DUBLIN--(BUSINESS WIRE)--The "Patch Management Market Research Report: By Component, Deployment Type, Feature, Industry - Global Industry Size, Share and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
From $535.4 million in 2019, the patch management market is expected to grow to $3,245.6 million by 2030, at a CAGR of 17.8% during 2020-2030 (forecast period).
The banking, financial services and insurance (BFSI) category led the market in 2019, among all industries, as the sector faces constant cyber threats from external as well as internal sources. This is leading to a strong focus on the adoption of vulnerability management and security solutions to secure customers' financial data.
The rapid automation of business processes is the key patch management market trend. IT automation helps in integrating various processes and tools, via automated workflow. The conventional process of patch management creates the need for extensive human engagement, in not only accomplishing the process, but also keeping the software products updated with the newest compliance standards and most recently launched features. Contrarily, automating the process provides consistency, improved security, and better system insights, which lead to enhanced protection for organizations.
The major driver for the growth of the patch management market is the increasing need to make the system less vulnerable to security threats. Due to the rising vulnerabilities, the IT system of companies is rapidly being hacked, with the intent of causing harm. The impact of such attacks on integrity, availability of data, confidentiality, and complexity of attacks can be studied to determine the severity of the vulnerabilities. Though the internet has opened doors of growth, it has also increased the risk of cyber-attacks.
During the forecast period, faster growth in the market would be experienced by the service category, based on component. This would be because of the fact that businesses around the world are increasing availing of maintenance, training, support, consulting, and other services related to patch management, to keep their security protocols up to date. In 2019, the healthcare sector held a significant revenue share, on the basis of end user, as the process delivers cyclic updates, which helps clinical systems prioritize their updates.
On the geographical basis, Asia-Pacific (APAC) and North America held over 60.0% share in the patch management market in 2019. North America is home to a large number of multinational enterprises, and its IT infrastructure is also rather developed. Due to the prevailing cyber-attack risk, companies in the region are rapidly adopting such solutions to reduce their vulnerability. Additionally, with the increasing need to update the security patches, the market is progressing in the region.
- Qualys Inc.
- Ivanti Inc.
- Hewlett Packard Enterprise Company
- Microsoft Corporation
- Avast Software s.r.o
- SolarWinds Corporation
- Symantec Corporation
- International Business Machines (IBM) Corporation
- Micro Focus International plc
Key Topics Covered:
1. Research Background
2. Research Methodology
3. Executive Summary
4.1 Definition of Market Segments
4.1.1 By Component
18.104.22.168.3 Integration and support
4.1.2 By Deployment Type
4.1.3 By Feature
22.214.171.124 Vulnerability management
126.96.36.199 Compliance management
4.1.4 By Industry
188.8.131.52 IT & telecom
4.2 Value Chain Analysis
4.3 Market Dynamics
184.108.40.206 Shift of businesses toward automation
220.127.116.11 Growing demand for up-to-date OS/applications
18.104.22.168 Increasing need to mitigate vulnerabilities in software
22.214.171.124 Impact analysis of drivers on market forecast
126.96.36.199 Lack of awareness about cyber-security
188.8.131.52 Impact analysis of restraints on market forecast
184.108.40.206 Increasing market for web and mobile applications
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Intensity of Rivalry
4.4.4 Threat of New Entrants
4.4.5 Threat of Substitutes
Chapter 5. Global Market Size and Forecast
5.1 By Component
5.1.1 Patch Management Service Market, By Type
5.2 By Deployment Type
5.3 By Feature
5.4 By Industry
5.5 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
10.1 List of Market Players and Their Offerings
10.2 Market Share Analysis of Key Players
10.3 Competitive Benchmarking of Key Players
10.4 Strategic Developments of Market Players
10.4.1 Mergers and Acquisitions
10.4.3 Product Launches
Chapter 11. Company Profiles
Chapter 12. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/3381f5