How Has the Patch Management Market Size Evolved in Recent Years?
The patch management market has seen considerable growth due to a variety of factors.
• The market size of patch management has experienced fast-paced growth in the past few years. It's projected that it will surge from $0.86 billion in 2024 to $0.98 billion in 2025, growing at a compound annual growth rate (CAGR) of 14.6%.
The rapid growth in the previous years can be credited to the increased focus on software security, increased integration with vulnerability management, the rising use of cloud services, and an increasing emphasis on prioritizing patches.
What are the Market Size and Expected Growth Rates for the Patch Management Market?
The patch management market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the patch management market size is slated for swift expansion. It is predicted to reach a value of $1.67 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 14.2%.
This anticipated growth during the forecast period can be attributed to the growing remote workforce, increased complexity of IT environments, synergy with security orchestration platforms, and the demand for hybrid deployment modules. Key trends during this period will include security for IoT devices, predictive analytics, supply chain security, regulatory compliance, and zero-trust security.
Which Key Drivers Are Propelling The Patch Management Market's Growth?
The patch management market is predicted to grow owing to the rising occurrence of cyber threats. Cyber threats involve malicious incidents or activities that jeopardize the privacy and availability of digital information and systems. The increase in these threats is a result of worldwide connectivity and insufficient cybersecurity risk recognition among individuals and organizations. Patch management mitigates these risks by timely addressing software vulnerabilities, stopping hackers, and strengthening cybersecurity resilience. For example, the Australian Cyber Security Centre received over 94,000 cybercrime reports during the fiscal year 2022-2023, according to the Department of Defense Australia, a government department in Australia, indicating a 23 percent increase from the prior year, 2021-22. Hence, the rise in cyber threat frequency is contributing to the expansion of the patch management market.
What Are The Key Segments Within The Global Patch Management Market?
The patch management market covered in this report is segmented –
1) By Component: Software, Service
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Vertical: Banking, Financial Services, And Insurance, Information Technology (IT) And Telecom, Healthcare, Government And Defense, Retail, Education, Other Verticals
Subsegments:
1) By Software: Patch Management Tools Or Platforms, Automated Patch Management Software, Security Patch Management Software
2) By Service: Managed Patch Management Services, Consulting And Advisory Services, Patch Testing And Implementation Services, Training And Support Services
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What Emerging Trends Are Influencing The Growth Of The Patch Management Market?
Key players in the patch management market are prioritizing the development of cutting-edge technologies, such as those for distributed control systems (DCS) patch management, to amplify cybersecurity measures and operational efficacy in industrial automation settings. The patch management for DCS is a systematic procedure to identify and implement software patches and updates, leading to enhanced security and performance optimization of DCS systems. As an example, in January 2022, the US-based manufacturing entity, Emerson Electric Co., introduced a comprehensive patch management mechanism, aimed at boosting cybersecurity in DeltaV distributed control systems (DCS), by administering patches from Windows and McAfee. This enables system administrators to swiftly detect systems awaiting updates, view pertinent system impact details, and implement patches individually or on multiple systems simultaneously. The objective of this technology is to simplify the patching process, minimize costs related to downtime, and bolster overall cybersecurity stance by guaranteeing the timely updating of critical software.
Who Are the Key Players In The Patch Management Market?
Major companies operating in the patch management market are:
• Microsoft Corporation
• Dell Technologies Inc.
• International Business Machines Corporation
• Cisco Systems
• Broadcom Inc.
• VMware Inc.
• Gartner
• Open Text Corporation
• Micro Focus
• BMC Software
• Avast Software
• SolarWinds Corporation
• Progress Software Corporation
• Ivanti
• Freshworks Inc.
• Qualys Inc.
• ConnectWise Inc.
• Flexera
• Kaseya Limited
• HEAT Software
• Automox Inc.
• GFI Software Ltd.
• Heimdal Security
• SysAid Technologies Ltd.
• SecPod Technologies
What Are The Regional Insights Into The Patch Management Market?
North America was the largest region in the patch management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patch management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
