Patch Management Market

Patch Management Market Size (2023 to 2028)

The global patch management market is forecasted to grow to USD 1199 million by 2028 from USD 721.7 million in 2023, growing at a CAGR of 10.7% between 2023 to 2028. 

Patch management involves installing code changes for a particular system. Patch management acquires information, analyses the details of available patches, and decides on selecting suitable patches for the system. Patch management plays a crucial role in administrating computer systems, and the data designed for a computer program can be updated or fixed to improve the outcomes through patch management. In general, the process is the management of the lifecycle using unique strategies. Data files that contain the code of patches in the system will perform the installation using utility programs.

MARKET DRIVERS:

The increasing need to protect software and web applications from cyber-criminals and YOY growth in the number of cyberattacks propel the patch management market growth.

According to the latest report from the Identity Theft Resource Center, an estimated 1862 data breach incidents happened in the United States in 2021. An estimated 15.1% increase in cyberattacks and data breaches was noticed between 2020 and 2021. Due to the growing number of cybercrimes, the need to secure software and web applications among organizations has grown significantly, driving the patch management market. In addition, the growing adoption of cloud solutions is driving the growth of the worldwide patch management market. As the cloud computing industry expands, businesses are experimenting with various cloud models for the best combination of functionality, flexibility, and investment protection. The patch management market is also driven by cybercriminals exploiting vulnerabilities in unpatched systems. The requirement for effective patch management systems rises as the number of interdependent and interconnected virtual devices and infrastructures grows.

With new security and compliance standards emerging and SMEs adopting digital technologies, the need to maintain systems up to date to satisfy regulations is growing. Patch management systems in SMEs remove the need for manual patching of detected holes or nodes, which is impractical owing to their small I.T. staff. In addition, the market has seen a shift toward automation among firms as a significant trend. The market participants are paving their path toward automation to attain optimal efficiency, increased production, and lower operating costs, one of the key trends observed across all major industry verticals.

An increasing number of companies needing patch management solutions further promotes market growth.

In addition, the growing prevalence of improving the productivity of organizations and increasing usage of the internet of things is further favoring the growth rate of the patch management market. A surge in investments from governments to increase the economy is another favorable factor driving the market growth. Furthermore, adopting the latest technology and innovative features in computer network systems bolsters the patch management market. The market participants may deploy, utilize, and manage IT resources across their on-premises data center and a suitable public cloud using a hybrid cloud. The demand for public cloud solutions is increasing, which means more opportunities are anticipated to be generated for the market participants. For market expansion, the trend of moving from manual patch management to automated patch management for frequent patch scans and applications is opportunistic. The IT systems of organizations are being hacked at an increasing rate due to increased vulnerabilities to cause harm, which is expected to provide lucrative growth opportunities to the patch management market. The software program must regularly update new features to comply with the standards. The program will constantly be updated with the latest standards, security, and system insights due to the automatic procedure. 

MARKET RESTRAINTS:

However, the need for more skilled technicians to handle complex issues in real time is restraining the growth of the global patch management market. Furthermore, lack of standardization is another factor limiting the market's growth. In addition, the growing usage of smartphones, tablets, and laptops creates chances for growing eventually. On the other hand, ransomware attacks are on the rise, making it difficult for organizations to maintain their servers and PCs, which is challenging and time-consuming. In addition, patch testing challenges and a need for cybersecurity awareness among consumers limit the market's growth.

Impact of COVID-19 on the global patch management market:

COVID-19 is an incomparable global public health emergency that has impacted nearly every sector, with long-term consequences expected to threaten industry development over the forecast period. Patch management is obtaining, testing, and installing other updates on existing applications and technical instruments on a desktop, allowing the device to stay updated on current patches and evaluate appropriate patches. The explosion in connectivity and the widespread transition to online business have increased the likelihood of cyberattacks. They've even added a slew of digital threats. The pandemic has made it difficult for companies worldwide to continue working after major closures of offices and other facilities. The information technologies on which they have long relied on their data centers, cloud networks, departmental computers, software updates, and the wireless devices on which their now-disconnected workers rely to remain connected to each other, and the company's data becomes ever more critical. Tech providers perform patch management to monitor recent software implementations, analyze the software applications, and detect any possible security flaws. As for this pandemic, the Patch management market has had a downturn, but the patch management market has had positive growth towards market development after this pandemic.

REPORT COVERAGE:

This research report on the global patch management market has been segmented and sub-segmented based on the vertical, application, deployment, end-user, and region.

Patch Management Market – By Vertical:

• BFSI
• Healthcare & Life sciences
• Telecommunications and ITES
• Government and defense
• Education

Based on the vertical, the BFSI segment is expected to lead the global patch management market accounting for the largest share during the forecast period owing to the growing volume of sensitive and unofficial financial data.

The organizations of the government and defense segment insist on security policy management solutions to confirm irreversible security. Therefore, the growth rate of the government and defense segment is anticipated to grow during the forecast period. The rising need to secure highly confidential government documents and plans from the government and defense organizations is further propelling the segment's growth. In addition, the defense system of each nation has its tactics and emergency or war plans, which, when leaked, can cause fatal harm to a nation's sovereignty leading to the requirement for a patch system. 

Patch Management Market – By Application:

• P.C. Terminal
• Mobile terminal

Based on the application, the P.C. terminal segment is acquiring the highest market share due to the demand for patch utility program installation for computer systems.

