Network Security Policy Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Network Security Policy Management Market is segmented By Deployment (Cloud (Public Cloud, Private Cloud, Hybrid Cloud), On-Premise),  By Solution (Change Management System, Risk Analysis, Security Policy Management, and others), By Vertical (BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Public sector, and others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Network Security Policy Management Market Overview

The Global Network Security Policy Management Market is expected to grow at a CAGR of 8% during the forecast period 2024-2031

Rising data theft concerns among organizations coupled with rising in need of effective security & risk management tool are expected to boost market growth over the forecast period.

The network security policy management solution intelligently automates and simplifies the network security policy management process across the cloud, SDNs, and on-premise firewalls. Network security policy management streamlines security policy design and enforcement. It applies rules and best practices to manage firewalls and other devices more effectively, efficiently, and consistently.

The report covers all the major trends and drivers playing a vital role in the growth of the network security policy management market. The global network security policy management market has been segmented based on region, deployment, solution, and vertical.

Network Security Policy Management Market Summary

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Network Security Policy Management Market Growth Trends

The global network security policy management market growth is primarily driven by growth in cyber attacks around the globe, an increase in the need for effective security & risk management tool, and growth in concern over data security.

For instance, Australia’s New Payments Platform (NPP) disclosed that PayID records and associated data in the Addressing Service were exposed in a data breach.

In the US, there were eight data breaches in the first half of 2019, which accounted for the compromise of 3.2 billion records. Three of these eight data breaches are the largest breaches of all time, with one of them being related American Medical Collection Agency (AMCA).

Therefore, rising data theft and data breach concerns is expected to boost the global market growth over the forecast period.

In addition, Network security policy management helps organizations stay compliant and secure by ensuring that their policies are simplified, consistent, and enforced. Furthermore, augmentation in applications of Network Security Policy Management for intelligent automation in firewalls, routers, VPNs, proxies and other related security devices is one of the key factors driving the market. Moreover, network security policy management helps in improving operational efficiency and reducing risk, such factors are expected to accelerate the growth of the network security policy management market.

Network Security Policy Management Market Segmentation Analysis

By deployment, the global network security policy management market is segmented into Cloud (public, private, and hybrid) and On-Premise. In 2018, the cloud deployment segment accounted for the largest market share in the global market. Cloud technology enables developers to adopt agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates. As public cloud users, organizations aren’t responsible for managing cloud hosting solutions. The cloud service provider is responsible for the management and maintenance of the data center(s) in which the data is stored. This means no lengthy procurement processes and no waiting around for operations to install an operating system, configure and assemble servers, or establish connectivity.

By vertical, the global network security policy management market is segmented into BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Public sector, and Others. In 2018, BFSI vertical accounted for the majority share in the market. The BFSI is the most targeted industry vertical, as it deals with large volumes of sensitive and private financial data. The enterprises in BFSI are demanding security policy management solutions to ensure irreversible security. Moreover, the industry vertical is the most regulated, as it has to comply with many security requirements.

Network Security Policy Management Market Geographical Share

By geography, the global network security policy management market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in the global market over the period.

APAC network security policy management market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). Businesses in the region are increasingly implementing security policy management solutions to detect and prevent threats at the early stage. Growing focus on addressing digital business risks, and focus on building detection and response capabilities are some of the factors expected to drive the network security policy management market in the region. However, lack of awareness about cyber threats in developing countries of the region might hinder the market over the forecast period.

Network Security Policy Management Market Companies

Global Network Security Policy Management Market is moderately fragmented with the presence of global and regional players in the market with key players accounting for majority share in the market. Key prominent players in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.

Some key players in the market are AlgoSec, Check Point Software Technologies Ltd., FireMon, LLC, ForcePoint, HPE Development LP, IBM Corporation, Juniper Networks, Inc., Palo Alto Networks, Inc., Sophos Technologies Pvt. Ltd., Tufin, and among others.

In June 2019, Palo Alto Networks completed the acquisition of PureSec, a leader in serverless security, to extend its Prisma™ cloud security strategy.