The rapid integration of cloud-based technologies worldwide will boost the market growth.

The global policy management software market is rapidly expanding and is expected to grow at a CAGR of 17.8% from 2019 to 2027, starting at US$ 2,220.0 million in 2018.The rapid adoption of cloud-based technologies, combined with increasingly stringent regulations around the world, are two major factors driving 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 projected to further drive market growth over the forecast period.

The various benefits of policy management software, such as organization risk management, automation, and maintaining staff accountability, are anticipated to support market growth in the years to come. The surge in IT spending by small and medium enterprises is another major factor driving the market growth during the forecast period. The surge in strategic collaborations among market players and new product launches is further estimated to drive 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 on Google Cloud and create services and solutions for enterprises on the cloud.

Market Synopsis

End-user vertical analysis

The growing BFSI industry will spur segment growth.

The BFSI segment had a major share of 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 and rising IT spending by finance companies are some of the major factors driving segment dominance. The global finance industry is estimated to be worth nearly US$ 22 trillion and is expected to grow at a significant CAGR of 6% in the coming years. The growing BFSI industry in the emerging economies of Asia Pacific, including China, India, and others, is another major factor for market growth during the forecast period. Therefore, the segment is presumed to continue its dominant position throughout the forecast period.

Regional Analysis

The rising demand for policy management software to enhance North America's growth

North America accounted for a major share of 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 is 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 and 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 and medium enterprises coupled with the surge in cloud-based deployments 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. partnered with Asia's leading IT distributor, Cloud Distribution. With the partnership, NETconsent is expected to expand its product portfolio in the ASEAN market.

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 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

Periods of History and Forecast

This study report includes an analysis of each segment from 2017 to 2027, with 2018 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also includes qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to provide a more comprehensive understanding of the overall policy management software market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.

Key questions are answered in this report.

• What are the current market trends and dynamics in the policy management software market, and what are the 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?
• There are notable developments going on in the policy management software market.
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

Frequently Asked Questions: