Patch Management Market Seeking New Highs- Current Trends and Growth Drivers

Businesses and organizations are spending more to monitor systems for vulnerabilities & threats, and adopting patching applications and systems. It has been observed that average costs to enterprise organizations for prevention, patching, detection, documentation, and reporting on patch management process, and downtime associated with patching is growing rapidly. This investment of time as well as money helps to strengthen the patch management market.

Patch management is the process of management for a computer network to regularly perform patch deployments and keep computers up-to-date. It helps to test, acquire, and install multiple patches or code changes on software tools as well as existing applications on a computer. The patch management software are mostly used by software companies as part of internal efforts to fix problems related to different software versions of programs and to analyze existing software programs with detection of any possible deficiency of security features or other upgrades. Ransomware attacks are rapidly increasing and challenging organizations to keep its multiple servers and computers updated, which is both complex and time-consuming. Complete streamlined process of patch management software system thus helps organizations to save time.

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Impact of COVID-19 on Patch Management Market:

► It is observed that North America as well as global tech market growth is temporarily slowdown, owing to the COVID-19 pandemic, which causes reduction in ICT spending in major economies such as the U.S.

► Leaving endpoints unpatched can cause severe consequences on network security, even while endpoints are within a controlled perimeter of the corporate. Organizations rely on internet for remote work in the pandemic; hence, patching machines is one of the compulsions to avoid cybercriminals from leveraging disoriented workforce and exploit vulnerabilities.

► The COVID-19 crisis is opportunistic for the patch management market, owing to necessity of patch management for remote work.

On-premise deployment provides complete control to organizations over data and all application systems that they manage on their own with the help of their IT staff. Businesses in which customer related information are credential prefers on-premises deployment model to avoid any breach of data.

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Key benefits of the report:

► This study presents the analytical depiction of the global patch management industry along with the current trends and future estimations to determine the imminent investment pockets.

► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global patch management market share.

► The current market is quantitatively analyzed to highlight the global patch management market growth scenario.

► Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

► The report provides a detailed global patch management market analysis based on competitive intensity and how the competition will take shape in coming years.

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Surge in exploitation of vulnerabilities of unpatched system by cybercriminals majorly drives the global patch management market. As the number of interdependent and interconnected virtual devices & infrastructures grows, demand for proper patch management solutions also becomes more vital. In addition, increase in deployment of third-party applications and favorable government regulations across the globe drive the market. However, patch testing issues and lack of awareness about cybersecurity among users hamper growth of the market. On the other hand, the trend of shifting from manual patch management to automated patch management for regular scan & application of patches is opportunistic for the market growth.

Key Market Players:

► Chef Software

► GFI Software

► SolarWinds

► Symantec

► ManageEngine

► Microsoft Corporation

► International Business Machines Corporation

► ConnectWise

► LLC.

► Qualys, Inc.

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