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Patch Management Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Demand, Forecast, Mergers and Acquisitions
Patch Management Market
As per the report, the patch management market size has grown rapidly in recent years. It will grow from $0.75 billion in 2023 to $0.86 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The patch management market size is expected to see rapid growth in the next few years. It will grow to $1.46 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
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Impact Of Cyber Threats On Patch Management Market Growth
The increasing frequency of cyber threats is expected to propel the growth of the patch management market going forward. Cyber threats refer to malicious activities or incidents that risk the confidentiality or availability of digital assets and information systems. Cyber threats are increasing due to global connectivity and insufficient awareness about cybersecurity risks among individuals and organizations. Patch management reduces cyber risks by promptly fixing software vulnerabilities, preventing exploitation by attackers, and enhancing cybersecurity resilience. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, in the financial year 2021-22, over 76,000 cybercrime reports were recorded, representing an almost 13% rise compared to the previous fiscal year. Therefore, the increasing frequency of cyber threats is driving the growth of the patch management market.
Innovative Patch Management Technology For Enhanced Cybersecurity
Major companies operating in patch management markets focus on developing innovative technologies, such as patch management technology for distributed control systems (DCS), to enhance cybersecurity and operational efficiency in industrial automation environments. Patch management technology for DCS involves the systematic process of identifying and deploying software patches and updates to secure and optimize the performance of DCS systems. For instance, in January 2022, Emerson Electric Co., a US-based manufacturing company, launched an integrated patch management system to enhance cybersecurity on DeltaV distributed control systems (DCS) by managing patches from Windows and McAfee. The system administrators can quickly identify systems with pending updates, view relevant system impact information, and install patches individually or across multiple machines. This technology aims to streamline the patching process, reduce downtime costs, and enhance overall cybersecurity posture by ensuring critical software is up-to-date.
The patch management market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Vertical: Banking, Financial Services, And Insurance, Information Technology (IT) And Telecom, Healthcare, Government And Defense, Retail, Education, Other Verticals
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Major companies operating in the patch management market are Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Cisco Systems, Broadcom Inc, VMware Inc, Gartner, Open Text Corporation, Micro Focus, BMC Software, Avast Software, SolarWinds Corporation, Progress Software Corporation, Ivanti, Freshworks Inc, Qualys Inc, ConnectWise Inc, Flexera, Kaseya Limited, HEAT Software, Automox Inc , GFI Software Ltd, Heimdal Security, SysAid Technologies Ltd, SecPod Technologies
Contents of the report:
1. Executive Summary
2. Patch Management Market Report Structure
3. Patch Management Market Trends And Strategies
4. Patch Management Market - Macro Economic Scenario
5. Patch Management Market Size And Growth
…..
27. Patch Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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