Overview and Scope
Policy management software refers to a specialized type of software designed to help organizations create, distribute, monitor, and enforce policies and procedures within their operations. These policies could encompass a wide range of areas, including human resources, compliance, cybersecurity, IT usage, safety protocols, and more.
Sizing and Forecast
The policy management software market size has grown rapidly in recent years. It will grow from $1.54 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to regulatory compliance requirements, increasing data security concerns, corporate governance initiatives, demand for centralized policy repositories, need for streamlined audit processes.
The policy management software market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to growing adoption of artificial intelligence (AI) for policy analysis, emergence of remote work and distributed workforce management, expansion of industry-specific compliance standards, rising demand for customizable policy templates, integration of blockchain technology for enhanced policy transparency. Major trends in the forecast period include increased focus on ESG (Environmental, Social, and Governance) compliance, adoption of machine learning for dynamic policy enforcement, rise of industry-specific regulatory requirements driving market growth, expansion of policy management software into emerging markets and SMEs, integration of robotic process automation (RPA) for policy workflow optimization.
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Segmentation & Regional Insights
The policy management software market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Type: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecommunications, Energy And utilities, Healthcare, Government And Defense, Manufacturing, Retail
North America was the largest region in the policy management software market in 2023. The regions covered in the policy management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising cybersecurity threats are expected to propel the growth of policy management software forward. Cybersecurity threats are potential risks to computer systems, networks, and data that can result in unauthorized access, data breaches, or information loss. The rising cybersecurity threats is due to increased connectivity, data monetization, remote work, sophisticated attack techniques, and a lack of awareness. Policy management software enhances cybersecurity threat management by facilitating the creation, dissemination, enforcement, and monitoring of cybersecurity policies and procedures. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cyber-crime reports received were 76,000, up from 13% from the previous year. Therefore, rising cybersecurity threats are driving the growth of the policy management software market.
Key Industry Players
Major companies operating in the policy management software market are Huawei Technologies Co. Ltd., Cisco Systems Inc., Oracle Corporation, Telefonaktiebolaget LM Ericsson, Ericsson, Nokia Corporation, LogicGate Inc., Juniper Networks Inc., Amdocs, Alcatel-Lucent Enterprise International SAS, Tekelec, NAVEX Global Inc., Mitratech, COMARCH SA., MetricStream Inc., Openet, Riskonnect Inc., Optiva Inc., Zeneth Technology Partners, Resolver Inc., SureCloud, SAI Global, CyberSaint Security, LogicManager, ConvergePoint Inc., Intracom Telecom, WorkflowFirst LLC, ComplianceBridge, ZenGRC (by Reciprocity Labs), Reciprocity Labs
The policy management software market report table of contents includes:
1. Executive Summary
2. Policy Management Software Market Characteristics
3. Policy Management Software Market Trends And Strategies
4. Policy Management Software Market – Macro Economic Scenario
5. Global Policy Management Software Market Size and Growth
…
32. Global Policy Management Software Market Competitive Benchmarking
33. Global Policy Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Policy Management Software Market
35.Policy Management Software Market Future Outlook and Potential Analysis
36. Appendix
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