Patch Management Market Size, Share & Trends 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 - 2030

Patch Management Market Size, Share & Trends 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 - 2030

Patch Management Market Growth & Trends

The global patch management market size is estimated to reach USD 1.45 billion by 2030, growing at a CAGR of 10.4% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The growth is expected to be driven by a rise in vulnerabilities globally, growth in cloud adoption trends, and the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) with security and vulnerability management systems. Disruptive and emerging technologies have brought new capabilities, promoted automation, and improved working conditions in the retail, banking, defense, manufacturing, and information technology industries in recent years. They have, nevertheless, emerged as potent forces in the worldwide threat landscape of exploits, vulnerabilities, and malware. As a result, patch management implementation is critical for enterprises to comply with various industry laws.

Patch management protection systems detect threats and suspicious activity that led to security breaches by utilizing unique threat intelligence, machine learning, and behavioral analysis techniques. The incorporation of sophisticated technologies such as machine learning and artificial intelligence is expected to assist organizations in automating network and infrastructure security. Vulnerability management firms are working on AI-based solutions like extended detection and response, which monitors, collects, and correlates data across several levels such as servers, networks, endpoints, cloud, email, and others. This enables improved investigation and immediate danger detection, resulting in a shorter incident reaction time and threat mitigation. These factors will contribute to the market growth throughout the forecast period.

Even as cloud computing evolves, cloud-based platforms remain vulnerable to criminality and data breaches. Due to the high costs involved with on-premise solutions, more businesses are turning to cloud computing. As a result, with the growing desire for cloud computing, the adoption of cloud-based patch management solutions is likely to rise. As organizations continue to adopt cloud-based platforms for data exchange, demand for cloud-based patch management solutions is projected to rise. The significant cost savings associated with the use of cloud-based platforms are encouraging commercial establishments and government agencies to migrate to cloud storage and cloud-based platforms, which will drive demand for cloud-based patch management solutions during the forecast period.

Patch Management Market Report Highlights

• The services segment is expected to register a CAGR of 11.3% from 2023 to 2030. The increasing adoption of managed services to overcome the pressure on internal IT teams to manage and secure devices such as servers, mobile devices, and network devices within organizations is expected to propel the growth of the segment
• The cloud-based segment is anticipated to grow at a CAGR of 11.7% from 2023 to 2030. Several companies and banks are opting for cloud computing owing to the high costs associated with on-premise solutions across the globe. Furthermore, the rapid shift of companies toward remote working as a result of the pandemic is expected to increase the use of cloud storage and sharing. These factors are anticipated to drive the adoption of cloud security solutions to safeguard user data and mitigate risks posed by cyberattacks
• The Small & Medium-sized Enterprises (SMEs) segment is anticipated to grow at a CAGR of 11.1% from 2023 to 2030. SMEs increasingly adopting patch management solutions, driven by the growing use of endpoint devices in the workplace and the need for improved security and device management
• The healthcare segment is anticipated to grow at a CAGR of 13.3% from 2023 to 2030. The segment growth can be attributed to the increasing use of Internet of Medical Things (IMoT) devices for better patient care raising potential threats, increasing data breaches, and higher adoption of advanced cyber security solutions.
• The Asia Pacific segment is anticipated to grow at a CAGR of 13.0% from 2023 to 2030. The market is being propelled by the rapid development of IT and telecom infrastructure, expanding data center deployments, increasing internet penetration, and the proliferation of numerous endpoint and connected devices

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