Sep 22, 2021, 09:45 EST
Shibuya-ku, Tokyo, Japan, Japan, Sep 22, 2021, 09:45 /Comserve / -- Business Rules Management Systems Market analyze market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, competitive landscape and forecast.
The business rules management market is expected to witness a growth at a CAGR of 10.5% over the forecast period (2020-2025). 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.
- The industries experienced varied changes in the regulation with time. Hence, in these instances, pricing strategy also updated and operational practices are established for related operations. Additionally, the increased complexity, enforced changes, and on non-compliance individuals being personally accountable, are some of the major factors driving the adoption of business rule management systems.
- On non-adherence to these business rules, there is always a huge risk of loss attached WHD to it, terms of penalties. The cost of the monetary fine has been continuously increasing in the recent past years. Recently, the US Department of Labor's Wage and Hour Division (WHD) obtained a penaulty of USD 1 million to secure payment of back wages from Manna, a restaurant chain in the New York.
- Amid the COVID-19, the government across the world have mandated compulasoy lockdowns, also, only restricted business were allowed to operate in the lockdown bounded by varioys set of rules. Few business were also said to mandate manufacturing of PPE kits to increase the production. With this sudden change of rules and guidelines, companies are able to manage rules with the help of BRMS.
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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 realted to the healthcare more stringent. Hence, the BRMS soltuion 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.
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The market for business rule management systems has reached a fragmentation level with the presence of many established international players operating in the global market. Additionally, these companies are competing with less or no product differentiation. Hence, these companies are actively looking forward to making alliances and acquisitions to gain more market share.
- February 2020 - Pegasystems announced to enter a partnership agreement with Idio. Under this agreement, these companies has enables B2B organization to present the most relevant content and accelerate the business buying behavior.
- October 2019 - IBM Corporation has announced an Operational Decision Manager v8.10 (ODM - IBM's BRMS) with the support for decision modeling across the world.
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