According to the latest report by IMARC Group, titled "Policy Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global policy management software market reached a value of US$
1.5 Billion in 2022. Policy management software refers to a tool that is generally utilized by multiple enterprises for managing important policies and procedures. It assists businesses in centralizing policies, optimizing stakeholder involvements and mitigating risks associated with the management of the organization in an efficient manner. Some of the common features offered by the software include custom metadata, reports and dashboards, reminders, documents history data, electronic signature tracking, central repository and documents bookmark. As a result, it aids in minimizing the gap between the organization and their employees, protecting against litigation and achieving future objectives.
Global Policy Management Software Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Along with this, rapid digitization across the corporate sector has encouraged multiple enterprises to heavily invest in the deployment of policy management software solutions, which is creating a positive outlook for the market. Furthermore, the rising adoption of the software system across the healthcare industry for an efficient information management solution on account of the rapid outbreak of coronavirus disease (COVID-19) is positively impacting the market growth. Moreover, continual technological advancements in software solutions have provided a boost to the market growth across the globe. Additionally, increasing investments by leading players for integrating value-added services with the software tool for policy status reporting and document access control are positively influencing the market growth. Other factors, including intensive business competition, the growing need for streamlining the business processes, the escalating demand for faster management systems of policies and procedures, the rising security threats across multiple industries and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
3.1 Billion by 2028, growing at a CAGR of
11.9% during 2023-2028.
- On the basis of the component, the market has been bifurcated into solutions and services.
- Based on the deployment model, the market has been segregated into on-premise and cloud-based.
- On the basis of the enterprise size, the market has been classified into large and small and medium-sized enterprises.
- Based on the industry vertical, the market has been categorized into BFSI, IT and telecom, energy and utilities, healthcare, government and defense, manufacturing, retail and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Alcatel-Lucent Enterprise International SAS (China Hoaxin Post and Telecom Technologies Co. Limited), Amdocs Inc., Cisco Systems Inc., Comarch SA, ConvergePoint Inc., Huawei Technologies Co. Ltd., Intracom S.A. Telecom Solutions, Juniper Networks Inc., Nokia Corporation, Optiva Inc., Oracle Corporation and Telefonaktiebolaget LM Ericsson.
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