However, the mobile terminal segment is growing due to the ease of use and accessibility of mobile phones and the increasing usage of convenient technology on small gadgets like smartphones. 

Patch Management Market - By Deployment:

• On-Premises
• Cloud

Based on the deployment model, the cloud-based segment is undoubtedly leading with the highest market share owing to the rise in the acceptance of this technology in almost every application. As a result, cloud-based technology is ruling with the most significant shares of the market.

However, the on-premises segment is also expected to show fast growth during the forecast period due to the additional advantages of on-premises patch management, like the patch to the desktops of roaming users and add-ons like failover servers and others. 

Patch Management Market - By End User:

• Healthcare
• Government
• Education
• Finance
• Legal
• Manufacturing
• Transportation

Based on end-user, the healthcare end-user had the largest share of the patch management market in 2022 owing to the increasing construction activities of hospitals with the latest equipment.

However, the government segment is also expected to showcase rapid growth during the forecast period. Many official documents, transactions, and processes in the government need to be kept highly confidential, and patch management is used to tighten the security of such issues, which promotes patch management adoption in the government sector. Leaked state secrets, a country's plans for the future, and military weapons and war information can cause much damage. Therefore, it is essential to have a strictly secured and organized system in the Government and military organizations. 

Patch Management Market - By Region:

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Rest of EU
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Australia & New Zealand
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of LATAM
• Middle East
• Africa

Regionally, North America accounted for the leading dominant market share in 2022 owing to the quick adoption of the latest technology. In addition, the market is fueled by increasing support from the I.T. sector in developing various software applications efficiently. North America has leading markets for I.T. sectors, large industries, judiciary, education, etc.; therefore, there is a high demand for patch management systems. Additionally, the presence of key market players in countries like the U.S., Canada, and others supports the dominance of the market in this region. 

The Asia Pacific is following North America and is leading the highest shares of the market with the rise in the capital income in many countries and growing government funds on end-user industries. In addition, the increasing interest in business and startups in the countries like China, India, Japan, South Korea, etc., are helping the market in the region grow. 

Europe has witnessed the highest growth rate in recent years. As a result, increasing awareness of patch management strategies and their tools in companies boosts the market's demand. In addition, growing research ad development in patch management in countries like the U.K., Italy, Germany, etc., are helping the market in the region. 

On the other hand, the Middle East and Africa are projected to have a slight inclination in the foreseen years' growth rate.

KEY MARKET PLAYERS:

Companies that are playing a dominating role in the global patch management market analyzed in this report are Automox, Autonomic Software, Cisco WebEx, Ecora Software, GFI Software, IBM Software, Ivanti, Kaseya Limited, ManageEngine, NetSPI, Oracle, SolarWinds, Swipx, Symantec, SysAid Technologies ltd and Verismic Software, Inc.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, G2, a prominent and credible software marketplace, announced that Action1 RMM (remote monitoring and management) system provided by Action1 corporation, a cloud platform is a noteworthy and high-performance device in patch management and remote monitoring and management on their fall grid of 2022. This recognition from a highly trusted market has increased the value and attention to the company's device. 
• In October 2022, Ivanti, an I.T. software company that provides services like I.T. security, I.T. service management, IT asset management, and others, has a branch called ivani neurons automation platform that manages I.T. services and assets from cloud to edge. The platform has announced to include new functions and capabilities to its service intended to improve the organization's data safety and overall consumer experience. In addition, the service provides UEM, cyber security, and enterprise management being an all-around service provider. 
• In October 2022, Microsoft resolved the issues it openly addressed with widows zero-day, an elevation-of-privilege vulnerability, and released an October patch Tuesday to fix the problem. However, this Windows bug does not require user interaction and can give the hacker complete access to the P.C.; therefore, the October patch security update of windows has been carefully programmed and used to remove this vulnerability. 
• IBM and Qualys collaborated in February 2019 to merge Qualys' patch monitoring solution with IBM's X-Force Red vulnerability management services. As a result, clients will use the integration to automate security remediation and fix their most important bugs with fewer resources and time. In addition, this collaboration extension enables IBM X-Force Red to expand its vulnerability management program to patch protection and streamline its web application security services.
• Micro Focus acquired Interset, a developer of Machine Learning (ML) and User and Entity Behavior Analytics (UEBA) applications, in February 2019. This acquisition is expected to boost Micro Focus's cybersecurity portfolio by exploiting core attributes of Interset's technologies, such as ML and advanced analytics models.
• In February 2020, SolarWinds RMM Service released a new Mac agent, managed antivirus, patch management, and web security updates.
• Patch Management (PM), a modern Cloud App that offers automatic patch implementation capability, allowing consumers to transparently orchestrate full-lifecycle vulnerability management of operating systems and third-party applications through global hybrid environments, was launched on February 12, 2019, by Qualys, a leader and pioneering supplier of cloud-based security and enforcement solutions.
• SolarWinds expanded the SolarWinds MSP product portfolio in April 2019 by adding patch management for Mac capabilities. This functionality includes built-in tests, automatic maintenance tasks, and a one-of-a-kind managed patch solution to provide a unified experience for monitoring, handling, and securing Mac devices through customer environments. 
• HPE Company purchased Bromium Inc, an end-point defense startup based in California, USA, in September 2019. The corporation intends to expand its current security architecture with Bromium Inc.'s hardware-enforced device isolation and containment services to provide support against sophisticated threats and real-time threat information under the terms of the acquisition.