New York, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Policy management software creates, disseminates, and maintains organization policies and procedures to mitigate management risks. Several sectors use policy management software to achieve their goals without harming their internal or external environments. Policy software has many benefits, including achieving the organization's goals, protecting it from legal action, providing consistency within the company, and reducing the employee-organization communication gap.
The rise in policy management software adoption across industries and the need for policy management vendors to streamline business operations are driving the global policy management software market. Demand for more efficient management of procedures and policies across all economic sectors also boosts market growth. High implementation and maintenance costs for policy management software and increased security issues are expected to impede the market growth. A rise in cloud-hosted policy management software is expected to boost the global market.
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Industry-Specific Policy Management Software Adoption and Rising Demand from Policy Management Vendors Drives the Global Market
Increased adoption of policy management software in various industries, including the banking, financial services, and insurance sector (BFSI), the information technology and telecommunications sector (IT & Telecom), the transportation sector (transportation), and the healthcare sector (healthcare), is driving the market's expansion (healthcare). This is due to the numerous benefits of this software, which include simplifying policy lifecycle management service, generating notifications and escalations based on employee performance, and documenting the risk impact of policy exceptions. To reduce risk and adhere to the new regulations, numerous banking and fintech industries are adopting this software, driving the market's expansion. In addition, numerous healthcare sectors worldwide are adopting policy management software to increase operational efficiency and impose new security and permission options for sensitive documentation and data.
Vendors use policy management software to reduce the time required to manage policies, design accurate policies, avoid duplicating or aging policies, and ensure that their workforce understands new policies. In addition to enhancing the quality of compliance management services, policy management software helps policy management vendors streamline and automate workflow processes. Many healthcare vendors are adopting policy management software to aid medical professionals in managing compliance, policies, and procedures to enhance treatment efficacy and reduce patient risk. Moreover, incorporating cutting-edge technologies such as the internet of things (IoT), machine learning, and artificial intelligence into policy management software enables vendors to streamline their business processes, which drives the market growth. This demand is driven by the need for faster management of multiple facilities, including the ability to create and edit policies and procedures, manage workflow approval, and distribute the final policy document to employees.
Increasing Use of Cloud-Based Policy Management Software Small and Medium-Sized Businesses using Drives the Global Market
Small and medium-sized businesses have experienced a reduction in the costs associated with making initial investments due to the increased availability of accessible and inexpensive data centers provided by cloud vendors. This has increased the demand among small and medium-sized businesses for cloud-based policy management software. In addition, cloud services have simplified the process of storing and gaining access to data for businesses, facilitating these businesses' use of policy management software. By utilizing cloud-hosted policy management software, businesses can improve the flow of their work processes, the amount of automated work, and the overall efficacy of their operations. The rapid adoption of cloud services by small and medium-sized businesses in numerous industry verticals, such as banking, insurance (BFSI), financial services, retail, healthcare, manufacturing, telecommunications, information technology (IT), media and entertainment, and many others, is creating a lucrative market opportunity.
Report Scope
| Report Metric | Details |
| Market Size | USD 4.19 Billion by 2030 |
| CAGR | 15.9% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion ) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Type, Enterprise Size, Industry Vertical, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and Rest of the World |
| Key Companies Profiled/Vendors | Amdocs, Comarch SA, Convergepoint Inc, Huawei Technologies Co. Ltd., Intracom Telecom, Juniper Network Inc., Logicgate Inc, Mitratech, Navex Global Inc, Workflowfirst LLC |
| Key Market Opportunities | Rising Adoption by Small and Medium-Sized Businesses to Boost Market Opportunities |
| Key Market Drivers | Adoption of Industry-Specific Policy Management Software to Support Market Growth |
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Regional Analysis
North America is the highest revenue contributor and is expected to reach USD 1.39 billion by 2030, growing at a CAGR of 13.7% during the forecast period. The primary factors driving the region's market growth are the insurance industry's early adoption of risk management solutions and various government initiatives to encourage insurance providers to adopt policy management software. In North America, the policy management software market is highly fragmented due to the large number of market participants engaged in various developments, such as partnerships, product launches, and collaboration.
