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Patch Management Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Patch Management Market Trends
According to The Business Research Company's, 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 growth in the historic period can be attributed to growing emphasis on software security, growing integration with vulnerability management, rising adoption of cloud services, rising importance of prioritizing patches.
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%. The growth in the forecast period can be attributed to expansion of remote workforce, growing complexity of IT environments, integration with security orchestration platforms, and demand for hybrid deployment models. Major trends in the forecast period include IoT device security, predictive analytics, supply chain security, regulatory compliance, zero-trust security.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Patch Management Market 2024 Key Insights:
• 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%.
• Impact Of Cyber Threats On Patch Management Market Growth
• Innovative Patch Management Technology For Enhanced Cybersecurity
• North America was the largest region in the patch management market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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