According to a new market research report “Patch Management Market by Component (Patch Management Software and Services), Service (Consulting, Support & Integration), Deployment (Cloud and On-Premises), Vertical (BFSI, Government & Defense, IT & Telecom), and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Patch Management Market size is expected to grow from USD 589 million in 2019 to USD 979 million by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
The patch management software enables organizations to acquire, test, and install missing patches for software applications and technologies. The increasing digitalization initiatives across the developing countries have led enterprises, both public and private, to deploy cloud and mobility-based applications.
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Patch management software segment to hold the highest market share during the forecast period
The Patch Management Market is segmented by component into patch management software and services. The patch management software segment is expected to dominate the market during the forecast period. The increasing digitalization initiatives across the developing countries have led enterprises, both public and private, to deploy cloud and mobility-based applications. It is becoming essential for the organizations to secure their software applications and Operating System (OS) from more sophisticated cyberattack vectors, such as ransomware, Advanced Persistent Threats (APTs), and spear-phishing attacks, as the threat landscape is continuously changing and cybercriminals are targeting the business applications to steal business-sensitive information.
Healthcare vertical to grow at the highest CAGR during the forecast period
The healthcare vertical is expected to grow at the highest CAGR during the forecast period. The organizations in the healthcare vertical hold the highly sensitive data related to Protected Health Information (PHI), Personally Identifiable Information (PII), and Payment Card Industry (PCI). These data move through the databases of Enterprise Resource Planning (ERP) systems and is transmitted among hospitals, clinics, and laboratories. It usually remains unprotected and unencrypted. Cybercriminals target healthcare organizations for PHI, PII, and credit card information. The adoption of patch management software in this vertical is increasing to secure sensitive information from being transferred through vulnerable networks, and the software also helps organizations comply with Health Insurance Portability and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard (PCI DSS) regulations.
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APAC to grow at the highest CAGR during the forecast period
The global market is segmented by region into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. APAC is expected to grow at the highest CAGR during the forecast period. Large enterprises and Small and Medium-sized Enterprises (SMEs) in APAC countries are admitting the significance of data security. APAC houses a large number of established SMEs, which are growing at an exponential rate to cater to their wide customer base. Machine Learning (ML), Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are the emerging methodologies that are being deployed in this region. Organizations are transforming their businesses to cloud to increase their productivity and business performance. The nature of cyber threats is changing continuously and becoming more sophisticated. Trojan, Hijacker, Riskware, Backdoor, Adware, Spyware, Worm, and Rogue are the topmost malware attacks detected in enterprise businesses of this region. The businesses in this region are adopting the patch management software to secure their operating systems and software applications from the ever-changing threat landscape. The introduction of cloud-based, customized patch management software is set to change the way businesses are protecting their critical infrastructure.
The major vendors in the Patch Management Market are IBM (US), Microsoft (US), Symantec (US), Micro Focus (UK), Qualys (US), SolarWinds (US), Ivanti (US), ManageEngine (US), ConnectWise (US), Avast (Czech Republic), Automox (US), GFI Software (US), Jamf (US), Chef Software (US), and SysAid Technologies (Israel).
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