Revenue from the global patch management market is estimated to reach US$ 950.5 million in 2024. The market has been analyzed to climb to a value of US$ 2.25 billion by the end of 2034, expanding at a CAGR of 9% between 2024 and 2034.
Rapidly growing use of third-party apps and the rise in vulnerabilities in the IT environment are the two main factors driving the patch management market growth. Escalating regulatory requirements for software updates, the complexity of managing updates across large and diverse IT environments, and the rise in cybersecurity threats are key market trends. Market players in the patch management market include suppliers of standalone patch management software and integrated IT management suites.
The patch management market is being influenced by trends like cloud-based patch management solutions, integration with IT asset management and vulnerability management tools, and automation (which speeds up patch deployment.
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Key Takeaways from the Market Study:
“Shift toward cloud-based patch management solutions is enhancing scalability and operational efficiency, driving market growth,” says a Fact.MR analyst.
More Enterprises Implementing Traditional On-Premise Patch Management Solutions for Centralized Patching
Enterprises are using traditional patch management solutions on-premises to perform centralized patching. To have more control over their IT systems, organizations handling sensitive data such as user credentials are expected to favor on-premise deployment. Since they have sensitive data in their customer financial records, tax information, account details, and money transfers involved in the market, the government, the defense sector, and the banking and financial services industries are most likely to choose on-premise data security.
Businesses and corporations are running and maintaining on-premise systems on their property, usually through the IT departments. The company's internal IT specialists update and implement system components and data protection mechanisms regularly.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the patch management market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the patch management market based on component (software, services), deployment (cloud, on-premise), and vertical (BFSI, information technology & telecom, healthcare, government & defense, retail, education), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Key Companies Profiled:
IBM Corporation; Symantec (NortonLifeLock Inc.); Micro Focus; Qualys Inc.; SolarWinds Corporation; Ivanti; ManageEngine; ConnectWise; Avast; Automox; GFI Software; Chef Software; SysAid Technologies; Atera; Infinite Group, Inc.
Industry News:
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.
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Patch management is the process of managing updates for software applications and technologies. It involves acquiring, testing, and installing multiple patches to an administered computer system.
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. It aims to safeguard sensitive data from unauthorized access and damage.
CAGR stands for Compound Annual Growth Rate. It is a useful measure to understand the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
Cloud-based patch management refers to the practice of managing software updates and patches via cloud services. This approach allows for centralized management and easier deployment across multiple systems.
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