Patch Management Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Patch Management Market size accounted for USD 660.3 million in 2022, growing at a CAGR of 10.9% from 2023 to 2033. The Patch Management Market involves the deployment of strategies and software solutions to systematically manage and apply updates, or patches, to software applications, operating systems, and devices. This is crucial for enhancing security by addressing vulnerabilities and ensuring systems remain up-to-date. Patch management tools automate the process of identifying, deploying, and tracking patches across an organization's IT infrastructure. The market is driven by the increasing frequency and sophistication of cyber threats, regulatory compliance requirements, and the need to maintain a secure and resilient IT environment. Major players in the Patch Management Market include IBM, Microsoft, and Symantec.

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The Patch Management market is propelled by the escalating need for organizations to systematically address software vulnerabilities and enhance cybersecurity. With the increasing frequency of cyber threats, businesses adopt patch management solutions to automate the identification and deployment of updates, ensuring systems remain secure and compliant. The market's growth is driven by the imperative to maintain a resilient IT infrastructure in the face of evolving security challenges.

Key Players
Some of the major Patch Management Market players holding high market shares include Microsoft Corporation; Broadcom, Inc.; IBM and VMware. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Qualys; SolarWinds; ConnectWise LLC.; Avast Software.; Automox; Kaseya Limited; Freshworks; NinjaOne; Pulseway; Heimdal; SysAid

Report Description: https://evolvebi.com/report/patch-management-market-analysis-and-global-forecast-2021-2028-with-covid-impact-analysis/

Segmental Analysis
Based on Solution, the Patch Management market is segmented into Software and Services. In 2022, the software segment held the most market share, with 64.17%. Patch management solutions, which are capable of identifying vulnerabilities that could lead to an attack, are being used by a number of businesses.

Based on Deployment, the Patch Management market is segmented into Cloud and On-premise. In 2022, the cloud-based segment's revenue share was 54.00%. Although cloud computing is developing, criminal activity and data breaches can still occur on cloud-based services. Operating system (OS), third-party patches, and software upgrades are managed and applied to endpoints using cloud-powered tools via cloud patch management solutions.

Based on Enterprise Size, the Patch Management market is segmented into Small and Medium-sized Enterprises and Large Enterprises. In 2022, the big enterprise sector held the most market share, with 53.10%. Patch management solutions are being used by large companies, who use them to monitor systems for vulnerabilities and threats and to apply patches to applications and systems.

Based on Vertical, the Patch Management market is segmented into BFSI, IT and Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government, Energy & Utilities and Others (Media & Entertainment, Transportation & Logistics, Aerospace & Defense). In 2022, the IT and telecom sector held the highest market share of 21.59%. The frequency of cyberattacks increased as a result of the growing number of connections on private, unsecured networks and the increasing use of endpoint devices.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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