Patch Management Market Size Statistics Expected to Grow Over USD 1,718.92 Billion By 2032, With a CAGR of 10.1%: Global Report by Polaris Market Research

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31 Jul, 2023, 10:30 ET

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NEW YORK, July 31, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Patch Management Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Deployment; By Enterprise Size (Small & Medium-sized Enterprises, Large Enterprises); By Vertical; By Region, And Segment Forecasts, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global patch management market size/share was valued at USD 655.24 Million in 2022 and is expected to touch USD 1,718.92 Million By 2032, growing at a CAGR of 10.1% during the forecast period."

What is Patch Management? How Big is Patch Management Market Size & Share?

A patch is a software update made available by a software vendor or security developer to any program or product that needs an update. Patch management refers to the process of applying firmware and software updates to address security vulnerabilities and optimize the functionality of software and devices. Patch management aims at reducing workflow interruptions and minimizing downtime by simplifying patch deployment.

Most organizations see patch management as a continuous lifecycle, as software and security vendors release patches on a regular basis. Asset management, patch monitoring, patch prioritization, patch testing, patch deployment, and patch documentation are the main stages of a patch management lifecycle. The growing adoption of cloud systems and the implementation of novel technologies like Artificial Intelligence (AI) and Machine Learning (ML) into security systems are propelling the patch management market forward.

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Prominent Growth Driving Factors

Recent Trends Influencing the Market

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Segmental Analysis

By solution patch management market segmentation, the software segment held the largest market share in 2022. This is primarily because several firms are implementing patch management solutions with advanced vulnerability detection capabilities. These software solutions have a vulnerability management framework that helps firms identify, evaluate and address system bugs. With the help of effective security methods, companies can be better prepared for potential threats and attacks.

Based on deployment, the cloud based segment accounted for a significant share of the patch management market sales. Despite substantial advances in cloud computing technology, cloud platforms have the risk of experiencing data breaches and other attacks. To mitigate these risks, cloud platforms use cloud-based tools that can apply and manage patches to end points. Unlike traditional end point solutions, cloud-based tools offer centralized management and deployment advantages. This helps firms in the effective and secure maintenance of their endpoints.

The healthcare segment patch management market segmentation is expected to grow steadily in the upcoming years. This is primarily due to the growing adoption of cloud-based platforms and the rising usage of smartphones and connected devices. The healthcare sector has experienced a surge in the integration of novel technologies like Electronic Health Records (EHRs) and IoT-based medical equipment. This, in turn, has resulted in the development of an interconnected healthcare ecosystem.

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Patch Management Market: Report Scope

Report Attribute

Details

Revenue forecast in 2032

USD 1718.92 Million

Market size value in 2023

USD 720.69 Million

Expected CAGR Growth

10.1% from 2022 – 2030

Base Year

2022

Forecast Year

2023 - 2032

Top Market Players

Microsoft Corporation, Broadcom, Qualys, Solar Winds, ConnectWise, IBM, VMware, Avast Software, Automox, Freshworks, NinjaOne, Pulseway, Kaseya Limited, Heimdal, & SysAid.

Segments Covered

By Solution, By Deployment, By Enterprise Size, By Vertical, By Region

Customization Options

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Geographic Overview

North America is home to some of the world's major Information Technology (IT) hubs. As such, the region has a higher adoption of patch management systems. Also, there has been a surge in the region's requirement for strong cybersecurity measures, including the adoption of security and vulnerability assessment tools. Furthermore, cloud-based solutions have gained traction among small and medium enterprises in North America due to their various benefits, like cost-effectiveness and flexibility. The high adoption rate of patch management solutions and the presence of patch management market key players fuel the region's growth.

The high demand for patch management systems in the Asia Pacific region can be attributed to several factors. First, the Bring Your Own Technology (BYOT) trend has gained significant traction in the region, resulting in a growing need for effective patch management products to ensure data safety on personal devices. Furthermore, several governments in APAC are taking proactive measures to encourage cybersecurity compliances, further bolstering the growth of the patch management market in the region.

Browse the Detail Report "Patch Management Market Share, Size, Trends, Industry Analysis Report, By Solution (Software, Services); By Deployment; By Enterprise Size (Small & Medium-sized Enterprises, Large Enterprises); By Vertical; By Region, And Segment Forecasts, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/patch-management-market

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Recent Developments

Some of the Important Questions Answered in the Market

Polaris Market Research has segmented the patch management market report based on solution, deployment, enterprise size, vertical, and region:

By Solution Outlook

By Deployment Outlook

By Vertical Outlook

By Region Outlook

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research