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Policy Management Software Market Report 2024 - Policy Management Software Market Demand And Trends
Policy Management Software Market
According to The Business Research Company's, The policy management software market size has grown rapidly in recent years. It will grow from $1.54 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to regulatory compliance requirements, increasing data security concerns, corporate governance initiatives, demand for centralized policy repositories, need for streamlined audit processes.
The policy management software market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to growing adoption of artificial intelligence (AI) for policy analysis, emergence of remote work and distributed workforce management, expansion of industry-specific compliance standards, rising demand for customizable policy templates, integration of blockchain technology for enhanced policy transparency. Major trends in the forecast period include increased focus on ESG (Environmental, Social, and Governance) compliance, adoption of machine learning for dynamic policy enforcement, rise of industry-specific regulatory requirements driving market growth, expansion of policy management software into emerging markets and SMEs, integration of robotic process automation (RPA) for policy workflow optimization.
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Market Drivers and Trends:
The rising cybersecurity threats are expected to propel the growth of policy management software forward. Cybersecurity threats are potential risks to computer systems, networks, and data that can result in unauthorized access, data breaches, or information loss. The rising cybersecurity threats is due to increased connectivity, data monetization, remote work, sophisticated attack techniques, and a lack of awareness. Policy management software enhances cybersecurity threat management by facilitating the creation, dissemination, enforcement, and monitoring of cybersecurity policies and procedures. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, cyber-crime reports received were 76,000, up from 13% from the previous year. Therefore, rising cybersecurity threats are driving the growth of the policy management software market.
Major companies operating in the policy management software market are focusing on the development of innovative technologies, such as PolicyTrac, to provide their customers with scalable solutions to meet the evolving needs of modern businesses. PolicyTrac is designed to address the challenges faced by companies in managing policies, such as outdated policies, difficulty in access, and slow updates. For instance, in September 2021, ETHIX360 Inc., a US-based company that provides cloud-based software solutions for human resources and compliance needs, launched cloud-based policy management software called PolicyTrac. This innovative platform aims to revolutionize the slow-moving market by providing a comprehensive solution for employee ethics communication, case management, compliance training, and policy management. Additionally, these features include comprehensive services. These features collectively make it a valuable tool for businesses, especially small to midsize ones, looking to streamline policy management, enhance compliance, and improve operational efficiency.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Cisco Systems Inc., Oracle Corporation, Telefonaktiebolaget LM Ericsson, Ericsson, Nokia Corporation, LogicGate Inc., Juniper Networks Inc., Amdocs, Alcatel-Lucent Enterprise International SAS, Tekelec, NAVEX Global Inc., Mitratech, COMARCH SA., MetricStream Inc., Openet, Riskonnect Inc., Optiva Inc., Zeneth Technology Partners, Resolver Inc., SureCloud, SAI Global, CyberSaint Security, LogicManager, ConvergePoint Inc., Intracom Telecom, WorkflowFirst LLC, ComplianceBridge, ZenGRC (by Reciprocity Labs), Reciprocity Labs
Policy Management Software Market 2024 Key Insights:
• The policy management software market size is expected to see rapid growth in the next few years. It will grow to $3.66 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%.
• Rising Cybersecurity Threats Driving Growth Of Policy Management Software Market
• Innovative Cloud-Based Policy Management Software
• North America was the largest region in the policy management software market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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