Patch Management Market is Forecasted to Expand at a CAGR of 9% to Reach US$ 2.25 Billion by 2034

Revenue from the global patch management market is estimated to reach US$ 950.5 million in 2024. The market has been analyzed to climb to a value of US$ 2.25 billion by the end of 2034, expanding at a CAGR of 9% between 2024 and 2034.

The process of obtaining, evaluating, and applying several patches (code modifications) to a computer system under administration is known as patch management. It improves functionality and addresses vulnerabilities, keeping software up-to-date and secure. The expanding regulatory demands for software updates, the challenge of managing updates in extensive and varied IT environments, and the surge in cybersecurity threats have all fueled the expansion of the patch management solutions market.

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Key drivers of patch management market growth include the rising use of third-party applications and the increasing number of vulnerabilities due to this. Alongside escalating security threats, fears of hacking are also contributing to the growth of the market worldwide.

Key Market Growth Drivers

• Increasing regulatory requirements for software updates, the complexity of managing updates across extensive and diverse IT environments, and the rise in cybersecurity threats are all driving the growth of the market.
• Key players include providers of integrated IT management suites and stand-alone patch management software, such as IBM (BigFix), Microsoft (Windows Update), Ivanti (Patch Management), and SolarWinds (Patch Manager).
• Patch management market trends, such as automation for faster patch deployment, integration with IT asset management and vulnerability management tools, and the shift to cloud-based patch management solutions, are influencing the market.
• Growing demand for the latest software versions will emerge as one of the primary drivers for market growth.
• Increasing incidents of hacking and the emergence of new regulatory policies globally will also complement the growth of the market.
• Cloud-based patch management solutions are contributing to the rapid expansion of the patch management market size. As the cloud computing market expands, businesses are exploring various cloud models to find the optimal balance of functionality, scalability, and return on investment.

Top Key Players are IBM Corporation; Symantec (NortonLifeLock Inc.); Micro Focus; Qualys Inc.; SolarWinds Corporation; Ivanti; ManageEngine; ConnectWise; Avast; Automox; GFI Software; Chef Software; SysAid Technologies; Atera; Infinite Group, Inc.

Regional Analysis
Patch management is now seen as a crucial element for maintaining IT services, especially given the rise in cybersecurity threats in the region. With the rapid adoption of the latest technologies, the United States holds a significant share of the patch management market. Cybercriminals find it easier to target organizations that neglect network security, highlighting the importance of robust patch management.

The IT sector has been efficiently supporting the development of various software applications, which boosts demand for patch management solutions. Technological innovation and the large number of data centers in the region further drive market growth. Additionally, the increasing demand for patch management services is stimulated by the growth of healthcare centers and the expansion of businesses.

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Competitive Landscape
The escalating demand for patch management solutions is driven by an increase in product functionality, prompting market players to boost their R&D investments for product innovation. Mergers, acquisitions, collaborations, and regulatory approvals play pivotal roles in achieving effective growth in this landscape.

In July 2021, Atera secured $77 million in venture funding, reaching a valuation of $500 million. Focused on assisting SMBs in managing their remote networks, Atera plans to expand its customer base and enhance its product features, particularly in artificial intelligence (AI). The infusion of funds will contribute to further developments in predictive analytics, a technology often present in enterprise solutions but lacking in many SMB software solutions.

Market Segmentations
By Component :
Software
Services

By Deployment :
Cloud
On-Premise

By Vertical :
BFSI
Information Technology & Telecom
Healthcare
Government & Defense
Retail
Education

By Region :
North America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
Latin America
Middle East & Africa