Key Market Insights
“The rapid integration of cloud-based technologies worldwide will boost market growth”
The global policy management software market is growing immensely, projected to expand at a CAGR of 17.8% during the estimated period from 2019 to 2027, starting from US$ 2,220.0 Mn in 2018.
The rapid integration of cloud-based technologies coupled with growing stringent regulations across the globe are some major factors for the market growth over the forecast period. The surge in the adoption of policy management software across numerous industries such as BFSI, retail, automotive, and others is one of the prominent factors estimated to enhance the global market demand in years to come. The growing focus on improving operational efficiency is further projected to drive market growth over the forecast period.
The various policy management software benefits such as organization risk management, automation, maintain staff accountability are anticipated to support the market growth in years to come. The surge in IT spending by small and medium enterprises is another major factor for market growth during the forecast period. The surge in strategic collaborations among market players and new product launch are further estimated to drive the market demand over the forecast period. For instance, in March 2020, Amdocs and Google Cloud announced a strategic partnership. In the partnership, Google Cloud will deliver Amdocs leading software’s on Google Cloud and will create services and solutions for enterprises on the cloud.
Market Synopsis
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End-user Vertical Analysis
“The growing BFSI industry to spur the segment growth”
The BFSI segment had a major share in the global market in 2018. The BFSI segment had over 25% market revenue share in the same year. The rapidly growing BFSI industry across the globe along with rising IT spending by finance companies are some of the major factors for segment dominance. The worldwide finance industry was estimated at nearly US$ 22 Tn and projected to grow at a significant CAGR of 6% over the upcoming years. The growing BFSI industry in the emerging economies of Asia Pacific including China, India, and others is another major factor for the market growth during the forecast period. Therefore, the segment is presumed to continue its dominant position throughout the forecast period.
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Regional Analysis
“The rising demand for policy management software to enhance North America growth”
North America accounted for a major share in the global market in 2018. North America had more than 40% of the market share in the same year. The surge in demand for policy management software coupled with early technology adoption are the major factor for regional dominance. The growing spending on IT infrastructure coupled with the presence of major market players such as Juniper Networks, Inc., Amdocs, NETconsent LTD. and others are some other major factors for regional dominance.
“The growing IT spending by small & medium enterprises to enhance Asia Pacific growth”
The Asia Pacific is projected to expand at a rapid pace during the forecast period owing to growing IT spending by small & medium enterprises coupled with the surge in cloud-based deployment in the region. The growing security compliance coupled with expansion by major players in the region is another major factor projected to drive regional growth. For instance, in May 2018, NETconsent Ltd. partners with Asia’s leading IT distributor Cloud Distribution. With the partnership, NETconsent is estimated to expand its product portfolio in the ASEAN market.
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Key Industry Developments:
- In May 2018, Alcatel-Lucent Enterprises acquired Austria based Sipwise GmbH. The aforementioned acquisition will help Alcatel-Lucent Enterprises with its cloud communication business and also will ease the adoption of cloud services for enterprises across the globe.
- In June 2018, MetaCompliance introduced a new cloud product for eLearning and Policy Management, MetaEngage. MetaEngage enables enterprises to demonstrate and achieve 100% compliance and user awareness for training and key policies.
List of Companies Covered:
- Alcatel- Lucent Enterprise
- Amdocs
- Comarch
- Comptel Corporation
- Huawei Technologies Co., Ltd.
- Juniper Networks, Inc.
- NETconsent Ltd
- MetaCompliance
- ComplianceBridge Corporation
- Bizmanualz
- Nokia Networks
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Deployment Type (2017–2027; US$ Mn)
• On-premise
• Cloud-based
|
|
Organization Size (2017–2027; US$ Mn)
• Small Enterprises
• Large Enterprises
|
|
End-use Vertical (2017–2027; US$ Mn)
• Retail
• BFSI
• Transportation
• IT & Telecom
• Others (Manufacturing, Government, etc.)
|
|
Geography (2017–2027; US$ Mn)
• North America (U.S., Canada)
• Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of Asia Pacific)
• Rest of the World (Latin America, Middle East & Africa)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall policy management software market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the policy management software market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- What are the drivers of the policy management software market?
- Notable developments going on in the policy management software market.
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
