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The policy management software market size is forecast to increase by USD 1.37 billion at a CAGR of 11.74% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing frequency of data breaches across various industries, which underscores the need for strong and effective policy management solutions. Another key trend is the integration of artificial intelligence (AI) and automation technologies, enabling more efficient and accurate policy management. However, the high implementation and maintenance costs of policy management software remain a challenge for some organizations, particularly smaller ones. Despite this, the benefits of streamlined policy management, including improved compliance and risk mitigation, make it a worthwhile investment for businesses seeking to protect their sensitive data and maintain regulatory compliance.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the on-premises segment will be significant during the forecast period. Policy management software plays a crucial role in centralizing and streamlining organizational policies across various industries, including transportation, healthcare, financial services, insurance, information technology, energy, and manufacturing. This software enables real-time updates, ensuring policies remain current and effective in mitigating at-risk situations.
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The on-premises segment in the global market has steadily grown from USD 920.20 million in 2018. Policy documentation is a key feature, providing a clear record of policies and their evolution through document versioning and revision tracking. Automation, machine learning, and artificial intelligence are integral components, offering automated reminders, electronic approval signatures, and notifications and escalations for policy compliance. Internet of Things (IoT) integration enhances policy management by providing real-time data for at-risk management and compliance monitoring. Cloud services and on-premise solutions offer flexibility, with web and cloud deployments ensuring accessibility and document access controls. Data security and cybersecurity threats are addressed through advanced security features, while value-added services such as compliance management, risk impact analysis, and organizational efficiency enhancements further bolster the software's value. Policy lifecycle management ensures policies are reviewed, updated, and enforced, protecting against financial risks and litigation. The software also supports employee performance management, providing a comprehensive solution for managing and optimizing organizational policies. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Policy Management Software is an essential tool for organizations to effectively manage and enforce IT policies across their IT infrastructure. This market caters to the needs of large enterprises, government and defense, energy and utilities, and other industries requiring Regulatory Compliance and Risk Control. The software facilitates Subscriber Data Management, enabling confidentiality and standardization. Digital Transformation and Cybersecurity are key drivers, with the increasing trend of Remote Employment and Mobile Availability necessitating policy management solutions. Integration Difficulties and Security Issues are challenges, but the software addresses these concerns through scalability and Education and Awareness. Technical Restrictions are also considered, ensuring IT and Telecommunications policies align with organizational goals. Policy status reporting is crucial for continuous monitoring and improvement. Hence, such factors are driving the market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ConvergePoint Inc: The company offers policy management software such as Microsoft 365 SharePoint policy management software, which is user-friendly for employees, compliance managers, and risk management officers, and comes with SharePoint IT access.
Technavio provides the ranking index for the top 20 companies along with insights on the market positioning of:
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Market structure |
Fragmented |
YoY growth 2023-2024 |
10.85 |
The market is witnessing significant growth due to the increasing need for Centralized policy management in various sectors such as Transportation and Healthcare. Real-time updates are essential for effective policy implementation, and policy documentation is crucial for maintaining transparency and accountability. Policy lifecycle management is another key feature that enables organizations to manage the entire policy process from creation to retirement. Notifications and escalations ensure stakeholder involvement and timely action. Policy documentation, automated reminders, electronic approval signatures, document versioning, and revision tracking facilitate efficient policy management. Accessibility, litigation protection, financial risks, and regulatory compliance are critical aspects of policy management software. Digital transformation, cybersecurity, remote employment, and mobile availability are driving the adoption of policy management software. However, challenges such as integration difficulties, security issues, and standardization remain. Despite these challenges, the market is expected to grow significantly due to the need for risk control and regulatory compliance in various industries. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rise in frequency of data breaches among various industries is notably driving market growth. The importance of centralized policy management has become increasingly evident in today's digital landscape, with the rise of cybersecurity threats and data breaches. In 2023, the number of reported data breaches in the United This underscores the need for organizations to prioritize policy management solutions that offer advanced security features, such as access controls, encryption, and audit trails, to mitigate risks and ensure compliance. Policy management software plays a crucial role in managing the entire policy lifecycle, from creation and documentation to implementation, enforcement, and review. It enables real-time updates, notifications and escalations, and automated reminders for policy expirations and revisions.
Additionally, it offers document access controls, versioning, and revision tracking, ensuring document security and litigation protection. The software caters to various industries, including transportation, healthcare, financial services, insurance, information technology, energy, manufacturing, and more. It facilitates automation of policy-related tasks, such as document review and electronic approval signatures, leading to organizational efficiency and improved employee performance. Furthermore, it offers value-added services, such as machine learning and artificial intelligence, to identify and mitigate risks and optimize policy impact. Policy management software is available as both cloud-based and on-premise solutions, providing flexibility to organizations based on their specific needs and preferences. Cloud services offer web and cloud deployment options, while on-premise solutions provide enhanced security and data sovereignty. Overall, policy management software is a vital investment for organizations seeking to protect their data, mitigate risks, and ensure regulatory compliance. Thus, such factors are driving the growth of the market during the forecast period.
