DUBLIN--(BUSINESS WIRE)--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).
Market Dynamics
Drivers
- Increasing Vulnerabilities to Promote Patch Management Solutions
- Growing Demand for Up-to-Date OS/Applications
- Increasing Deployment of Third-Party Applications
- Favorable Government Regulations
Restraints
- Low Priority of Vulnerability Remediation
Opportunities
- Cultural Shift From Manual to Automated Patch Management
- Increasing Market for Mobile and Web Platforms
Challenges
- Lack of Awareness About Cybersecurity
- Application Compatibility and Patch Testing Issues
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.
Use Cases
- Micro Focus
- Anunta Technologies
- Heimdal Security
- GFI Software
Opportunities for Managed Service Providers
- Palisade Secure
- Anunta Technologies
Company Profiles
- IBM
- Symantec
- Micro Focus
- Qualys
- SolarWinds
- Ivanti
- ManageEngine, a Division of Zoho Corporation
- ConnectWise
- Avast
- Automox
- Microsoft
- GFI Languard Software
- Jamf
- Chef Software
- SysAid Technologies
For more information about this report visit https://www.researchandmarkets.com/r/li1f1u
