Northbrook, IL -- (SBWIRE) -- 08/27/2019 -- According to a new market research report "Security Policy Management Market by Component (Solution and Services), Product Type (Network Policy Management, Compliance and Auditing, Change Management, and Vulnerability Assessment), Organization Size, Vertical, and Region - Global Forecast to 2024" published by MarketsandMarkets™, the Security Policy Management Market 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.
Growing push from regulatory bodies to maintain security policies to safeguard the crucial data and increasing shift from homogeneous network model to a hybrid network model are the major factors driving the growth of the Security Policy Management Market.
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Solutions segment to hold the largest market share during the forecast period
The services include the support offered by security vendors to assist their customers in efficient use and maintenance of security policies within the network environment. The vendors offer professional and managed services in the Security Policy Management Market. These services are focused on helping organizations achieve their business goals together with their product offerings. Vendors use the latest techniques, comprehensive strategies, and skills to fulfill the security requirements of an organization. They also offer customized implementation and risk assessment and assist with the deployment of security policy management via industry-defined best practices.
Small and Medium-sized Enterprises (SMEs) to grow at the highest rate during the forecast period
SMEs refer to enterprises with an employee count of 100–1,000. The current use of mobile technology and the adoption of BYOD trends and cloud-based services have enhanced the profitability of SMEs, helping them to improve their overall business structure. The growing use of mobile devices has encouraged data transfer over business networks to personal devices, such as mobile phones and laptops, leading to an increase in fraudulent data, cyberattacks, data losses, and the threat of personal data thefts. The growing security issues have forced the SMEs to focus on network policies, which can secure and safeguard their data and personal information from being hacked and breached. Despite the SMEs having budget constraints, the importance of securing corporate information is compelling them to use policy management solutions for data protection.
North America to hold the largest market share during the forecast period
North America is one of the most affected regions in the world by cybersecurity breaches, and as a result, has the largest number of security policy management providers. As the world is moving toward interconnections and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the major challenges. Moreover, the growing adoption of cloud-based applications, technologies, and platforms has further increased the need for enhanced security solutions for these platforms. The customers' and the companies' personal information, and payment-related data are stored on the cloud-based applications and platforms, which is why platforms and applications are the most susceptible sources for fraudsters to steal confidential information. Information security is identified as the most serious economic and national security challenge by the North American government. The region is the early adopter of cybersecurity solutions and services across the globe and is the most advanced in terms of adopting security solutions, services, and infrastructure.
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The major vendors in the Security Policy Management Market are are 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).
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