Integration of artificial intelligence (AI) and automation technologies in policy management software is the key trend in the market. The market is undergoing a significant shift with the incorporation of advanced technologies such as AI and automation. These innovations are enabling organizations to centralize and manage their policies in real-time, ensuring compliance with evolving regulatory requirements and industry standards. AI is playing a pivotal role in streamlining the policy creation process through natural language processing (NLP) algorithms. By analyzing extensive regulatory documentation, industry norms, and best practices, these algorithms generate comprehensive and updated policies. This automation not only expedites the policy development lifecycle but also reduces the risk of errors and inconsistencies.
Additionally, policy management software offers features like notifications and escalations, document review, automated reminders, electronic approval signatures, document versioning, and revision tracking, ensuring accessibility, litigation protection, and financial risk mitigation. The market caters to various sectors including transportation, healthcare, financial services, insurance, information technology, energy, manufacturing, and information management solutions. Furthermore, the software supports web and cloud deployment options, ensuring security and scalability. Organizations can leverage value-added services and document access controls to enhance employee performance, manage risk impact, and boost organizational efficiency. In the face of increasing cybersecurity threats and data security concerns, policy management software is an essential tool for businesses to maintain regulatory compliance and safeguard their digital assets. Thus, such trends will shape the growth of the market during the forecast period.
High implementation and maintenance costs of policy management software is the major challenge that affects the growth of the market. Policy management software has become an essential tool for organizations to centralize and manage their policies effectively. This software facilitates real-time updates, at-risk management, and compliance management across various industries such as transportation, healthcare, financial services, insurance, information technology, energy, manufacturing, and more. Policy documentation, automation, and accessibility are key features that enable organizations to streamline their policy lifecycle management, reduce financial risks, and enhance organizational efficiency. Notifications and escalations, document review, automated reminders, electronic approval signatures, document versioning, and revision tracking are essential functionalities that ensure document security and litigation protection. With the increasing prevalence of cybersecurity threats, cloud services and on-premise solutions offer additional layers of security. The Internet of Things (IoT), machine learning, and artificial intelligence are emerging technologies that are transforming policy management.
Furthermore, these technologies enable automated policy enforcement, risk impact analysis, and value-added services. Policy management software also offers document access controls and web and cloud deployment options for added flexibility. Despite the benefits, the cost implications associated with acquiring, implementing, and maintaining policy management software have been significant barriers for many organizations, particularly smaller and mid-sized enterprises. The initial investment required for software licensing, customization, training, and implementation support can be substantial and may strain budgetary resources. Organizations need to carefully evaluate the costs and benefits of policy management software to determine if it aligns with their financial capabilities and strategic objectives. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Streamlining centralized policy management in dynamic industries, policy management software is a crucial component of information management solutions. It enables organizations to effectively manage and enforce policies across diverse sectors such as transportation, healthcare, financial services, insurance, information technology, energy, and manufacturing. This software facilitates policy lifecycle management through policy documentation, automation, and document versioning. Key features include real-time updates, notifications and escalations, compliance management, and accessibility.
Furthermore, these features ensure at-risk management and litigation protection, mitigating cybersecurity threats and financial risks. Advancements in technology, such as machine learning, artificial intelligence, cloud services, and the Internet of Things, have driven the growth of policy management software. These technologies enable automated reminders, electronic approval signatures, and document access controls. Moreover, policy management software offers value-added services like web deployment and cloud deployment, ensuring organizational efficiency and employee performance. With document review and revision tracking, this software provides risk impact analysis, enhancing overall security and data security. In conclusion, policy management software is an essential tool for businesses seeking to manage their policies effectively, ensuring compliance, reducing risks, and enhancing operational efficiency.
Market Scope |
|
Report Coverage |
Details |
Page number |
216 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.74% |
Market growth 2024-2028 |
USD 1.37 billion |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 35% |
Key countries |
US, China, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aptien Labs s.r.o., Azati, ComplianceBridge Corp., ConvergePoint Inc., Damco Group, Duck Creek Technologies LLC, EIS Group Inc., Fadata, Guidewire Software Inc., Hyland Software Inc., Insurity LLC, Majesco, MetricStream Inc., Mitratech Holdings Inc., OneShield, OneTrust LLC, Open Document Management System S.L., Oracle Corp., Pegasystems Inc., QUALEX CORP, Riskonnect Inc., RLDatix Global, SAP SE, SAPIENS INTERNATIONAL CORP. N.V, Verisk Analytics Inc., and Workiva Inc. |
Market dynamics |
Parent market analysis, Market trends, market research and growth, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Deployment
9 Market Segmentation by End-user
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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