Patch Management Market Size, Share, Industry, Forecast and outlook (2023-2030)

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, 2023-2030

Market Overview

Global patch management market reached USD 788.8 million in 2022 and is expected to reach USD 1,375.8 million by 2030, growing with a CAGR of 10.2% during the forecast period 2023-2030. As the world becomes increasingly reliant on technology, the significance of patch management cannot be overstated.

Cyberattacks and data breaches have been on the rise, costing organizations billions of dollars annually. Outdated and unpatched software creates vulnerabilities that malicious actors can exploit, leading to devastating consequences. Patch management is a proactive approach to ensure software remains up-to-date, secure, and resilient against emerging cyber threats.

The cloud segment drive leads the product segment in the global patch management market, accounting for almost half of the market share. Similarly, the North America dominates the patch management market, capturing the largest market share of over 1/3rd. Increased cybersecurity awareness, stringent regulations, a growing cyber threat landscape, emphasis on remote work security, and fruitful collaborations have all played pivotal roles in the region's ascent.

Market Scope

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Market Dynamics

Proliferation of Internet of Things (IoT) Devices and Heightened Cloud Adoption

The rapid growth of IoT devices in various sectors, including healthcare, manufacturing, and smart cities, has introduced new cybersecurity challenges. Many IoT devices lack proper built-in security measures, making them susceptible to exploitation by cybercriminals. As the number of connected devices continues to soar, governments have recognized the need for robust patch management practices to secure these vulnerable endpoints.

Moreover, the global cloud computing market has witnessed exponential growth, fueled by the increasing need for remote work capabilities. However, cloud infrastructure vulnerabilities can lead to substantial data breaches and service disruptions. As cloud adoption continues to surge, the demand for efficient patch management solutions is set to rise accordingly.

Escalating Cybersecurity Incidents

Patch management involves the process of updating and maintaining software to mitigate vulnerabilities and safeguard against potential cyber threats. As the world continues to witness an unprecedented surge in cyberattacks, the global patch management market has been experiencing significant growth.

The rise in the frequency and severity of cybersecurity incidents has been one of the major driving forces behind the growth of the patch management market. According to the United States Computer Emergency Readiness Team (US-CERT), the number of reported cybersecurity incidents has been increasing steadily year after year. It is expected that this trend will persist, further underscoring the importance of effective patch management to thwart potential threats.

Growing Complexity of Software Ecosystems and Delayed Patch Implementation

One of the significant restraints in the patch management market is the increasing complexity of software ecosystems. As organizations rely on a myriad of software applications and platforms, managing patches for all these diverse systems becomes challenging. Department of Homeland Security report that the number of software vulnerabilities identified annually has been on a steady rise post-2021, further exacerbating this problem.

Even after patches are released, their timely implementation is often hindered by various factors. Data from National Institute of Standards and Technology indicate that a substantial percentage of organizations still delay patch deployments, leaving their systems vulnerable for extended periods. Factors contributing to these delays may include concerns about potential system disruptions and compatibility issues with existing software.

Segment Analysis

The global patch management market is segmented based on component, deployment, end-user and region.

Growing Reliance on Digital Infrastructure and an Increasing Number of Cyber Threats

Patch management is an essential aspect of maintaining cybersecurity and ensuring the smooth functioning of software applications. With the growing reliance on digital infrastructure and an increasing number of cyber threats, organizations worldwide are recognizing the significance of robust patch management practices. Cloud computing, which has emerged as a dominant force in the IT industry, plays a pivotal role in reshaping the global patch management landscape.

To encourage secure cloud adoption in patch management, various countries have adopted industry-specific cybersecurity standards. For instance, the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) in U.S. and the Cybersecurity Management Guidelines issued by the Information-Technology Promotion Agency (IPA) in Japan are being widely embraced.

Geographical Penetration

The Rise in Cyberattacks and Data Breaches

Patch management has emerged as a crucial component of cybersecurity, ensuring the timely application of software updates to address vulnerabilities and protect against potential threats. Among the regions dominating the global patch management market, North America stands out for its remarkable growth and influence.

The rise in cyberattacks and data breaches has propelled governments across North America to prioritize cybersecurity initiatives. With an increased focus on protecting critical infrastructure and sensitive data, both U.S. and Canada have introduced stringent cybersecurity regulations. Such measures mandate businesses to implement robust patch management practices, driving the demand for advanced solutions in the region.

Major Key Players

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

COVID-19 Impact Analysis

The outbreak of COVID-19 in early 2020 triggered a profound global economic downturn and had a significant impact on various industries, including the patch management market. As organizations around the world adapted to remote work arrangements and faced increased cyber threats, the demand for robust patch management solutions surged.

Moreover, as the pandemic unfolded, businesses were forced to adopt remote work models, leading to a rapid shift in operations. The respective transition exposed organizations to various cybersecurity risks, including vulnerabilities in their software systems. Cybercriminals capitalized on this situation, launching a wave of sophisticated cyberattacks to exploit unpatched vulnerabilities in remote networks.

By Component

• Software
• Services
  • Consulting
  • Training and Education
  • Support and Integration
  • Others

By Deployment

• Cloud
• On-Premise

By End-User

• BFSI
• Healthcare & Life sciences
• Telecommunications and ITES
• Government and Defense
• Education
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On November 16, 2021, Agfa launches a new patch management named SYNAPS Xerographic Matt (XM), which has the capability to prevent the growth of bacteria and viruses on the paper surface.
• On April 11, 2023, Unified Security and Endpoint Management solution provider, Syxsense announced an update to its product suit offering enhanced platform security, improve usability and automated workflow capability.
•  On August 2, 2021, Ivanti, acquired RiskSense with an intention to combat ransomware attacks, combact cuber threats and revolutanize patch management,

Why Purchase the Report?

• To visualize the global patch management market segmentation based on component, deployment, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of patch management market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global patch management market report would provide approximately 61 tables, 52 figures and 183 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies