The global Security Policy Management Market size is 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. Security policy management solutions are used to control network environment and protect organizations against evolving threats. The solutions also offer changes in management policies, as manual changes to network policies are complex and error-prone, which may slow down business growth. The security policy management solutions also help network administrators, and IT teams to control their network environments and protect their organizations against evolving threats.
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.
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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.
The major security policy management vendors include 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). The players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, and acquisitions, to further expand their presence in the global security policy management market. These strategies have helped them innovate their offerings and broaden their customer base.
Cisco (US) is one of the leading players in the security policy management market and founded in 1984 and headquartered in California, US. The company specializes in providing IP-based products and services, which specifically cater to the Information and Communications Technology (ICT) industry. It offers a plethora of products and services in networking, Internet of Things (IoT), mobility and wireless, security, collaboration, data center, cloud, and others. Its extensive product offerings include Next Generation Network (NGN) routers, switches, wireless, and data center security. It is among the top network security companies, due to its constant investment in R&D, which enables them to offer high-quality products and services in the market. Its service offerings include advisory, implementation, training, managed, and technical services. The company has established its market dominance by creating personal distribution channels, employing an aggressive sales force, and strategically collaborating with different channel partners. It caters to various business houses, such as large enterprises, commercial businesses, service providers, and consumers. As of July 2018, its total employee strength was 74,200. It continuously strives to establish itself as an eminent player in the networking domain, and is present across the globe, including North America, EMEA, APAC, and Latin America.
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Odyssey Consultants (Cyprus) is another player offering security policy management solutions. Odyssey Consultants was founded in 2002 and is headquartered in Cyprus. The company is a cybersecurity, managed security, and risk management service provider. It offers services to the industry verticals, such as hedge fund, oil and gas, education, insurance, retail, utilities, payment services, healthcare, and financial. Along with Cyprus, it has offices in Greece and the US. Its service portfolio is divided into compliance risk management and data lifecycle.
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