Global Patch Management Market Nears the $1 Billion Mark by 2024

DUBLIN, Aug. 21, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

The global patch management market size is estimated to grow from USD 589 million in 2019 to USD 979 million by 2024, at a CAGR of 10.7% from 2019 to 2024.

The report includes an in-depth competitive analysis of the key players in the patch management market along with their company profiles, recent developments, and key market strategies. The report segments the patch management market by component (patch management software and services), service (consulting, training and education, and support and integration), deployment (on-premises and cloud), vertical, and region.

The patch management market includes various major vendors, such as 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).

Patch management software segment to hold a higher market share during the forecast period

Patch management software enables business enterprises to review, understand, test, deploy, and reconcile the deployment state for software product updates. It also automates the up-gradation process to keep all applications up-to-date with the latest patches. Furthermore, it helps correct problems, close vulnerabilities, and improve product functionalities, which are essential for the stability of IT infrastructure in most environments.

Software vendors publish the patches in 4 different approaches, namely, binary executable patch, source code patch, service pack, and firmware patch. The patches for proprietary software can be published as binary executables, as the source codes are withheld by their vendors. These patches modify or replace the specified files of software programs when users execute the patches.

Source code patches often come out of open-source projects or shareware and are published via author websites or open-source directories, such as SourceForge and CodePlex. Service packs are bulky patches that can significantly change programs delivered as new software packages, whereas firmware patches are used to update the internal control over hardware devices.

Cloud deployment to grow at a significant rate during the forecast period

The cloud deployment segment simplifies and strengthens patch management by moving all infrastructure, content, and device management operations to a centralized environment available 247 globally. Several business enterprises can connect with mobile devices and bridge the gap of missing/critical patches through automated patch management and cloud services.

Furthermore, cloud deployment offers a unified way in the form of Software-as-a-Service (SaaS) based security services to secure business applications. It is also beneficial for organizations with strict budgets for security investments. It is the most preferred deployment for securing web and mobile applications and is used by most of the Small and Medium-sized Enterprises (SMEs) as it is easy to maintain and upgrade.

North America to have the largest market size during the forecast period

North America is a frontrunner in technological adoption. The patch management market in North America is very competitive due to the presence of a large number of solution providers. The North American market is highly regulated and controlled by various government standards and regulations. The major economies in this region are the US and Canada. The US and Canada have been expansively implementing patch management applications to avoid ransomware attacks.

North America has developed a robust infrastructure for the implementation of cybersecurity solutions. The deep penetration of internet applications and an increase in vulnerable devices in North America have given rise to different vulnerabilities causing miscellaneous ransomware attacks. This is evident from the fact that HIMSS Healthcare and Cross-Sector Cybersecurity report published in 2018, identified the flaws with Intel Central Processing Unit (CPU) hardware making it vulnerable to side-channel attacks. And as per the National Vulnerability Database (NVD) maintained by National Institute of Standards and Technology (NIST) and Common Vulnerability and Exposures (CVE) database maintained by MITRE, over 14,500 new vulnerabilities in 2017 was recorded compared to 2,000 till March 2018.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Patch Management Market
4.2 Market By Component, 2019
4.3 Market By Service, 2019-2024
4.4 Market Market Share of Top 3 Verticals and Regions, 2019
4.5 Market By Deployment, 2019
4.6 Market Investment Scenario

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Vulnerabilities to Promote Patch Management Solutions
5.2.1.2 Growing Demand for Up-To-Date OS/Applications
5.2.1.3 Increasing Deployment of Third-Party Applications
5.2.1.4 Favorable Government Regulations
5.2.2 Restraints
5.2.2.1 Low Priority of Vulnerability Remediation
5.2.3 Opportunities
5.2.3.1 Cultural Shift From Manual to Automated Patch Management
5.2.3.2 Increasing Market for Mobile and Web Platforms
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Cybersecurity
5.2.4.2 Application Compatibility and Patch Testing Issues
5.3 Use Cases
5.3.1 Micro Focus
5.3.2 Anunta Technologies
5.3.3 Heimdal Security
5.3.4 GFI Software
5.4 Opportunities for Managed Service Providers
5.4.1 Palisade Secure
5.4.2 Anunta Technologies

6 Patch Management Market By Component
6.1 Introduction
6.2 Patch Management Software
6.2.1 Need to Eliminate Vulnerabilities and Improve Product Functionalities to Drive Growth of Patch Management Software Segment
6.3 Services
6.3.1 Growing Need to Safeguard Mobile as Well as Web Applications to Drive Growth of Services Segment

