It’s being expected that by 2032, the Patch Management market cap will hit US$ 2 Billion at a CAGR growth of about 9.4%.
Patch management is a method which helps in testing, obtaining, and installing various patches in software or applications. An application or software comprises a huge number of codes and sometimes such codes become vulnerable to various risks which can lead to system failure. Such vulnerable codes are considered patches; hence fixing such vulnerable patches is driving the demand for patch management solutions. The software companies are the major adopters of patch management as they constantly need to ensure that their software is analyzed properly and working efficiently. As the majority of businesses and their business operations heavily rely on such software.
The Global Patch Management Market revenue is projected to reach USD 950 million by 2025. This can be attributed to supportive government laws and regulations. In addition, the increasing need to keep applications updated is also boosting global patch management market growth. Moreover, growing cloud solutions adoption across various enterprises is also one of the major factors driving the market growth.
However, the regulatory and legal policies affecting the advancement of digital maps are likely to hamper the market growth. Furthermore, the growing demand for data mapping in real-time is anticipated to be opportunistic for the market.
Patch Management Market Scope
Key Segment Of The Patch Management Market
by Component (USD Billion)
o Patch Management Software Market
o Patch Management Services Market
• Patch Management Support and Integration Services Market
• Patch Management Training and Education Services Market
• Patch Management Consulting Services Market
by Deployment, (USD Billion)
• Patch Management On-premises Market
• Patch Management Cloud Market
by Verticals, (USD Billion)
• Patch Management for BFSI
• Patch Management for Information Technology (IT) and Telecom
• Patch Management for Healthcare
• Patch Management for Government and Defense
• Patch Management for Retail
• Patch Management for Education
• Patch Management for Other Verticals
Regional Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The patch management is used to confirm the proper functioning of a mobile application or computer software. With the growing security advancements, the hackers always manage to manipulate every software and application by finding vulnerabilities in the codes. Hence, organizations always need to update their software and applications by managing patches to reduce such vulnerabilities. Therefore, such factors combined driving the demand for patch management systems across global organizations.
Based on the type segment, the market is divided into compliance management and vulnerability management. In the year 2019, the vulnerability management segment accounted for the highest market revenue and it is projected to hold the major market share over the forecast period. The growth of this segment is primarily accredited to the increasing need to eliminate the vulnerabilities associated with applications and software. On the contrary, the compliance management segment accounted for the highest growth and it is expected to hold its position over the forecast period.
Based on the application, the market is segmented into a mobile terminal and PC terminal. The PC terminal segment leads the market growth in 2019 and it is projected to hold its position during the forecast years. The market growth in this segment is primarily attributed to the increasing demand among organizations for patch installation programs for computer systems. On the contrary, the mobile terminal segment accounted for the highest growth and it is expected to hold its position over the forecast period.
Industry Vertical Segment
In terms of industry vertical segment, the market is segmented into BFSI, IT & telecom, healthcare, retail, government & defense, and others. The healthcare segment accounted for the major market share in 2019 and it is expected to do so throughout the forecast period. However, the BFSI segment is projected to accumulate major growth in forthcoming years. The market growth in this segment is mainly accredited to the increasing cyber-attacks and various vulnerabilities in financial institutions.
The North American region dominated the overall market in 2019 and it is projected to keep its position throughout the forecast period 2018-2025. The dominance of this region is mainly attributed to the quick adoption of the latest technologies and the existence of major market players in this region. However, the European region is projected to accumulate the highest growth during the forecast period due to the European governments’ GDPR that mainly focus on data protection and information security.
The major players of the global patch management market are Qualys, Symantec, Avast, Microsoft, Micro Focus, IBM, Ivanti, SolarWinds, ConnectWise, and Oracle. Moreover, the other prospective players in the patch management market are Automox, SysAid Technologies, Chef Software, GFI Software, and ManageEngine. The patch management market comprises well established local as well as global players. In addition, the previously recognized market players are coming up with new and advanced strategic services and solutions to stay competitive in the global market.