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The global patch management market generated $535.4 million in 2019, and is further projected to reach $3,245.6 million by 2030, exhibiting a CAGR of 17.8% during the forecast period (2020-2030). This can be attributed to the growing demand for up-to-date OS/applications and increasing need to mitigate vulnerabilities in software. Globally, the market is expected to witness the fastest growth in the Asia-Pacific (APAC) region. The APAC region has a large presence of small and medium enterprises (SMEs), which are growing at an astonishing rate catering to their extensive customer base. With emerging security and compliance standards, and SMEs leveraging digital technologies in the region, the need to keep systems updated in order to meet requirements is ever increasing. Deploying patch management solutions in SMEs would avoid the need for manual remediation of identified gaps or nodes, which is not feasible due to their small IT departments.
Factors Governing Patch Management Market
Shift toward automation among businesses is being witnessed as a major trend in the market. In order to achieve the optimal efficiency, improved productivity, and reduce operational costs, businesses are paving their way toward automation which is one of the major trends observed across all major industry verticals. IT automation facilitates the deployment of missing patches through automated workflows, hence avoiding the need for manual remediation.
Growing demand for up-to-date OS/applications is one of the key factors driving the growth of the patch management market across the globe. Due to a rising number of harmful malware attacks, businesses have started adopting these solutions as a means to provide timely updates for their OS/applications. In addition to security, software updates also include multiple enhanced features, bug fixes, security updates and compatibility updates to support different applications or devices.
Patch Management Market Segmentation Analysis
The software category accounted for the larger share in the patch management market in 2019, under the component segment. The growth in the software category can be attributed to increasing integration of solutions with existing infrastructure resulting in the automation of these services.
The cloud category is projected to exhibit faster growth in the patch management market during the forecast period. This can be attributed to the cost efficiency of cloud deployment model. It helps to reduce the total cost of ownership as enterprises need not deploy resources or maintain a data center, and enterprises can focus on their core business to achieve optimum efficiency.
Vulnerability management accounted for the larger market share in 2019 in the patch management market, under the feature segment. The growth in vulnerability management can be attributed to the fact that it helps in the identification and remediation of vulnerabilities in a system, which has led to a massive emphasis placed on it.
BFSI category is projected to register the fastest growth in the patch management market during the forecast period, under the industry segment. This can be attributed to the fact that industry players in the BFSI sector have to follow strict regulations & guidelines, and have to function in accordance to regulatory compliances, where failing to comply with such regulations can lead to imposing of heavy fines. The software aids the industry players in meeting their compliance requirements in a timely manner, hence it is projected to record the fastest growth.
Geographical Analysis of Patch Management Market
Globally, North America led the market in 2019, and the trend is further projected to continue during the forecast period as well. The U.S. is projected to remain the larger and faster-growing market for these solutions in the region. This can be owing to the rising number of cyber-attacks and the large presence of patch management solution providers in the country, such as Microsoft Corporation, Oracle Corporation, Qualys Inc., Ivanti Inc., Micro Focus International Plc., and HPE Company, that have compelling offerings in terms of these solutions.
Further, the European market is projected to register a considerable CAGR during the forecast period. Stringent regulations on data privacy have placed a strong emphasis on data security and data protection. Companies operating in the region are increasingly focused on customer data protection and meeting the regulatory compliance requirements to ensure future business operations in the region; leading to an enhanced focus on deploying these solutions.
Competitive Landscape of Patch Management Market
The patch management market is fragmented and highly competitive in nature with multiple players challenging to acquire a competitive edge. Players in the market include, Microsoft Corporation, Micro Focus International plc, HPE Company, ManageEngine, Avast PLC, Symantec SA, Oracle Corporation, and Cisco Systems Inc, among others.
Recent Strategic Developments of Major Patch Management Market Players
In recent years, major players in the market have taken several strategic measures, such as mergers and acquisitions, product launches, partnerships, and geographical expansions, to gain a competitive edge in the industry. For instance, in September 2019, HPE Company acquired Bromium Inc, an end-point security startup based out of California, U.S. Under the acquisition, the company aims to enhance its existing security platform with Bromium Inc.’s hardware enforced application isolation and containment services to provide protection against advanced attacks and real time threat intelligence.
Further, in February 2019, Qualys Inc., unveiled Patch Management (PM), a cloud application that provides advanced capabilities for automated patch deployment that enables Qualys Inc.’s customers in transparently orchestrating complete lifecycle vulnerability management of third-party software and operating systems.
Market Size Breakdown by Segment
The patch management market report offers comprehensive market segmentation analysis along with market estimates for the period 2014–2030.
Based on Component
Based on Deployment Type
Based on Feature
Based on Industry
Key Questions Answered in the Report