Patch Management Market To Witness Healthy 17.8% CAGR during 2020–2030
The patch management market stood at $535.4 million in 2019, and it is expected to reach $3,245.6 million by 2030, progressing at a CAGR of 17.8% during 2020–2030 (forecast period). This growth is fueled by the rising demand for up-to-date operating systems (OS)/applications and growing requirement to mitigate vulnerabilities in the software. Owing to a surge in malware attacks, organizations have started deploying patch management solutions to obtain timely updates for their OS/applications. Apart from security, software updates also encompass compatibility updates and bug fixes for application and devices.
A key factor supporting the patch management market growth is the rapid shift toward automation among businesses, to achieve improved productivity, reduce operational costs, and attain optimal efficiency. This key market trend is being observed across all major industry verticals. Information technology (IT) automation accelerates the deployment of missing patches via automated workflows, thereby eliminating the need for manual remediation. In this way, automated processes create consistent processes, enhance security, and protect businesses by improving system insights.
The industry segment of the market is classified into banking, financial services, and insurance (BFSI), information technology (IT) and telecom, government, healthcare, retail, education, and others. Among these, the BFSI category held the largest market share in 2019, and it is expected to showcase the fastest growth in the forecast period. This is because the industry is always under the threat of cyberattacks from internal and external forces. To combat them, the sector has increased its focus on data security and integrating security and vulnerability management solutions.
In 2019, the North American patch management market generated the highest revenue, and it is expected to retain its dominance throughout the forecast period. Of the North American countries, the U.S. is expected to lead the market in the coming years, owing to the escalating number of cyberattacks. Additionally, the country is marked by the presence of numerous patch management solution providers, such as Oracle Corporation, Microsoft Corporation, Qualys Inc., HPE Company, and Ivanti Inc., which have a wide product portfolio.
Furthermore, Europe is expected to exhibit fast growth in the patch management market during the forecast period. This growth will be stimulated by the implementation of stringent laws on data privacy that have a strong focus on data protection and data security. Business organizations in Europe are focusing on customer data protection and aspiring to meet the regulatory compliance requirements, to increase their business in the region. This will, in turn, lead to the wide-scale deployment of these solutions in the coming years.
Due to the presence of multiple players, the patch management market is fragmented in nature. In recent years, key market players have taken strategic measures such as product launches, geographical expansions, partnerships, and mergers and acquisitions to consolidate the competition. For instance, Qualys Inc. introduced Patch Management (PM) in February 2019. PM is a cloud application that offers improved capabilities for automated patch deployment, which allows customers to orchestrate the complete lifecycle vulnerability of the OS and third-party software in a transparent manner.
Thus, the increasing vulnerabilities to OSs and rising focus on automation will fuel the market growth in the forecast period.
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