|Status : Published||Published On : Aug, 2021||Report Code : VRICT5143||Industry : ICT & Media||Available Format :||Page : 177|
The security policy management market size is anticipated to reach USD 3.2 billion by 2027, growing at a CAGR of 10.5% during the forecast period. The process of implementing, identifying, and administering the rules and procedures that all individuals must follow when accessing and using an organization's IT assets and resources is known as security policy management. These network security policies are intended to address security risks and execute measures to mitigate IT security vulnerabilities, as well as determining how to recover from a system compromise or network intrusion. Employees are also given directions on what to do and what not to do; thereby allowing legitimate traffic without sacrificing security breaches or compliance desecrations. They also specify who has access to what assets and resources, as well as the consequences of failing to follow the rules.
Security policy management software provides a set of tools that assist systems in maintaining compliance and enforcing network security and firewall regulations. These technologies aid in the creation and documentation of network security management and automating operational workflows. Auditing networks, documenting policy changes, and automating security operations are all tools included in the NSPM software. Companies utilise NSPM software to keep their network policies compliant while ensuring the security of their endpoints, data, and networks. These tools aid in the identification and removal of redundant or obsolete security rules, as well as the simplification of security operations. Thus, it proactively automates the network security management process across cloud, SDNs, and on-premise firewalls.
The COVID-19 outbreak has led to a negative impact on the security policy management market owing fall in global commodity prices and the complexity to connect electronic components. However, post the COVID-19 crisis, surge in demand for networking and travel, rising demand for smart infrastructure and increased adoption of robotic applications and sensor-based devices, will lead to tremendous growth in the security policy management market during the forecast period.
Insight by Component
On the basis of component, the security policy management market is bifurcated into solution and service. Professional and managed services are two types of services in the services segment. Among these components, the solution segment captures higher market share and is expected to grow at the fastest rate during the forecast period owing to the rising demand among businesses to efficiently secure internal and external infrastructure and protect critical business information from spam, malware, Trojan, phishing, etc. Thus, companies are using security policy management solutions to protect data within networks and ensure compliance with industry standards.
Insight by Organization Size
On the basis of organization size, the security policy management market is bifurcated into large enterprises and small & medium enterprises (SMEs). Large enterprises, who are more concerned about data security and spend more on security and compliance implementation, accounted for the largest share of the security policy management market.
However, the SME sector, is quickly expanding and is likely to acquire a significant portion of the security policy management market in the coming years owing to the rising penetration of cloud-based platforms and the adoption of mobile devices which aids in protecting confidential data and offers simplified security operations within an enterprise.
Insight by Application
On the basis of application, the security policy management market is categorized into network policy management, compliance and auditing, change management, and vulnerability assessment. Of all these applications, the network policy management segment accounted for the largest proportion of the security policy management market, owing to rising complexities in network infrastructure and cross-communication within organizations.
Insight by Industry
The market is divided into IT & telecom, healthcare, BFSI, manufacturing, energy & power, government, and others based on industry. BFSI contributes the largest share in the security policy management market owing to the massive amount of sensitive and private financial data, requiring security policy management solutions. Furthermore, the industry is highly regulated and complies with security requirements.
IT and telecom are anticipated to have significant growth during the forecast period due to the rising number of networking and cross-communication in the IT industry vertical.
The increased shift from a homogenous model to a hybrid network model owing to increased emphasis on digitalization, use of wireless network infrastructure, and compliance with industry standards and government mandates are the trends prevalent in the security policy management industry.
Rising number of cyberattacks as well as optimization solutions to effectively handle sophisticated network settings
Security policy management solutions include methods for automatically identifying vulnerabilities and hazards, auditing, and provisioning security adjustments based on the security needs of the enterprise. Information and applications exchanged via an unencrypted network can lead to phishing, malware, and spyware attacks. Furthermore, increased investments by the defense sector owing to rising geopolitical tension and increased prominence in the commercial sector owing to cross-communication and data exchange will further have a positive outlook on the market demand for security policy management. Thus, the security policy management provides application-layer security among several industry verticals which include BFSI, IT & telecom, government, retail, etc.
