The patch management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Patch Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Patch Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Patch Management Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the personal and entry-level storage market are developing products with advanced technologies, such as the Hitachi virtual storage platform, to manage their data effectively. Hitachi virtual storage platform one is a hybrid cloud data platform is a unified hybrid storage platform that simplifies data management across various storage environments, including block, file, object, and mainframe data. For instance, in October 2023, Hitachi Ltd., a Japan-based conglomerate company organization, launched the Hitachi virtual storage platform to address the challenges faced by IT leaders in scaling data and modernizing applications across complex hybrid and multi-cloud infrastructures. It features a single control plane, data fabric, and data plane managed by AI-enabled software to unify separate data silos. This platform’s design focuses on reliability, security, and sustainability, enhancing its impact on customers with varying data storage needs, including those at the personal and entry-level storage scale.
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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Regional Insights –
North America was the largest region in the patch management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the patch management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
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
Table of Contents
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
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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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