According to a recent report published by Allied Market Research, titled, “Policy Management Software Market by Component, Deployment Model, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027,” the global policy management software market size was valued at $962.18 million in 2019, and is projected to reach $3.06 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027. Policy management software is a type of application, which helps companies to manage risk efficiently and automate the policy documentation process of the organization. In addition, policy management software help companies to support various governance risk compliances (GRC) issues by establishing a culture of compliance within the organization and also helps organizations to achieve their goals.
The key factors that drive the growth of the global policy management software market trend include increase in adoption of policy management software by various industries and surge in need to streamline business by the policy management vendors. In addition, surge in need for faster management of procedure and policies across the industries positively impacts the growth of the market. However, high implementation and maintenance cost of policy management software and rise in security issues in the policy management software are expected to hamper the market growth. On the contrary, rise in adoption of cloud-based policy management software across the globe is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The large enterprise segment is expected to garner a significant share during the forecast period, owing to rise in adoption of policy management software by various large enterprises for solving various critical issues related to policy, procedure and protocol of the companies. However, the small and medium enterprise segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of policy management software by various SMEs to improve their business efficiency as well as to manage delegated policies of the organization.
Region wise, the policy management software market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to number of market players indulged in various development such as partnership, product launch and collaboration. For instance, in May 2020, Steele Compliance Solutions, one of the leading Ethics & Compliance management solution provider in U.S. has launched innovative policy management software named as PolicyManager. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in penetration of policy management software in various industries such as BFSI, healthcare and other and rise in government initiatives for policy management in emerging countries such as China and India.
The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the policy management software market. Various industries are majorly hit by lockdown imposed in many countries, and the spending on policy management software by end users is expected to slow down during this pandemic. This is attributed to the shutting down of various small and medium enterprises across the globe and growing unemployment rate in many developing nations. Furthermore, rise in adoption of work form culture across various industries have led many industries to change and update their policies owing to which there is an increase in adoption of policy management software across different industries.
The report focuses on the growth prospects, restraints, and trends of global policy management software market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global policy management software market.
Key Findings Of The Study
- By component, the solution segment accounted for the policy management software market share in 2019.
- By region, North America generated the highest revenue in 2019.
- By deployment model, the on-premise segment generated the highest revenue in 2019.
The key players operating in the global policy management software market include Amdocs, Comarch SA, ConvergePoint Inc., Huwaei Technologies Co., Ltd, Intracom Telecom, Juniper Networks, Inc., LogicGate, Inc., Mitratech, NAVEX Global, Inc., and WorkflowFirst Software LLC. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the policy management software market industry.