Other factors attributing to the growth of the security policy management market outlook include the increased requirement to fasten the business processes without hampering security and reducing the reliance on manual processes. Furthermore, the mounting adoption of digital payments and internet banking and increased penetration of connected devices will further propel the growth of the security policy management market.
The security policies of many associations and governments are constantly updated, making it difficult for vendors and users to adhere to a single and uniform standard. Also, in some regions, a lack of awareness about cyber threats, lack of specialized skills, less availability of network security policy management solutions, massive initial investment, and increased prices of hardware and software are some other factors limiting market growth, and will continue to pose a challenge to the security policy management market during the forecast period.
Technological development, increased focus to modernize the software, surge in R&D activities to develop highly preventive safety policies and guidelines according to regulatory agencies will accelerate market opportunities in the security policy management industry during the forecast period.
Geographically, North America contributes to the largest share in the security policy management market as they are an early adopter of the technology, increased adoption of cloud-based services, rising number of cyber-attacks, especially in the BFSI and healthcare industry, increased inclination toward hybrid network model, and a large number of IT companies residing in the region. Moreover, the region is relying on implementing security regulations and compliance, thus North America security policy management market will keep on growing in the years to come.
Furthermore, due to the adoption of firewalls and other advanced security features to identify and prevent threats only in the initial phase, APAC and Europe hold the second and third largest security policy management market positions, respectively. Also, APAC and Europe are fast-moving toward digitization and a rising trend toward industrial automation, which is having a beneficial impact on the worldwide security policy management market growth.
The industry players in the security policy management market are emphasizing advancing novel products and solutions so as to keep up with evolving technology. Further, mergers & acquisition and product launches are other key strategies adopted by the solution providers in the market so as to gain a competitive edge in the market. Also, the market is highly fragmented owing to a large number of global and regional solution providers engaged in developing and commercializing security-based policy management solutions.
Check Point Software Technologies Ltd. is a global leader in cyber security solutions for governments and businesses. Its solutions safeguard consumers from 5th generation cyber-attacks by catching malware, ransomware, and other sorts of attacks. Check Point's layered security architecture, "Infinity" Total Protection with Gen V advanced threat prevention, protects data in the cloud, on networks, and on mobile devices.
AlgoSec is one of the world's top provider of network security policy management solutions, enabling enterprises to become more agile, secure, and compliant around the world. Through a single pane of glass, AlgoSec streamlines and proactively automates network security policy management across on-premise firewalls, SDNs, and the public cloud. The AlgoSec gives a comprehensive, business-level visibility into complete network security infrastructure. Across the hybrid network estate, encompassing public cloud, private cloud, containers, and on-premises networks, the AlgoSec platform automates application connectivity and security policy.
In January 2022, Opsani, a privately held corporate software company situated in Redwood City, California, has been acquired by Cisco. Cisco AppDynamics will be able to expand its product and engineering team, expand platform's capabilities to better observe enterprise-scale, cloud-native environments, and accelerate their path to availability, delivery of the performance and optimization of customers demand as a result of the acquisition. The acquisition of Opsani comes on the heels of Cisco's previous acquisitions of Epsagon and Replex, and demonstrates the company's commitment to its Full-Stack Observability strategy.
In January 2022, Check Point Software Technologies Ltd., one of the global leaders in cyber security solutions, announced that its Harmony Connect Secure Access Service Edge (SASE) has been improved to allow:
These new improvements will protect remote and hybrid workforces against Gen V cyber-threats as they connect to any resource from any device, anywhere, owing to the remote working in organisations, and some even permanently shift to hybrid or remote work models.
Some of the key players operating in the security policy management industry include Cisco Systems, Inc., Check Point Software Technologies Ltd, Tufin, Palo Alto Networks, Inc., Micro Focus International plc, AlgoSec, Juniper Networks, McAfee, LLC, HelpSystems, LLC, and FireMon, LLC.
Source: VynZ Research