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.

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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, changed 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. In 2024, North America and Europe would hold a cumulative share of more than 60.0% in the security policy management market.

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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.

Security Policy Management Market Segmentation

Market Segmentation by Component

• Solution
• Service
  • Professional
  • Managed

Market Segmentation by Deployment

• On-Premises
• Cloud

Market Segmentation by Enterprise Size 

• Large Enterprise
• Small and Medium Enterprise (SME)

Market Segmentation by Application 

• Network Policy Management
• Compliance and Auditing
• Change management
• Vulnerability Assessment
• Others (Application Connectivity Management and Risk Management)

Market Segmentation by Industry

• Banking, Financial Services, and Insurance (BFSI)
• Retail and E-Commerce
• Healthcare
• IT & Telecom
• Government
• Manufacturing 
• Others (Energy & Utilities, Oil & Gas, Education, and Automotive)