The global Business Rules Management System (BRMS) market is expected to grow from USD 0.84 Billion in 2018 to USD 1.41 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period. With the advent of advanced technologies, enterprises are focusing on accessing advanced BRMS to gain a competitive market edge. Reduced dependency on IT teams for writing rules, increased need to meet regulatory and policy compliance needs, and the need to improve process efficiency are expected to drive the growth of the BRMS market.
BRMS solutions would witness major technological changes, along with the evolving technological advancements. Enterprises are rapidly adopting artificial intelligence and machine learning solutions, integrated with BRMS, which helps them in supporting their needs.
Support and maintenance services include support related to the implementation and use of solutions provided by the BRMS vendors. Maintenance services facilitate upgrades to the existing systems and assist in solving issues. These services ensure uninterrupted operating of the BRMS software deployed in organizations.
The Small and Medium-sized Enterprises (SMEs) are adopting BRMS software majorly, which enables their business to scale and grow faster. The implementation of BRMS solutions 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 to expand their business, generate more revenue, and ensure desired outcomes. Thus, this trend of adopting BRMS solutions and the associated services is expected to continue among the SMEs during the forecast period.
The APAC region is expected to experience major growth opportunities during the forecast period. There is a huge potential for the solution providers in this region, leading to better business opportunities. The regional adoption rate of BRMS software and services is expected to increase considerably, as APAC is a developing economy, and enterprises in the region require services with lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX). With an increase in the number of SMEs in this region, the competition is fragmented, and service providers are seeking to expand the base of their services to other countries across the globe.
The retail and consumer goods vertical is one of the fastest-growing verticals in the Business Rules Management System Market, due to the increasing 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. BRMS solutions connect customer transaction to customer insights and action data to make effective decisions in the retail and consumer goods vertical.
