Economic Impact of Coronavirus on Patch Management Market to Reap Excessive Revenue

The demand for automation in companies is on a rise. As the corporate sector is witnessing considerable growth, the need for enhanced efficiency and productivity among businesses is also growing. This can be achieved by automating certain tasks. Other than increasing productivity and efficiency, automation also reduces operation costs for businesses. Attributed to all these factors, the demand for patch management technology is increasing across the globe.

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IT automation allows the deployment of patches via automated workflows, thereby avoiding the requirement for manual remediation. It is owing to this that the global patch management market is expected to advance at a significant pace in the years to come. An area of systems management involving testing, acquiring, and installing various patches or code changes to a computer system is referred to as patch management. It maintains knowledge regarding available patches and decided what patches are ideal for a particular system, thereby making sure that patched are installed properly.

The rising demand for mitigating vulnerabilities in software is a major reason leading to the rising demand for patch management. As the dependence on internet and cloud solutions has risen all over the world, the incidence of cyber-attacks has grown as well. The seriousness of vulnerabilities differentiate on the basis of various factors, including availability of data, their impact on integrity, complexity of attacks, and confidentiality. Therefore, businesses are deploying security solutions and keeping systems up-to-date for mitigating vulnerabilities in software.

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The global patch management market is predicted to generate a revenue of $3,245.6 million by 2030, increasing from $535.4 million in 2019, progressing at a 17.8% CAGR during the forecast period (2020–2030). On the basis of component, the market is divided into service and software, between which, the software division held the major share of the market in 2019. The rising integration of solutions with infrastructures is leading to the automation of services, thereby driving the demand for patch management software.

Geographically, North America dominated the patch management market, as per a research conducted by P&S Intelligence. The region is further predicted to create the largest demand for patch management solutions in the coming years as well, with the U.S. leading the regional domain. The presence of major companies and increasing number of cyber-attacks are leading to the growth of the regional market.
Hence, the market is being driven by the rising need for automation in companies and increasing need for mitigating vulnerabilities in software.

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