Digitalization has now taken over the world, and businesses are compelled to opt for advanced technologies including IoT and cloud computing. There’s no doubt that these technologies have made operations far more efficient and have aided in increasing productivity. However, the confidential data of companies is at risk of getting hacked now more than ever. The number of cyber-attacks has risen considerably in the past few, which is why, it has become mandatory for businesses to adopt means for curbing security breaches.
Ascribed to this, the global security policy management market is projected to grow at a substantial rate in the years to come. The process of identifying, managing, and implementing the procedures and rules that individual must follow while using and accessing an organization’s IT resources and assets is referred to as security policy management. The aim of network security policies is to take care of security threats and enforcing strategies for mitigating IT security vulnerabilities.
Browse detailed – Security Policy Management Market Revenue Estimation and Growth Forecast Report
These policies further define ways to recover in case a system is compromised or in case of occurrence of a network intrusion. They also set guidelines for employees regarding what to do and what not to do. The parameters for who is can be given access to what resources and assets are also defined by security policy management solutions. Since all these functions are indispensable for companies, the demand for security policy management is further projected to rise in the near future.
The security policy management market is predicted to generate a revenue of $2,647.1 million by 2024, increasing from $1,622.3 million in 2018, advancing at a 9.1% CAGR during the forecast period (2019–2024). Based on application, the market is divided into vulnerability assessment, compliance & auditing, network policy management, change management, and others (which include risk management and application connectivity management). Out of these, the network policy management division held the major share of the market in the past.
The change management division is projected to grow at the fastest pace during the forecast period. A number of functions are performed change management solutions, such as restricting unauthorized access, monitoring policy changes, restoration to trusted versions, and sending notifications related to changes. Geographically, the security policy management market was dominated by North America in 2018, which is majorly because of the swift adoption of cloud services, rising number of cyber-attacks, and increasing demand for efficient risk management solutions.
Additionally, the rapid shift towards the hybrid network model in the region is also leading to the growth of the market. Within the region, the U.S. has been the major contributor to the regional domain, because of the surging adoption rate of next-generation technologies, including deep learning, machine learning, and cloud computing, primarily in the healthcare sector. The Asia-Pacific region is expected to witness the fastest growth during the forecast period, because of the rising awareness regarding cyber-attacks in the region.
In conclusion, the need for safeguarding assets and resources in enterprises is driving the demand for security policy management.
