Patch Management Market to Surpass US$ 2 Bn in 2032 as Sales in Software Category Surge by 9.4%

NEW YORK, June 1, 2022 /PRNewswire/ -- Fact.MR, in its new report, provides in-depth insights into the global patch management market for the upcoming decade. The report also presents elaborate information about latest trends, growth drivers, opportunities, and hindrances encouraging sales of patch management solutions across segments within the market, including component, deployment, vertical, and region.

Fact.MR – A Market Research and Competitive Intelligence Provider: The global patch management market size is anticipated to reach US$ 2 Bn in 2032 and exhibit a CAGR of 9.4% in the forecast period from 2022 to 2032. As per the report, sales of patch management products are likely to be valued at US$ 800 Mn in 2022.

Ability of patch management solutions to enable the system to remain up-to-date is set to drive the market. In addition to that, these solutions are capable of detecting and preventing the potential lack of security in the latest software versions.

Ever-increasing volume of data and rising demand for innovative software across various end-use industries are projected to bode well for the market. Increasing number of cybercriminals is also compelling government bodies to implement stringent norms to promote patch management.

Growing adoption of novel technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), big data analytics, and machine learning in industries worldwide is another vital factor that is likely to push sales. The emerging trend of cloud banking would also create a high need for securing confidential financial, as well as business data in real-time.

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Moreover, increasing need to enhance an organization's overall productivity is set to drive the adoption of patch management software. Besides, key players are expected to manage, use, and deploy IT resources across their data centers, which would create new growth opportunities in the market.

Rapid inclination of organizations towards automated patch management solutions from manual ones for frequent patch applications and scans is another crucial factor that is anticipated to foster growth. Also, increasing adoption of new software in the healthcare sector to enhance patient care is likely to drive the demand for patch management solutions.

Key Takeaways:

• The U.K. patch management market is likely to exceed US$ 82.6 Mn and exhibit growth at a CAGR of 8.4% in the forecast period.
• The U.S. is set to grow at a CAGR of 9.2% by 2032 owing to the increasing number of cybersecurity threats in the country.
• China is expected to surpass US$ 133.5 Mn, while sales of patch management solutions are likely to reach 7.6% in Japan.
• Based on component type, the software segment is projected to record a CAGR of about 9.4% in the upcoming years.
• By deployment, the on-premises segment is estimated to remain at the forefront and grow at an astonishing CAGR of 8.6% in the forthcoming years.

Growth Drivers:

• Rising usage of third-party applications and growing vulnerabilities to promote patch management solutions are likely to augment the market.
• Increasing experimentation of companies with numerous cloud-based patch management models is projected to drive growth.

Restraints:

• Problems, such as compatibility issues, prioritization of patches, and patch testing may hamper the demand for patch management solutions.
• Lack of skilled expertise and trained personnel in emerging economies to operate novel patch management solutions may hinder growth.

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Competitive Landscape:

The global patch management market is highly competitive with the presence of various international and local players. The majority of these key players are investing huge sums in research and development activities to come up with innovative products. A few other companies are engaging in collaborations, mergers & acquisitions, and regulatory approvals to gain a competitive edge in the global market.

For instance,

• In August 2021, PDQ.com, a prominent provider of IT asset management software headquartered in the U.S., announced that private equity firm, TA Associates is investing in the company. TA is aiming to expand the former's portfolio of easy-to-use IT asset scanning and management software solutions.
• In July 2021, Atera, a Tel Aviv-based start-up, raised nearly US$ 77 Mn in the Series B round at US$ 500 Mn valuation. The company has raised a total of US$ 100 Mn to date. It has created a new platform for preventing and managing malfunctions in business computer systems. It would help in delivering a novel solution to internal corporate IT teams and service providers.

Key Companies Profiled by Fact.MR

• IBM Corporation
• Symantec (NortonLifeLock Inc.)
• Micro Focus
• Qualys Inc.
• SolarWinds Corporation
• Ivanti
• ManageEngine
• ConnectWise
• Avast
• Automox

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More Valuable Insights on Patch Management Market

In the latest study, Fact.MR reveals key factors expected to boost the growth in global patch management market during the forecast period (2022-2032). The survey also provides an in-depth analysis of opportunities and drivers projected to propel sales of patch management through detailed segmentation as follows:

By Component:

• Patch Management Software
• Patch Management Services
• Patch Management Support and Integration Services
• Patch Management Training and Education Services
• Patch Management Consulting Services

By Deployment:

• On-premises
• Cloud

By Vertical:

·  Patch Management for BFSI

• Patch Management for Information Technology (IT) and Telecom
• Patch Management for Healthcare
• Patch Management for Government and Defense
• Patch Management for Retail
• Patch Management for Education
• Patch Management for Other Verticals

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Key Questions Covered in the Patch Management Market Report

• What is the estimated revenue of the patch management market during the forecast period?
• Which are the challenges faced in the patch management market?
• Which region is estimated to exhibit fastest growth rate in the global patch management market during 2022-2032?
• What is the projected market valuation of the patch management market in 2022?
• Which are the factors driving the patch management during 2022-2032?
• What is the expected growth rate of the patch management market until 2032?

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