How Is BFSI Industry Supporting Security Policy Management Market Growth?
A number of factors, such as the rising shift of enterprises from homogeneous model to hybrid network model, increasing adoption of advanced technologies, such as cloud computing and internet of things, accelerating adoption rate of industrial automation solutions, and surging awareness among businesses regarding cyberattacks, are projected to fuel the security policy management market at a CAGR of 9.1% during the forecast period (2019–2024). The market was valued at $1,622.3 million in 2018 and it is expected to generate $2,647.1 million revenue by 2024.
The surging preference for hybrid network model over homogeneous model among enterprises is expected to drive the security policy management solutions demand worldwide. This shift can be attributed to the accelerating digitization rate, the surging volume of data being generated, and the increasing adoption of wireless network infrastructure. Deployment of security policy management solutions over a hybrid network helps in tracking security configuration changes, which assists in reducing compliance violations, maintaining consistency in the security policy, and providing real-time visibility, thereby enabling the optimum use of security policy control over the network segmentation architecture.
Additionally, the increasing adoption of advanced technologies, such as cloud computing, machine learning (ML), and natural language processing (NLP), in the banking, financial services, and insurance (BFSI) industry will also contribute to the security policy management market growth. The surging use of these technologies in the BFSI sector increases the vulnerability of online data, owing to which it is adopting security policy management solutions to reduce risk, ensure compliance with industry norms, and prevent operational disruption.
Categories under the application segment of the security policy management market include vulnerability assessment, change management, network policy management, compliance and adulting, and others, such as risk management and application connectivity management. Under this segment, the change management category will exhibit the fastest growth throughout the forecast period. This will be on account of the increasing usage of change management solutions for monitoring policy changes, sending notifications regarding restoration and changes to trusted versions, and restricting unauthorized access.
According to P&S Intelligence, North America accounted for the largest share in the security policy management market in 2018, due to the increasing adoption of cloud technology, rising preference for hybrid network model, burgeoning demand for effective risk management solutions, and soaring cases of cyberattacks, especially in the BFSI and healthcare sectors, in the region. In this region, the U.S. generated the higher revenue in 2018, and it is expected to continue this trend in the forecast years due to the escalating adoption rate of deep learning, ML, and cloud computing in the country.
Whereas, the Asia-Pacific (APAC) security policy management market will demonstrate the fastest growth during the forecast period, owing to the surging adoption of cloud-enabled services, soaring public awareness about cyberattacks, and improving information technology (IT) infrastructure in the region. Among APAC nations, China generated the highest revenue in 2018, due to the growing focus of banks on artificial intelligence (AI) technologies and cybersecurity regulations. Additionally, countries such as India, Indonesia, Australia, and China hold huge growth potential for network security, owing to which market players are increasingly launching advanced cyber security management solutions in the region.
Thus, the rising use of state-of-the-art technologies in the BFSI sector and growing preference for hybrid network model are the key catalysts of the market growth.
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