Generating $1,622.3 million revenue in 2018, the security policy management market is expected to reach $2,647.1 million in 2024, at a CAGR of 9.1% during the forecast period (2019–2024). The service category would witness the higher CAGR during the forecast period, based on component, owing to the need for security software implementation, integration with third-party applications and data migration and a lack of awareness and security professionals.
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The most prominent trend in the security policy management market is the usage of such solutions for the management of the security policies of the network. With companies swiftly moving over to the cloud, the requirement for such solutions is rising, and now companies want them customized. For instance, AlgoSaaS, a solution for network security management, was launched by AlgoSec Inc. in 2018. With it, users can identify and track the implementation of their enterprise applications, automate changes to their network policies, and study the vulnerabilities to security policies and the chances of cyber-attacks.
The security policy management market is being driven by the increasing usage of such solutions by the banking, financial services, and insurance (BFSI) sector. As companies in the domain are rapidly adopting natural language processing (NLP), machine learning, and cloud computing, IT teams are facing intense pressure to protect the companies from cyber-attacks, and at the same time, streamline the operations. With security policy management, the potential impact of any modification in the policies can be pre-assessed, which aids in ensuring regulatory compliance, reducing risk, and keep operations running.
In 2018, the largest category in the security policy management market, based on application, was change management. This is because solutions designed for this purpose perform a range of functions, including blocking unauthorized access, tracking security changes, and alerting users about restoration to earlier versions as well as about the changes. Further, large enterprises would dominate the market in 2024, based on enterprise size. It is because they have higher budgets, to implement solutions for smoother management of their complicated network operations, protection from cyber-attacks, and automation of their security policy change process.
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In 2024, North America and Europe would hold a cumulative share of more than 60.0% in the security policy management market. Rapid migration to cloud, rising instances of cyber-attacks, popularity of hybrid network models, stringent regulations, and wide acceptance of the bring-your-own-device policy are the major reasons behind this. Asia-Pacific (APAC) is another important region from the point of market revenue generation, owing to its bettering IT infrastructure, surging adoption of cloud solutions and next-generation technologies, and threat of cyber-attacks on the healthcare, oil & gas, transportation, and utilities domains.
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