Patch Management Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT2014 | Last Updated On: Jun 20 2022 | Available Formats

> Global Patch Management Market Expected to reach a high CAGR of 10.2% By 2029 | DataM Intelligence

Global Patch Management Market is segmented By Component (Software, Services (Consulting, Training and Education, Support and Integration, others), By Deployment (Cloud, On-Premise), By Vertical (BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Defense, Education, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Patch Management Market" is expected to grow at a CAGR of 10.2% during the forecasting period (2022-2029).

This is mainly due to the rising need for compliance with regulatory requirements and increases in instances and complexity of security breaches due to insider and outsider threats.

 

 

Patch management is the process that helps acquire, test, and install multiple patches (code changes) on existing applications and software tools on a computer, enabling systems to stay updated on existing patches and determining which patches are the appropriate ones. Therefore, increasing deployment of third-party applications is one of the key factors which will drive the growth of the global patch management market over the forecast period.

The report covers all the major trends and drivers playing a vital role in the growth of the global Patch Management market. The market has been segmented based on region, deployment, component, and vertical.

 

Market Dynamics

The global Patch Management market growth is primarily driven by a rise in the adoption of cloud solutions. As the cloud computing market continues to grow, enterprises are exploring different cloud models in search of the right balance of functionality, flexibility, and investment protection. Moreover, a hybrid cloud lets organizations provision, use, and manage IT resources across their on-site data center and a compatible public cloud.  The demand for public cloud solutions is rising, and this translates to growing opportunities for market players.

Moreover, rising security concerns and an increase in the number of cyber attacks are expected to drive the market over the forecast period. According to FBI’s Internet Crime Complaint Center (IC3), Internet-enabled theft, fraud, and exploitation remain pervasive and were responsible for a staggering $2.7 billion in financial losses in 2018.

 

Therefore, rising number cyber-attacks globally will force various organizations to regularly fix bugs and use patch management to reduce the number of vulnerabilities of their software’s and application. Hence, driving the global patch management market.

Market Segmentation

By deployment, the global Patch Management market is segmented into On-premise and cloud. In 2018, the On-premise deployment segment accounted for the largest market share in the global market. On-premises deployment is widely used in verticals like BFSI, and government and defense; mainly to secure sensitive data, financial records, accounting information, and money transfers. On-Premise deployment is a traditional approach to implementing patch management solutions across enterprises. The organizations where user credentials are critical for business operations would prefer the on-premises deployment, as it provides them with the flexibility to control their IT systems. However, the cloud deployment segment is expected to grow at an exponential rate, mainly due to the rising adoption of cloud-based solutions.

 

By vertical, the global Patch Management market is segmented into BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and defense, Education, and Others. In 2018, BFSI vertical accounted for the majority share in the market. The BFSI is the most targeted industry vertical, as it deals with large volumes of sensitive and private financial data. The enterprises in BFSI are demanding security policy management solutions to ensure irreversible security. Moreover, BFSI vertical is the most regulated, as it has to comply with many security requirements.

Regional Analysis

By geography, the global Patch Management market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in the global market over the forecast period.

In Europe, the patch management market is expected to witness strong growth over the forecast period. The European countries have formed a regulatory body named ENISA, which has been working to make Europe cyber secure. Moreover, awareness regarding the benefits of patching, coupled with an increase in the number of applications and Operating systems (OS), has led to the widespread acceptance of patch management solutions.

 

APAC Patch Management market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). Countries like Singapore, which have seen ICT infrastructure as a key enabler in boosting the overall competitiveness in the region, based on creating new industries and new businesses, thereby encouraging economic growth.

Competitive Analysis

Global Patch Management Market is moderately concentrated with the presence of global and regional players in the market. Major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.

Some major players in the market are IBM, Microsoft Corporation, Symantec, Micro Focus, ITarian, ManageEngine (Zoho Corporation), ConnectWise, Avast, Automox, GFI Languard Software, Chef Software, SysAid Technologies, and among others.

 

 

**The Global Patch Management Market report would provide an access to an approx, 67 market data tables, 78 figures, and 150 pages.

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