Global Policy Management Software Market Projected to Grow at 17.4% CAGR, Reaching $4.13 Billion by 2029

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How Large Will the Policy Management Software Market Size By 2025?
The market for policy management software has expanded quickly over the past few years. It is projected to increase from a value of $1.82 billion in 2024 to $2.18 billion in 2025, boasting a compound annual growth rate (CAGR) of 19.3%. Factors contributing to the rise during the historical period include requirements for regulatory compliance, heightened concerns about data security, initiatives related to corporate governance, the need for unified policy depositories, and the demand for improved audit procedures.

How Big Is the Policy Management Software Market Size Expected to Grow by 2029?
The expected market size of policy management software is projected to witness a major increase in the coming years, reaching $4.13 billion in 2029 with a compound annual growth rate (CAGR) of 17.4%. The acceleration of growth during this forecast period can be accredited to factors such as higher adoption of artificial intelligence (AI) for policy review, the rise of remote work and decentralized workforce administration, wider industry-specific compliance standards, increased necessity for customizable policy templates and blockchain technology incorporation for better policy clarity. Key trends foreseen within this period include a heightened concentration on ESG (Environmental, Social, and Governance) compliance, the application of machine learning for active policy enforcement, and sector-specific regulatory necessities fuelling market expansion. Furthermore, the expansion of policy management software in emerging markets and SMEs along with the integration of robotic process automation (RPA) for improving policy workflow presents significant growth prospects.

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Which Key Market Drivers Powering Policy Management Software Market Expansion and Growth?
The proliferation of cybersecurity dangers is likely to propel the policy management software sector's expansion. Such threats pose substantial risks to computer systems, networks, and data, leading to unauthorized access, data breaches, or loss of information. This rise is driven by a variety of factors, including increased connectivity, data monetization, the trend towards remote work, more sophisticated attack methods, and a general lack of awareness. Policy management software improves the management of cybersecurity threats by enabling the making, spreading, implementation, and control of cybersecurity guidelines and procedures. For instance, the Australian Cyber Security Centre reported in November 2022 that the number of cybercrime reports reached 76,000, marking a 13% increase from the previous year. Therefore, the growth of the policy management software market is being propelled by escalating cybersecurity threats.

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Which Fast-Growing Trends Are Poised to Disrupt the Policy Management Software Market?
Leading firms in the policy management software market are concentrating on the advancement of new technologies like centralized policy management tools in order to streamline the administration, revision, and auditing of privacy policies and notifications in conformity with international laws. Such a centralized solution is a software platform that allows businesses to administer, disseminate, and implement access policies from one place, guaranteeing uniformity and adherence across diverse applications and systems. For example, in May 2023, the US-based company OneTrust, LLC, known for its privacy management software platforms, introduced OneTrust Policy and Notice Management. This innovation allows firms to administer, modify, and scrutinize numerous privacy policies and notifications from a single console, assuring adherence to laws such as GDPR and CCPA. It is equipped with high-level editing features, automated recordkeeping integration, and keeps an audit log for continuous compliance, thus assisting companies in manifesting their dedication to responsible data gathering and usage.

What Are the Emerging Segments in the Policy Management Software Market?
The policy management softwaremarket covered in this report is segmented -

1) By Component: Solution, Service
2) By Deployment Type: On-Premise, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecommunications, Energy And utilities, Healthcare, Government And Defense, Manufacturing, Retail

Subsegments:
1) By Solution: Policy Administration, Compliance Management, Claims Management, Policy Analytics, Document Management
2) By Service: Consulting Services, Integration Services, Support And Maintenance Services, Training Services

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Who Are the Global Leaders in the Policy Management Software Market?
Major companies operating in the policy management software market are 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

Which are the Top Profitable Regional Markets for the Policy Management Software Industry?
North America was the largest region in the policy management software market in 2024. The regions covered in the policy management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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