Owing to the burgeoning need for the security of enterprise networks, on account of the increasing prevalence of cyber-attacks, the demand for security management policy solutions is expected to rise in the coming years.
For instance, the number of distributed denial of service (DDOS), one of the most lethal types of cyber-attacks, is expected to increase from 7.3 million to 14.5 million from 2017 to 2022 respectively. In addition to this, businesses are increasingly adopting advanced technologies such as cloud computing and internet of things (IoT), thereby further boosting the demand for security management policy solutions.
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The rising need for security policy management solutions from the banking, financial services, and insurance (BFSI) industry is another important factor responsible for the surge in the adoption of these solutions. Since the last few years, there has been a huge growth in the adoption of technologies such as natural language processing (NLP), machine learning, and cloud computing by the organizations operating in the BFSI sector.
This has consequently propelled the adoption of security policy management solutions for helping in the assessment of outcomes of policy changes and thus reducing risks, ensure compliance with industry standards, and prevent operational disruption. Due to the above-mentioned factors, the global security policy management market generated a revenue of $1,622.3 million in 2018 and is predicted to attain value of $2,647.1 million by 2024, exhibiting a 9.1% CAGR during 2019–2024(forecast period).
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Security policy management solutions are adopted in multiple industries namely banking, financial services, and insurance (BFSI), IT & telecom, manufacturing, government, and retail and e-commerce. Amongst these, the BFSI industry, owing to the rising usage of artificial intelligence (AI) solutions and online banking, recorded the highest adoption of these solutions in 2018.