7 Patch Management Market By Service
7.1 Introduction
7.2 Consulting
7.2.1 Need to Prevent Revenue Losses, Minimize Risks, Understand Maturity of Security Solutions, and Enhance Security in Existing It Systems to Fuel Growth of Consulting Segment
7.3 Training and Education
7.3.1 Increasing Demand of Critical Skills for Improving Overall Security of Personal Devices, Laptops, and Other Computing Devices Driving Growth of Training and Education Segment
7.4 Support and Integration
7.4.1 Technology Shift From Traditional to Digital Payments for Improving Customer Experience Driving Growth of Support and Integration Segment

8 Patch Management Market By Feature
8.1 Introduction
8.2 Vulnerability Management
8.2.1 Increasing Demand for API-Based Integration Services to Fuel the Adoption of Vulnerability Management Applications
8.3 Compliance Management and Reporting
8.3.1 Rising Demand for Reporting Various Vulnerabilities to Fuel the Adoption of Compliance Management and Reporting Applications

9 Patch Management Market By Deployment
9.1 Introduction
9.2 On-Premises
9.2.1 Growing Need to Safeguard Sensitive Data, Financial Records, Accounting Information, and Money Transfers to Fuel the Growth of On-Premises Deployment
9.3 Cloud
9.3.1 Need to Bridge the Gap of Missing/Critical Patches Through Automated Patch Management to Drive the Growth of Cloud Deployment

10 Patch Management Market By Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.2.1 Growing Need to Monitor and Report Missing/Operation Critical Patches to Drive Growth of Market in BFSI Vertical
10.3 Government and Defense
10.3.1 Need for Secured Defense-Based Systems and Applications Driving Growth of Market in Defense Vertical
10.4 Retail
10.4.1 Need to Reduce Cyber Risks and Maintain It Infrastructure Security to Drive the Market Growth in Retail Vertical
10.5 Healthcare
10.5.1 Need to Protect Patient Data and Payment Information to Drive the Market Growth in Healthcare Vertical
10.6 IT and Telecom
10.6.1 Increased Attacks on Critical Infrastructure to Drive the Market Growth in IT and Telecom Vertical
10.7 Education
10.7.1 Need to Avoid Bug-Affected Applications and Systems Driving the Market Growth in Education Vertical
10.8 Others

11 Patch Management Market By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Rapid Growth in Technological Innovations and Increased use of the Internet to Drive the Growth of the Patch Management Market in the US
11.2.2 Canada
11.2.2.1 Government Initiatives to Secure Network System to Set the Growth of the Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Government Regulations Working as a Catalyst to Drive the Growth of the Market in the UK
11.3.2 Germany
11.3.2.1 Changing Market Dynamics Due to Business Expansion Strategies By Large Enterprises to Fuel the Growth of the Patch Management Market in Germany
11.3.3 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Changing Paradigm of Cybersecurity Industry to Drive the Growth of Patch Management Technology in China
11.4.2 Japan
11.4.2.1 Adoption of Patch Management Solutions for Third-Party Application Providers to Drive the Market in Japan
11.4.3 India
11.4.3.1 Government Initiatives to Fuel the Growth of the Market in India
11.4.4 Australia and New Zealand
11.4.4.1 Adoption of Cybersecurity Regulations to Drive the Growth of the Market in ANZ
11.4.5 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East
11.5.1.1 Adoption of Patch Management Solution By Enterprises to Improve Security to Drive the Growth of the Market in the Middle East
11.5.2 Africa
11.5.2.1 Changing Paradigm of the Cybersecurity Industry to Drive the Growth of Patch Management Technology in Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Growing Adoption of Patch Management Solution By Enterprises to Improve Business Security in Brazil
11.6.2 Mexico
11.6.2.1 Recent Government Initiatives to Drive the Growth of the Market in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Innovators
12.2.4 Emerging Companies
12.3 Competitive Scenario
12.3.1 New Product Launches and Product Enhancements
12.3.2 Partnerships and Collaborations
12.3.3 Mergers and Acquisitions

13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Symantec
13.4 Micro Focus
13.5 Qualys
13.6 SolarWinds
13.7 Ivanti
13.8 ManageEngine, a Division of Zoho Corporation
13.9 ConnectWise
13.10 Avast
13.11 Automox
13.12 Microsoft
13.13 GFI Languard Software
13.14 Jamf
13.15 Chef Software
13.16 SysAid Technologies

For more information about this report visit https://www.researchandmarkets.com/r/jwp15n

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