Key Highlights
- The global policy management software market size was valued at USD 0.96 billion in 2021. It is expected to reach USD 4.19 billion by 2030, growing at a CAGR of 15.9% during the forecast period (2022–2030).
- Based on components, the global policy management software market is bifurcated into solutions and services. The solution segment dominates the market, growing at a CAGR of 15.0% during the forecast period.
- Based on the deployment model, the global policy management software market is bifurcated into on-premise and cloud. The on-premise segment is the most dominant, growing at a CAGR of 12% during the forecast period.
- Based on enterprise size, the market is classified into large enterprises, small and medium enterprises (SMEs). The large enterprise segment is the highest contributor to the market, growing at a CAGR of 14.7% during the forecast period.
- Based on industry vertical, the global policy management software market is divided into BFSI, IT and telecom, energy and utilities, healthcare, government and defense, manufacturing, and retail. The BFSI segment is the highest contributor to the market, growing at a CAGR of 13.3% during the forecast period.
- North America is the highest revenue contributor and is expected to reach USD 1.39 billion by 2030, growing at a CAGR of 13.7% during the forecast period.
Competitive Analysis
- Amdocs
- Comarch SA
- Convergepoint Inc
- Huawei Technologies Co. Ltd.
- Intracom Telecom
- Juniper Network Inc.
- Logicgate Inc
- Mitratech
- Navex Global Inc
- Workflowfirst LLC
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Global Policy Management Software Market: Segmentation
By Component
- Solution
- Service
By Deployment Type
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprise
- Small and medium enterprise
By Industry Vertical
- BFSI
- IT and Telecom
- Energy and utilities
- Healthcare
- Government and defense
- Manufacturing
- Retail
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Policy Management Software Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Component Overview
- Introduction
- Market Size & Forecast
- Solution
- Market Size & Forecast
- Service
- Market Size & Forecast
- Introduction
- Deployment Type Overview
- Introduction
- Market Size & Forecast
- On-Premise
- Market Size & Forecast
- Cloud
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Component
- By Deployment Type
- Canada
- By Component
- By Deployment Type
- Mexico
- By Component
- By Deployment Type
- Latin America
- By Component
- By Deployment Type
- Europe
- Market Size & Forecast
- Germany
- By Component
- By Deployment Type
- France
- By Component
- By Deployment Type
- U.K.
- By Component
- By Deployment Type
- Italy
- By Component
- By Deployment Type
- Spain
- By Component
- By Deployment Type
- Rest of Europe
- By Component
- By Deployment Type
- Asia Pacific
- Market Size & Forecast
- Japan
- By Component
- By Deployment Type
- China
- By Component
- By Deployment Type
- Australia
- By Component
- By Deployment Type
- India
- By Component
- By Deployment Type
- South Korea
- By Component
- By Deployment Type
- Rest of Asia-Pacific
- By Component
- By Deployment Type
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Component
- By Deployment Type
- South Africa
- By Component
- By Deployment Type
- Kuwait
- By Component
- By Deployment Type
- Rest of Middle East & Africa
- By Component
- By Deployment Type
- Introduction
- Company Profile
- Amdocs
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Comarch SA
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Convergepoint Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Amdocs
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/policy-management-software-market/toc
Market News
- May 2022- Amdocs extended a multi-year business relationship with Bell Canada. New five-year engagement to support Bell Canada’s subscribers on Amdocs systems and continue their cloud transformation.
- February 2022- Intracom Telecom Upgraded its Unified IoT Orchestration Platform. Intracom Telecom, a global provider of telecommunications systems and solutions, introduced version 3.0 of its flagship Unified IoT Orchestration platform uiTOP for advanced management and control of Intelligent Things from various vertical domains.
News Media
Enterprise Governance, Risk and Compliance Witnessing a Surge in BFSI Sector
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