NEW YORK, Dec. 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the security policy management market valued $1,622.3 million in 2018, and it is projected to grow to $2,647.1 million by 2024, at a 9.1% CAGR during 2019–2024. The service category is projected to achieve faster growth during 2019–2024. Factors such as data migration, integration with third-party applications, lack of security professionals and awareness, and rising need for security software implementation would be responsible for the security policy management market growth in the service category.

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The increase in the adoption of network security policy management solutions is one of the key trends being witnessed in the security policy management market. Organizations are rapidly migrating their business operations over to the cloud, which has increased the demand for security policy management solutions. As a result, the market players are also focusing on introducing customized security solutions. For instance, in March 2018, AlgoSec Inc. launched AlgoSaaS, a network security policy management solution, which assists customers in identifying and mapping the deployment of business applications and their network connectivity, automating the network security policy changes, and assessing the security vulnerabilities and the risk of cyber-attacks beforehand.

One of the key drivers for the security policy management market is the increasing demand for security policy management solutions from the banking, financial services, and insurance (BFSI) industry. The increasing focus of the BFSI industry on leveraging technologies such as machine learning, natural language processing (NLP), and cloud computing is creating significant pressure on IT teams to streamline the operations and protect the organization from cyber threats. Security policy management supports in the proactive assessment of the outcome of every policy change, in order to reduce risk, prevent operational disruption, and ensure compliance with industry standards. The solutions map the security vulnerabilities in advance, identify duplicate rules, and initiate remediation procedures for expired policies. Hence, the rising demand for consistent security management solutions from the BFSI sector, in the coming years, is expected to drive the market growth.

Browse report overview with detailed TOC on "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" at: https://www.psmarketresearch.com/market-analysis/security-policy-management-market

On the basis of industry, the BFSI category held the largest share in the security policy management market in 2018. This is attributed to the increasing requirement for security policy management solutions the in sector, as they support in proactively assessing the risk, before the framing of the security policies, automating the security policy change process, and ensuring regulatory compliance.

Together, North America and Europe are expected to account for over 60.0% share in the global security policy management market by 2024. This can be mainly attributed to the rapid adoption of cloud services, increasing number of cyber-attacks in the regions, shift toward the hybrid network model, surging number of stringent security regulations, such as the General Data Protection Regulation (GDPR) and EU Cybersecurity Act 2019 of the European Union (EU), and growing trend of the bring-your-own-device (BYOD) policy.

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China dominated the APAC security policy management market in 2018, mainly because of the growing emphasis on the adoption of artificial intelligence (AI) technologies and intense focus of banks on regulatory compliance. In July 2017, China released the Next Generation Artificial Intelligence Development Plan, which is aimed at making the country the world leader in AI by 2030, with the domestic industry valuing $150 billion.

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 the major developers of such solutions.

Other important players in the security policy management market include Fortinet Inc., Micro Focus International plc, Skybox Security Inc., RSA Security LLC, Sophos Group plc, TAC InfoSec Private Limited, and Enterprise Integration.

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