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:

• The global market for patch management is projected to expand at a CAGR of 9% through 2034.
• Worldwide revenue from patch management solutions is forecasted to climb to US$ 2.25 billion by the end of 2034.
• The market in the United States is expected to reach a value of US$ 260.1 million in 2024.
• China is set to account for a 48.9% share of the East Asia market in 2024.
• Revenue from the market in Japan is estimated to reach US$ 60.4 million in 2024.
• The market in North America is forecasted to expand at a CAGR of 8.1% from 2024 to 2034.

“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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