How is the Rising Adoption of Cloud Computing Fuelling the Surge of Global Security Policy Management Market? Top Key Players are AlgoSec, Cisco, Juniper Networks, Check Point Software Technologies, Ltd., Palo Alto Networks, FireMon, HelpSystems, IBM,

Owing to the burgeoning need for the security of enterprise networks, on account of the increasing prevalence of cyber-attacks, the demand for security management policy solutions is expected to rise in the coming years. For instance, the number of distributed denial of service (DDOS), one of the most lethal types of cyber-attacks, is expected to increase from 7.3 million to 14.5 million from 2017 to 2022 respectively. In addition to this, businesses are increasingly adopting advanced technologies such as cloud computing and internet of things (IoT), thereby further boosting the demand for security management policy solutions.

Security Policy Management Market Key Players are:
1- AlgoSec
2- Cisco
3- Juniper Networks
4- Check Point Software Technologies, Ltd.
5- Palo Alto Networks
6- FireMon
7- HelpSystems
8- IBM

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Due to the above-mentioned factors, the global security policy management market generated a revenue of $1,622.3 million in 2018 and is predicted to attain value of $2,647.1 million by 2024, exhibiting a 9.1% CAGR during 2019-2024(forecast period). Security policy management solutions are adopted in multiple industries namely banking, financial services, and insurance (BFSI), IT & telecom, manufacturing, government, and retail and e-commerce. Amongst these, the BFSI industry, owing to the rising usage of artificial intelligence (AI) solutions and online banking, recorded the highest adoption of these solutions in 2018.

The biggest rage presently being witnessed in the security policy management market is the increasing adoption of network security policy management solutions. Many companies have shifted their business operations to cloud over the last few years, which has significantly boosted the adoption of network security policy management solutions. This has also contributed to the development of customized security solutions by many major companies. For instance, in 2018, AlgoSec Inc. developed a network security policy management solution called AlgoSaaS, which assists customers in automating network security policy changes, assessing security vulnerabilities, and the implementation of business applications and their network connectivity.

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Hence, it is clear that due to the soaring demand for effective security solutions in order to protect the enterprise networks from cyber-attacks and the growing adoption of cloud computing, the demand for security policy management solutions is expected to witness huge surge in the coming years.

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