According to a research report "Patch Management Market demand growing tremendously due to increasing vulnerabilities and increasing deployment of third-party applications are the major factors driving the growth of the patch management market. Patch Management Market define, describe, and forecast by component (patch management software and services), service (consulting, training and education, and support and integration), deployment (on-premises and cloud), vertical, and region - Global Forecast to 2024" published by MarketsandMarkets. The global patch management market size is expected to grow from USD 589 million in 2019 to USD 979 million by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
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Patch management software segment to hold the
highest market share during the forecast period
The patch management
market is segmented by component into patch management software and services.
The patch management software segment is expected to dominate the market during
the forecast period. The increasing digitalization initiatives across the developing
countries have led enterprises, both public and private, to deploy cloud and
mobility-based applications. It is becoming essential for the organizations to
secure their software applications and Operating System (OS) from more
sophisticated cyberattack vectors, such as ransomware, Advanced Persistent
Threats (APTs), and spear-phishing attacks, as the threat landscape is
continuously changing and cybercriminals are targeting the business
applications to steal business-sensitive information.
Healthcare vertical to grow at the highest
CAGR during the forecast period
The healthcare vertical is expected to
grow at the highest CAGR during the forecast period. The organizations in the
healthcare vertical hold the highly sensitive data related to Protected Health
Information (PHI), Personally Identifiable Information (PII), and Payment Card
Industry (PCI). These data move through the databases of Enterprise Resource
Planning (ERP) systems and is transmitted among hospitals, clinics, and
laboratories. It usually remains unprotected and unencrypted. Cybercriminals
target healthcare organizations for PHI, PII, and credit card information. The
adoption of patch management software in this vertical is increasing to secure
sensitive information from being transferred through vulnerable networks, and
the software also helps organizations comply with Health Insurance Portability
and Accountability Act (HIPAA) and Payment Card Industry Data Security Standard
(PCI DSS) regulations.
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APAC
to grow at the highest CAGR during the forecast period
The
global market is segmented by region into North America, Europe, Asia Pacific
(APAC), the Middle East and Africa (MEA), and Latin America. APAC is expected
to grow at the highest CAGR during the forecast period. Large enterprises and
Small and Medium-sized Enterprises (SMEs) in APAC countries are admitting the
significance of data security. APAC houses a large number of established SMEs,
which are growing at an exponential rate to cater to their wide customer base.
Machine Learning (ML), Internet of Things (IoT), big data analytics, and
Artificial Intelligence (AI) are the emerging methodologies that are being
deployed in this region. Organizations are transforming their businesses to
cloud to increase their productivity and business performance. The nature of
cyber threats is changing continuously and becoming more sophisticated. Trojan,
Hijacker, Riskware, Backdoor, Adware, Spyware, Worm, and Rogue are the topmost
malware attacks detected in enterprise businesses of this region. The
businesses in this region are adopting the patch management software to secure
their operating systems and software applications from the ever-changing threat
landscape. The introduction of cloud-based, customized patch management
software is set to change the way businesses are protecting their critical
infrastructure.
The
major vendors in the patch management market are IBM (US), Microsoft (US),
Symantec (US), Micro Focus (UK), Qualys (US), SolarWinds (US), Ivanti (US),
ManageEngine (US), ConnectWise (US), Avast (Czech Republic), Automox (US),
SecPod (India), GFI Software (US), Jamf (US), Chef Software (US), and SysAid
Technologies (Israel).
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