The global patch management market is projected to generate US$ 950.5 million in sales by 2024. The market is expected to increase at a compound annual growth rate (CAGR) of 9% between 2024 and 2034, when it is expected to reach a valuation of US$ 2.25 billion.
Today, software businesses are engaged in a never-ending arms race to provide users the greatest apps possible. They consequently invest a lot of money in creating enhanced versions of the software they already have. The Software as a Service (SaaS) model, which charges a fixed cost for updated versions of their products, is used by the majority of IT firms.
To guarantee elevated levels of cyber security, the government has released multiple mandatory regulations into the market. Patching can help a company comply with safety and regulatory requirements. Patch deployment conflicts can be avoided by testing the fixes beforehand, which also helps to minimize damage to IT infrastructure.
Patch management may significantly reduce security flaws in any program by resolving various vulnerabilities in a business’s systems and applications. Within an enterprise, missing patches can have major security repercussions. Security software that is kept up to date shields the company from problems like data loss, identity theft, and software damage. Most of these issues may be resolved by installing the necessary updates, which will keep workers working without interruption and increase productivity for the business.
What is the Growth Rate of the patch management market in the United States?
Managing patches is viewed today as an essential component of sustaining IT services, especially considering the increase in cybersecurity threats in these region. As a result of rapid adoption of the latest technology in the market, the United States holds the largest share of the market. Cybercriminals become easier to target when organizations let their network security guard down. The patch management market in the United States is expected to grow at a CAGR of 9.2% during the forecast period.
Additionally, the IT sector has been supporting the development of various software applications efficiently in the U.S. market. Further market demand for patch management will be boosted by technological innovation and the enormous number of data centers in these regions. Increasing demand for patch management services will be further stimulated by the growth of healthcare centers and expansion of businesses in the market.
Key Segments Covered in the Patch Management Industry Survey
By Component:
Software
Services
By Deployment:
Cloud
On-Premise
By Vertical:
BFSI
Information Technology & Telecom
Healthcare
Government & Defense
Retail
Education
By Region:
North America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
Latin America
Middle East & Africa
Competitive Landscape
Collaboration between manufacturers increases production and meets consumer demand, resulting in higher profits and market shares. The biggest suppliers of passenger services systems make sure they have top-of-the-line management services and software. Some of these companies have been actively engaged in collaborating with various governmental agencies.
· In June 2024, Infinite Group, Inc. (IGI)-Nodeware, launched the latest feature, Patch Management: A patented vulnerability management solution powered by artificial intelligence, which is available for Windows users. This robust platform enhancement allows managed service providers (MSPs) to have more visibility and control over patch rollouts for their clients’ Windows systems by enabling centralized patch deployment straight from the dashboard.
·
Atera secured US$ 77 million in venture capital in July 2021, with a US$ 500 million valuation. The company offers SMBs business-level assistance in managing their remote networks. With the help of this funding, Atera hopes to expand its clientele and improve its offering in particular by giving its artificial intelligence (AI) more features. Atera presently employs predictive analytics, a feature absent from many SMB software solutions but present in solutions targeted at larger corporations.
Key players in the Patch Management Market
· IBM Corporation
· Symantec (NortonLifeLock Inc.)
· Micro Focus
· Qualys Inc.
· SolarWinds Corporation
· Ivanti
· ManageEngine
· ConnectWise
· Avast
· Automox
Key Takeaways from Patch Management Market Study
· Global market for patch management to be worth 800 Million US dollars by 2022
· By component type, patch management software is are expected to acquire a lucrative market share of 9.4% CAGR during the forecast period.
· On-premises is slated to have the highest CAGR of 8.6% by the end of the forecast period.
· The U.S. market growth is expected to reach a CAGR of 9.2% with a market value of US$ 698.7 million at the end of the forecast period.
These insights are based on a report on Patch Management Marketby Fact.MR.