The security policy management market is expected to grow at a CAGR of 9.6% during the forecast period due to the push from regulatory bodies across the globe and increase in adoption of hybrid network environment
The global security policy management market size is expected to grow from USD 1.5 billion in 2019 to USD 2.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. Increase in the agility of business processes without sacrificing security and the need to reduce the reliance on the manual process of managing network policy management are driving the growth of the security policy management market.
Solution segment to hold a higher market share during the forecast period
Security policy management is a software-based policy management solution that saves time and enhances the security posture by identifying the correct policies required in the network infrastructure. The solution helps to achieve the compliance requirements, enhances data protection and security, and helps to address threats as they arise. Security policy management helps enterprises identify the existing security posture of their information systems and infrastructure, and combat against cybersecurity threats.
It is not possible for SMEs to hire in-house policy management expert due to their limited budget and higher maintenance cost. The security policy management is offered remotely by a third-party team of security policy management experts and analysts.
Change management to have a significant growth in the security policy management market during the forecast period
Change management manages the policy changes that occur within a network. It executes various functions, such as monitoring policy changes, restricting unauthorized changes, and sending notifications on changes and restoration to trusted versions. It offers real-time change monitoring feature to avoid malicious changes in the network policies and to make the latest configuration available in the database, so that network administrators get informed about the malicious threats. It also offers policy restoration and backup features which will help to roll back the changes to the earlier state. It keeps a backup of all the changes made to a network device. If the policy changes are not compatible with the network components, then it can be restored to the earlier version. Security policy management solutions offer robust change management policies to enable the administrators to define the actions to be taken whenever there is a change in the configuration. The action could be an automatic rollback to the previous version or notification via ticketing systems.
North America to have the largest market size during the forecast period
North America is the most mature market in terms of security policy management adoption. It is likely to account for a substantial share of the global security policy management market during the forecast period. The market growth in this region is driven primarily by the presence of large IT companies/users and rapid technological advancements, such as digitalization in the US and Canada. The presence of key players in the security policy management market in the region is expected to be a significant factor driving market growth. Key players, such as Cisco, Palo Alto Networks, Check Point Software Technologies, McAfee, and Juniper Networks along with several startups in the region, are offering enhanced security policy management solutions, to cater to the needs of the customers.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 42%, Tier 2 – 36%, and Tier 3 – 22%
• By Designation: C-Level – 40%, Director Level – 35%, and Others – 25%
• By Region: North America – 45%, Europe – 30%, APAC – 15%, RoW – 10%
The security policy management market includes various major vendors such as Cisco (US), Micro Focus (UK), Palo Alto Networks (US), Check Point Software Technologies (US), McAfee (US), Juniper Networks (US), Firemon (US), HelpSystems (US), AlgoSec (US), Tufin (US), CoNetrix (US), iManage (US), Odyssey Consultants (Cyprus), OPAQ Networks (US), Enterprise Integration (US), and Skybox Security (US).
The report includes an in-depth competitive analysis of the key players in the security policy management market along with their company profiles, recent developments, and key market strategies. The report segments the security policy management market by components (solution and services), product type (network policy management, compliance and auditing, change management and vulnerability assessment) organization size (small and medium-sized enterprises and large enterprises), verticals (banking, financial services, and insurance, government and public sector, it and telecom, healthcare, retail, manufacturing, energy and utilities and others), and regions.
Key Benefits of Buying the Report:
The security policy management market has been segmented on the basis of components (solution and services), product type (network policy management, compliance and auditing, change management and vulnerability assessment) organization size (small and medium-sized enterprises and large enterprises, and), verticals (banking, financial services, and insurance, government and public sector, it and telecom, healthcare, retail, manufacturing, energy and utilities and others), and regions.
The report will help the market leaders/new entrants in the security policy management market in the following ways:
1. The overall security policy management market revenue stream has been estimated based on the revenues generated by vendors, offering security policy management solutions and services. Wherein services are inclusive of professional and managed services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are split further into regions, namely, North America, Europe, APAC, MEA, and Latin America.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.