Patch Management Market Size Statistics Expected to Grow Over USD 1,718.92 Billion By 2032, With a CAGR of 10.1%: Global Report by Polaris Market Research

NEW YORK, July 31, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Patch Management Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Deployment; By Enterprise Size (Small & Medium-sized Enterprises, Large Enterprises); By Vertical; By Region, And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global patch management market size/share was valued at USD 655.24 Million in 2022 and is expected to touch USD 1,718.92 Million By 2032, growing at a CAGR of 10.1% during the forecast period."

What is Patch Management? How Big is Patch Management Market Size & Share?

• Overview

A patch is a software update made available by a software vendor or security developer to any program or product that needs an update. Patch management refers to the process of applying firmware and software updates to address security vulnerabilities and optimize the functionality of software and devices. Patch management aims at reducing workflow interruptions and minimizing downtime by simplifying patch deployment.

Most organizations see patch management as a continuous lifecycle, as software and security vendors release patches on a regular basis. Asset management, patch monitoring, patch prioritization, patch testing, patch deployment, and patch documentation are the main stages of a patch management lifecycle. The growing adoption of cloud systems and the implementation of novel technologies like Artificial Intelligence (AI) and Machine Learning (ML) into security systems are propelling the patch management market forward.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Automox
• Avast Software
• Broadcom
• ConnectWise
• Freshworks
• Heimdal
• IBM
• Kaseya Limited
• Microsoft Corporation
• NinjaOne
• Pulseway
• Qualys
• Solar Winds
• SysAid Technologies
• VMware
• Others

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Prominent Growth Driving Factors

• Efficient mapping capability of patch management solutions: Patch management is instrumental in automating the correlation of bugs with fixes. The process effectively maps vulnerabilities to fixes and promotes the generation of ready-to-deploy tasks. Also, the tasks generated by patch management can be automatically scheduled and delivered.
• Rapid expansion of the IoT ecosystem: The rapid expansion of the IoT ecosystem leads to the generation of massive amounts of data, enabling the creation of new business models and assisting in data-driven decision-making. However, this also exposes the interconnected devices to new attack vectors, such as data manipulation and network manipulation. The surging IoT ecosystem boom is anticipated to impact the patch management market size favorably.
• Development of innovative security solutions: To address emerging threats and risks, cybersecurity firms are actively creating new cybersecurity solutions that assist organizations in automating their IT security tasks. Most of these solutions provide automated threat detection, which helps minimize the time and resources needed to track suspicious activities. Besides, they can independently respond to emerging threats and risks in real-time. All of these factors spur the demand for patch management systems, further bolstering the market's growth.

Recent Trends Influencing the Market

• Growing risk of data breaches and cyberattacks: The risk of cyberattacks and data breaches has increased due to the increasing prevalence of remote work. This presents a challenge for data safety, as there's the risk of systems being stolen or getting compromised. Patch management services can address this problem by adding safety features like historical tracking of disks and devices. These solutions play a major role in protecting critical data, and drive the patch management market demand.
• NinjaOne's expansion of its patch management solutions: In June 2023, unified IT operations solution provider NinjaOne publicized the development of its patch management services. NinjaOne's patch management solutions provide automated fixes to address bugs and ensure continuity of operations.

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Segmental Analysis

• The software segment dominated the market in 2022

By solution patch management market segmentation, the software segment held the largest market share in 2022. This is primarily because several firms are implementing patch management solutions with advanced vulnerability detection capabilities. These software solutions have a vulnerability management framework that helps firms identify, evaluate and address system bugs. With the help of effective security methods, companies can be better prepared for potential threats and attacks.

• The cloud based segment accounted for a significant market share in 2022

Based on deployment, the cloud based segment accounted for a significant share of the patch management market sales. Despite substantial advances in cloud computing technology, cloud platforms have the risk of experiencing data breaches and other attacks. To mitigate these risks, cloud platforms use cloud-based tools that can apply and manage patches to end points. Unlike traditional end point solutions, cloud-based tools offer centralized management and deployment advantages. This helps firms in the effective and secure maintenance of their endpoints.

• The healthcare segment is anticipated to grow at a steady rate

The healthcare segment patch management market segmentation is expected to grow steadily in the upcoming years. This is primarily due to the growing adoption of cloud-based platforms and the rising usage of smartphones and connected devices. The healthcare sector has experienced a surge in the integration of novel technologies like Electronic Health Records (EHRs) and IoT-based medical equipment. This, in turn, has resulted in the development of an interconnected healthcare ecosystem.

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Patch Management Market: Report Scope

Geographic Overview

• The North America region dominates the market

North America is home to some of the world's major Information Technology (IT) hubs. As such, the region has a higher adoption of patch management systems. Also, there has been a surge in the region's requirement for strong cybersecurity measures, including the adoption of security and vulnerability assessment tools. Furthermore, cloud-based solutions have gained traction among small and medium enterprises in North America due to their various benefits, like cost-effectiveness and flexibility. The high adoption rate of patch management solutions and the presence of patch management market key players fuel the region's growth.

• Asia Pacific is anticipated to be the fastest-growing region

The high demand for patch management systems in the Asia Pacific region can be attributed to several factors. First, the Bring Your Own Technology (BYOT) trend has gained significant traction in the region, resulting in a growing need for effective patch management products to ensure data safety on personal devices. Furthermore, several governments in APAC are taking proactive measures to encourage cybersecurity compliances, further bolstering the growth of the patch management market in the region.

Browse the Detail Report "Patch Management Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Deployment; By Enterprise Size (Small & Medium-sized Enterprises, Large Enterprises); By Vertical; By Region, And Segment Forecasts, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/patch-management-market      

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Recent Developments

• In January 2023, leading risk-based patch management provider Action 1 Corporation announced the launch of its complimentary cloud-native tool. The new tool allows IT teams to detect and address security risks proactively.
• In May 2022, US-based vulnerability and security management company New Relic its New Relic Vulnerability Management platform. New Relic's platform allows enterprises to identify and resolve security risks efficiently and on time.

Some of the Important Questions Answered in the Market

• What is the current size of the patch management market?
• Which are the key driving factors in the industry?
• At what CAGR is the market expected to grow over the forecast period?
• What are the key trends influencing the growth of the industry?
• Who are the top players in the patch management market?
• Which segment will grow at the fastest rate in the upcoming years?

Polaris Market Research has segmented the patch management market report based on solution, deployment, enterprise size, vertical, and region:

By Solution Outlook

• Software
• Services

By Deployment Outlook

• Cloud
• On-premise

By Vertical Outlook

• BFSI
• IT and Telecom
• Retail & E-commerce
• Healthcare
• Manufacturing
• Government
• Energy & Utilities
• Others (Media & Entertainment, Transportation & Logistics, Aerospace & Defense)

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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