impact of COVID-19 on the market
5 EMERGING TECHNOLOGY TRENDS
6 MARKET SEGMENTATION
6.1 By Offerings
6.1.1 Software
6.1.2 Services
6.2 By Organization Size
6.2.1 Small and Medium Enterprizes
6.2.2 Large Enterprises
6.3 By Deployement Type
6.3.1 Cloud
6.3.2 On-Premise
6.4 By End-user Vertical
6.4.1 BFSI
6.4.2 Telecommunication and IT
6.4.3 Retail
6.4.4 Manufacturing
6.4.5 Healthcare
6.4.6 Other End-user Verticals
6.5 Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia-Pacific
6.5.4 Latin America
6.5.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/c8fbg3
