The policy management software market was valued at US$ 2,220.0 Mn in 2018 and anticipated to grow at a CAGR of 17.8% during the forecast period from 2019 to 2027.
“Growing stringent compliance mandates will drive the demand for Policy Management Software Market”
The growing stringent compliance mandates coupled with the integration of cloud-based technologies are anticipated to drive the policy management software market throughout the forecast period from 2019-2027. The increase in machine-to-machine communication and increased deployment in the small & medium enterprises are some other major factors projected to further enhance the market growth throughout the forecast period. In 2018, North America dominated the global policy management software market.
The rapidly increasing Enterprise Governance, Risk and Compliance (eGRC) market across the globe is another major factor projected to drive the global policy management software market over the forecast period. The eGRC market in 2018 was estimated at nearly US$ 30 Bn and projected to grow at a CAGR of more than 11% in years to come. The growing demand from Asia Pacific region for policy management software along with expansion by market players in the Asean countries are some other major factors projected to enhance the market growth. For instance, in April 2018, NETconsent Ltd. signed a distribution agreement with one of the fastest-growing ASEAN IT distributors Quantiq. With the agreement with Quantiq, NETconsent Ltd. is projected to enhance its geographic presence in the fastest growing economies of Asia Pacific. However, the high initial investment and maintenance cost is anticipated to be the key challenge for market growth throughout the forecast period.
Major players are projected to adopt different strategies including strategic collaboration, acquisitions, mergers, and product launches over the forecast period. The presence of domestic and regional players makes the market highly fragmented.
• In November 2019, Alcatel-Lucent Enterprises entered into the strategic partnership with Swedish based Netnordic. The Alcatel-Lucent Enterprises came into a partnership for the delivery, operation, and support for both cloud-based and customer-placed solutions.
Key Market Movements:
• Worldwide, the policy management software market is growing at a CAGR of 17.8% in revenue terms for the projected period from 2019 to 2027
• In 2018, North America dominated the global policy management software market. North America had a major share due to early technology adoption and growing stringent compliance mandates in the region. The growing number of machine-to-machine communication is another major factor for the dominance of the region.
• Asia Pacific is presumed to expand with the fastest CAGR during the forecast period due to increasing government compliance coupled with rising small & medium enterprises. India and China are projected to be the major contributor in the market growth
• Based on the deployment type, the cloud-based segment is projected to grow at a rapid pace over the forecast period. The rapid adoption of cloud-based technologies along with improving mobility across the globe are major factors estimated to drive the segment growth.
• Acquisitions, distribution agreements, and new product launch are projected to be the major strategies
List of Companies Covered:
• Alcatel- Lucent Enterprise
• Comptel Corporation
• Huawei Technologies Co., Ltd.
• Juniper Networks, Inc.
• NETconsent Ltd
• ComplianceBridge Corporation
• Nokia Networks
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