Patch Management Market is Growing at a CAGR of 9.4% by 2032

The global patch management market is expected to generate highly lucrative gains over the next decade, expected to grow at a CAGR of 9.4%, which will benefit from long-term technological advances and application developments.

In the ever-evolving landscape of cybersecurity, the patch management market has emerged as a critical force in ensuring the safety and stability of software systems. With the increasing frequency and sophistication of cyberattacks, the need to promptly and effectively manage software vulnerabilities has never been more pronounced.

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Key Takeaways:

  • The U.K. patch management market is likely to exceed US$ 82.6 Mn and exhibit growth at a CAGR of 8.4% in the forecast period.
  • The U.S. is set to grow at a CAGR of 9.2% by 2032 owing to the increasing number of cybersecurity threats in the country.
  • China is expected to surpass US$ 133.5 Mn, while sales of patch management solutions are likely to reach 7.6% in Japan.
  • Based on component type, the software segment is projected to record a CAGR of about 9.4% in the upcoming years.
  • By deployment, the on-premises segment is estimated to remain at the forefront and grow at an astonishing CAGR of 8.6% in the forthcoming years.

Competitive Landscape:

An increase in product functionality is a key reason behind the increasing demand for patch managements. Therefore, market players are increasing their R&D spending in order to launch new products in the market. Furthermore, both acquisitions & mergers, collaborations, and regulatory approvals are also crucial components of effective growth.

  • In July 2021, Ateraraised $77 million in venture funding at a valuation of $500 million. The company helps SMBs manage their remote networks like businesses. With this funding, Atera plans to grow its customer base as well as enhance its product specifically, by adding more features to the artificial intelligence (AI). Atera currently uses to run predictive analytics, which is one of the technologies found in solutions aimed at large enterprises but missing from many SMB software solutions.
  • Private equity firm TA Associates (TA)has invested in PDQ.com (PDQ), a provider of data asset management software for small and mid-sized businesses. A joint venture between TA and PDQ’s founders and management team is designed to accelerate PDQ’s growth through the expansion of its scalable portfolio of easy-to-use IT asset management and scanning products. With this partnership, the company can offer added value to global partners.

Key Companies Profiled by Fact.MR

  • IBM Corporation
  • Symantec (NortonLifeLock Inc.)
  • Micro Focus
  • Qualys Inc.
  • SolarWinds Corporation
  • Ivanti
  • ManageEngine
  • ConnectWise
  • Avast
  • Automox

Growth Drivers:

  • Rising usage of third-party applications and growing vulnerabilities to promote patch management solutions are likely to augment the market.
  • Increasing experimentation of companies with numerous cloud-based patch management models is projected to drive growth.

Restraints:

  • Problems, such as compatibility issues, prioritization of patches, and patch testing may hamper the demand for patch management solutions.
  • Lack of skilled expertise and trained personnel in emerging economies to operate novel patch management solutions may hinder growth.

Key Market Segments Covered in Patch Management Market:

  •   By Component :
  • Software
  • Services
    • Support and Integration Services
    • Training and Education Services
    • Consulting Services
  •   By Deployment :
  • On-premises
  • Cloud
  •   By Vertical :
  • for BFSI
  • for Information Technology (IT) and Telecom
  • for Healthcare
  • for Government and Defense
  • for Retail
  • for Education
  • for Other Verticals
  •   By Region :
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Overcoming Challenges in Patch Management

  1. Complex Vulnerabilities: Modern software vulnerabilities are often intricate and multifaceted, rendering their detection and patching a challenging endeavor. Cybercriminals exploit this complexity to evade conventional patching measures, necessitating advanced solutions.
  2. Patch Testing: Before deploying patches, rigorous testing is essential to avoid disrupting existing systems. However, comprehensive testing can be time-consuming and intricate, requiring meticulous coordination to prevent system downtime.
  3. Legacy Systems: Organizations often rely on legacy systems that are no longer supported by software vendors. Managing vulnerabilities in these systems can be daunting as official patches might not be available, leaving them susceptible to exploitation.
  4. Incomplete Patching: In the race to mitigate vulnerabilities, some systems might be inadvertently left unpatched, exposing them to potential attacks. Ensuring a comprehensive patching strategy is implemented across all systems is a persistent challenge.

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