Surge in adoption of policy management software by several industries and rise in need to streamline business have boosted the growth of the global policy management software market.
PORTLAND, Ore., June 23, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Policy Management Software Market by Component (Solution and Service) Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Vertical (BFSI, IT & Telecom, Energy & Utilities, Healthcare, Government & Defense, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global policy management software industry accounted for $962.18 million in 2019, and is expected to $3.06 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in adoption of policy management software by several industries, increase in need for faster management of procedure and policies across the industries, and rise in need to streamline business have boosted the growth of the global policy management software market. However, high implementation and maintenance costs and rise in security issues hinder the market growth. On the contrary, adoption of cloud-based policy management software among SMEs is expected to open lucrative opportunities for market players in the future.
Due to the Covid-19 outbreak, companies are less inclined to spend on policy management software as small & medium enterprises and several insurance companies were closed due to economic uncertainty.
Moreover, the Covid-19 pandemic has brought radical changes to lifestyle, work, and the surrounding environment. The adoption of work from home culture is expected to continue post-pandemic as well. Thus, demand for policy management software would increase in the future as digital transformation would become a key component in the emergence of business messaging.
Get detailed COVID-19 impact analysis on the policy management software market:
By component, the solution segment held the lion's share in 2019, accounting for nearly three-fourths of the global policy management software market, due to rise in need to manage policies, procedures, and protocols across the globe. However, the service segment is expected to manifest the highest CAGR of 17.0% during the forecast period, owing to increase in adoption of services among end users, as they ensure effective functioning of policy management software.
The healthcare segment to manifest the highest CAGR through 2027
By industry vertical, the healthcare segment is estimated to register the highest CAGR of 18.3% during the forecast period, due to rise in need to improve the operational efficiency of hospitals and achieve healthcare compliance through automated approval lifecycle management, distribution, publication, and tracking of procedures and policies. However, the BFSI segment held the lion's share in 2019, contributing to more than one-fourth of the global policy management software market, owing to increase in the awareness of policies among the employees and providing advanced search features to their clients.
By region, the market across North America held the largest share in 2019, contributing to more than one-third of the market, as businesses in North America have been adopting policy management software to easily manage various types of policies and other protocols. However, the global policy management software market across Asia-Pacific is estimated to portray the highest CAGR of 17.4% during the forecast period, as key players of the market have been establishing their presence in the emerging countries including China and India.
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