Security Policy Management Market Research Report: By Component (Solution, Service), Deployment (On-Premises, Cloud), Enterprise Size (Large Enterprise, SME), Application (Network Policy Management, Compliance and Auditing, Change Management, Vulnerability Assessment), Industry (BFSI, Retail and E-Commerce, Healthcare, IT & Telecom, Government, Manufacturing) - Industry Opportunity Analysis and Growth Forecast to 2024

The global security policy management market stood at $1,622.3 million in 2018, and it is further expected to generate $2,647.1 million revenue by 2024, witnessing a CAGR of 9.1% during 2019–2024. Among all regions, Asia-Pacific (APAC) is projected to witness the fastest growth during the forecast period, due to the growing trend of industrial automation, surging awareness about cyber-attacks, and increasing foreign investment support for technological advancements in the IT industry.

Factors Governing Security Policy Management Market

Enterprises, nowadays, are facing extreme pressure to support governments’ digital transformation initiatives, adopt technologies such as internet of things (IoT) and cloud computing, and remain protected from malicious attacks on their network. Distributed denial of service (DDOS) is the most dominant type of cyber-attack, with the total number of attacks predicted to reach 14.5 million by 2022, as compared to 7.3 million in 2017. With expansion, it becomes significant for enterprises to achieve automation in the network infrastructure and ensure business agility. Security policy management solutions perform several functions for businesses, such as provide a comprehensive view of security management, automate the policy change process, help with threat management, and enhance companies’ ability to efficiently adapt to the changing business environment. Realizing the potential of security management, organizations are increasingly deploying the solution, which is driving the security policy management market growth.

A significant opportunity for the players in the security policy management market lies in the shift from the homogenous model to the hybrid network model. This shift is primarily due to the increasing focus on digitization, adoption of wireless network infrastructure, and generation of vast amounts of data. Enterprises need to manage security policies across the hybrid network, in order to ensure compliance with industry standards and regulatory mandates. The deployment of security policy management solutions over a hybrid network elucidates the issues related to security policies and assists in

• Real-time visibility across the hybrid network model, to ensure optimum utilization of security policy control over the network segmentation architecture,
• Monitoring security configuration changes over the hybrid network and analyzing the risk, in order to avoid compliance violations, and
• Maintaining consistency in the security policy across the hybrid network model.

Security Policy Management Market Segmentation Analysis

The banking, financial services, and insurance (BFSI) industry held the largest share in the security policy management market, in 2018. This was owing to the increasing deployment rate of artificial intelligence (AI)-enabled solutions by banks and financial institutions, for predicting clients’ needs, and the growing use of online banking. There is an increasing need for security solutions that help in better compliance with regulations, control the access to confidential information, and reduce the risk of cyber-attacks.

On the basis of deployment, the cloud category held the larger security policy management market share, in 2018. It is also expected to witness faster growth, during the forecast period, primarily owing to the increasing adoption of the platform, in order to accelerate IT modernization. It is expected that by 2020, 83% of the enterprise workload would be on the cloud. Moreover, cloud deployment offers several advantages, such as automated updating of software, 24x7 availability, less capital expenditure, and improved productivity.

The small and medium enterprise (SME) category is expected to witness the higher CAGRin the security policy management market, during the forecast period. This is primarily attributed to the increasing adoption of cloud-based services and use of mobile devices, which are compelling SMEs to implement security policy management solutions. These solutions can help in protecting confidential information and providing simplified security operations within an organization.

Geographical Analysis of Security Policy Management Market

Globally, North America held the largest share in the market in 2018, due to the rapid adoption of cloud services, increasing number of cyber-attacks, particularly in the healthcare and BFSI industries, growing demand for effective risk management solutions, and shift toward the hybrid network model in the region. The U.S. held the larger share in the North American security policy management market in 2018, and it is also expected to witness the higher CAGR, during the forecast period. This can be mainly attributed to the increasing adoption rate of next-generation technologies, such as machine learning, deep learning, and cloud computing, particularly in the healthcare industry, for advanced patient care, which is likely to raise the demand for security policy management solutions. Other factors contributing in the country’s market growth include the increasing awareness related to the impact of cyber-attacks, rising number of security breaches, and increasing adoption of big data analytics for data-driven decision making.

During the forecast period, the global security policy management market is expected to witness the fastest growth in APAC, mainly on account of the increasing adoption of cloud-based services, growing awareness about cyber-attacks in the region, and improving IT infrastructure. Moreover, network security has a huge potential in countries including India, Australia, China, and Indonesia, which is further encouraging the market players to focus on launching advanced cyber security management solutions in the region.

Competitive Landscape of Security Policy Management Market

The security policy management market is fragmented in nature, and AlgoSec Inc., Cisco Systems Inc., Juniper Networks Inc., Check Point Software Technologies Ltd., Tufin Software Technologies Ltd., FireMon LLC, Palo Alto Networks Inc., Odyssey Consultants Ltd., International Business Machines Corporation, and HelpSystems are some of the major firms engaged in the development and commercialization of such solutions.

Recent Strategic Developments of Major Security Policy Management Market Players

In recent years, the major players in the security policy management market have taken several strategic measures, such as mergers & acquisitions and product launches, to gain a competitive edge in the industry. For instance, in July 2018, U.S.-based provider of security solutions FireMon LLC acquired Lumeta Corporation. With this acquisition, FireMon LLC is able to map and analyze enterprise connectivity across the on-premises and cloud platforms, in order to achieve full cyber situational awareness for its customers. This also allows customers to extend intent-based security across their network infrastructure.

Furthermore, in March 2018, U.S.-based provider of security policy management solutions AlgoSec Inc. launched an AI chatbot, which assists users in security policy change management. The chatbot can perform activities such as checking the status of the change request, checking for network connectivity problems, and identifying the applications impacted by cyber-attacks. The chatbot also allows for easy access to the company’s security management solutions. In November 2018, Tufin Software Technologies Ltd. launched Iris, a cloud security solution, which enables organizations in the identification of cloud security risks, while ensuring regulatory compliance. It also enables enterprises to increase the network visibility and manage their security policies across cloud-based applications.

Key Questions Addressed/Answered in the Report

• What is the current scenario of the security policy management market?
• What are the emerging technologies for the development of security policy management solutions?
• What are the historical and present sizes of the categories within the market segments and their future potential?
• What are the major catalysts for the market and their expected impact during the short, medium, and long terms?
• What are the evolving opportunities for the players in the market?
• Which are the key regions from the investment perspective?
• What are the key strategies being adopted by the major players to expand their market share?