How Are Security Policy Management Solutions Improving Business Operations?

The security policy management market is expected to advance at a CAGR of 9.1% during the forecast period (2019–2024) on account of the spurring demand for enhanced business agility and swift implementation of security policy management solutions by the healthcare and banking, financial services, and insurance (BFSI) sectors. Driven by these factors, the market size is set to increase from $1,622.3 million in 2018 to $2,647.1 million by 2024.

The BFSI sector uses security policy management for a proactive assessment of the outcome of every policy change, to reduce risk, ensure compliance with industry standards, and prevent operational disruption. These solutions help in identifying duplicate rules, mapping security threats early, and initiating remediation procedures for expired policies. Moreover, banks and financial institutions are leveraging cloud computing, machine learning, and natural language processing (NLP), which is making it difficult for IT departments to protect them from cyber threats and streamline operations, which is why they are adopting security policy management solutions.

Security Policy Management Market Report 2022-2030

These solutions are being utilized for network policy management, compliance and auditing, and vulnerability assessment. The BFSI, healthcare, government, retail and e-commerce, manufacturing, and information technology (IT) and telecom sectors are set to most rapidly deploy security policy management solutions for change management in the coming years. This can be ascribed to the multiple functions offered by change management solutions, including restricting unauthorized access, monitoring policy changes, and sending notifications regarding the changes and restoration to trusted versions.

The widening application of security policy management solutions has led to their incorporation in businesses of different scales. Thus, the enterprise size segment of the security policy management market is bifurcated into large enterprise and small and medium enterprise (SME). Of these, the large enterprise bifurcation is projected to hold the larger market share during the forecast period. This would be due to the widespread deployment of these solutions in large enterprises to automate security policy changes, protect themselves from cyber-attacks, and manage their complex network operations in a better way.

Currently, North America is witnessing the widest adoption of security policy management solutions, especially in the healthcare and BFSI industries, due to the escalating number of cyber-attacks, rapid adoption of cloud services, rising focus on the hybrid network model, and growing deployment of effective risk management solutions. Moreover, the widespread adoption of next-generation technologies, such as deep learning and machine learning, in healthcare facilities for advanced patient care will fuel the demand for security policy management solutions in the region.

According to P&S Intelligence, the Asia-Pacific (APAC) security policy management market will register the fastest growth during the forecast period. This can be attributed to the improving IT infrastructure, increasing application of cloud-based solutions, and growing awareness regarding cyber-attacks in the region. These solutions have a huge potential in Indonesia, India, Australia, and China, which is why market players are introducing advanced cybersecurity solutions in these countries to help companies deal with cyber-attacks and security breaches.

Thus, the increasing concerns regarding cybersecurity are leading to the development of advanced security policy management solutions by FireMon LLC, AlgoSec Inc., Tufin Software Technologies Ltd., and International Business Machines Corporation. For instance, Tufin Software Technologies Ltd., in November 2018, launched Iris, which is a cloud-based security solution that enables organizations to identify cloud security risks, while ensuring regulatory compliance. It also allows enterprises to manage their security policies and improve network visibility across their cloud-based applications.

Therefore, with the constant advancements in technology and rapid rise in the number of cyber-attacks, the need for these security solutions will soar in the foreseeable future.