Fact.MR has recently published a report on patch management for the forecast period of 2022-2032. According to the study, the market will hit US$ 2 Billion in 2032, increasing at a staggering rate of 9.4% over the next decade. A never-ending arms race between software companies today is to provide users with the best applications available on the market. As a result, they spend a lot of resources developing improved versions of the software they already have. A majority of IT corporations use a Software as a Service (SaaS) model which charges a flat fee for updated versions of their products.
To ensure high standards of cyber security, the government has published several mandatory laws in the market. Patching can assist the organization in meeting regulatory compliance and safety standards. Testing patches before deployment can prevent conflicts between the patch and software, and negatively affect IT infrastructure.
By addressing multiple kinds of vulnerabilities in a company’s systems and software, patch management can dramatically improve security issues in any application. Missing patches can have serious security consequences within an organization. Updating security software protects the organization from issues such as data loss, identity theft, and software damage. The installation of appropriate patches can handle most of these problems and allow employees to perform their duties uninterrupted, resulting in improved productivity for the company.
Key Takeaways from the Market Study
- Global market for patch management to be worth 800 Million US dollars by 2022
- By component type, patch management software is expected to acquire a lucrative market share of 9.4% CAGR during the forecast period.
- On-premises is slated to have the highest CAGR of 8.6% by the end of the forecast period.
- The U.S. market growth is expected to reach a CAGR of 9.2% with a market value of US$ 698.7 million at the end of the forecast period.
- China will become the most lucrative Asian market with a CAGR of 8.7% during the forecast period as a result of surging business volumes and increased automation.
“A wide-spread use of hyper-automation in patch management along with various developments in automation will further grow the market for this sector in the future.” says a Fact.MR analyst.
Collaboration between manufacturers increases production and meets consumer demand, resulting in higher profits and market shares. The biggest suppliers of passenger services systems make sure they have top-of-the-line management services and software. Some of these companies have been actively engaged in collaborating with various governmental agencies.
- In August 2021, Ivanti acquired RiskSense to revolutionize the patch management market. The threat intelligence provided by Ivanti and RiskSense will enable security and IT teams to identify which vulnerabilities in their organization are being actively exploited, including any vulnerabilities related to ransomware, and then respond quickly to those threats. In taking a proactive, risk-based approach to patch management, organizations will be able to reduce their attack surface, prioritize vulnerabilities for remediation, and will be less vulnerable to cyber threats and ransomware attacks.
- In January 2022, Emerson announced that its newest weapon in the fight against cybercrime would be launched. The Integrated Patch Management System manages patches and implements them onto DeltaV distributed control systems (DCS) by integrating with Windows and McAfee anti-virus and security software. Keeping up-to-date critical software is more important than ever in an environment where continuous cybersecurity threats persist. In addition to increasing confidence in the overall cybersecurity posture, integrated patch management can be used to apply more patches, more easily, more securely, and more often.