Patch Management Market projected to reach USD 979 million by 2024

(IT-NEWSWIRE.COM, December 10, 2019 ) MarketsandMarkets forecasts the a new market research report “Patch Management Market to grow from USD 589 million in 2019 to USD 979 million by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. Growing demand for up-to-date Operating System (OS)/applications and favorable government regulations are the driving factors for the growth of the patch management market. Lack of awareness about cybersecurity and application compatibility, and patch testing issues are a few challenges faced by the market, which are hindering the adoption of the patch management applications.

Browse 50 market data Tables and 50 Figures spread through 128 Pages and in-depth TOC on "Patch Management Market by Component (Patch Management Software and Services), Service (Consulting, Support & Integration), Deployment (Cloud and On-Premises), Vertical (BFSI, Government & Defense, IT & Telecom), and Region - Global Forecast to 2024"

The patch management services enhance enterprises’ security portfolio and safeguard their business software and hardware with patching applications. They are rapidly being adopted across organizations. Various patch management services include consulting, training and education, and support and integration services. The demand for services is directly related to the adoption level of patch-management applications. The adoption of patch-management applications is increasing to secure business-sensitive applications. In addition to this, the major trends influencing the patch management market are updates that are required to resolve new vulnerabilities identified across complex IT infrastructure and OS. Due to these vulnerabilities, users need guidance, and therefore, consulting, and support and integration services are expected to witness significant growth in the coming years. Furthermore, these services play an important role in protecting systems and applications from vulnerabilities.

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As per business requirements, patch management applications are available on both the cloud as well as on-premises. In the on-premises deployment, organizations have control over all their systems and data, and they have to bear the cost of maintenance that includes the cost for hardware, software, and other resources. However, this type of deployment has limitations, such as limited storage capacity, scalability, and bandwidth. The cloud-based deployment offers scalability, speed, 24*7 services, and improved IT security. The demand for SaaS-based security solutions is rapidly increasing, as they act as central delivery models and meet IT security needs. Owing to the increasing number of applications on cloud, there is a shift from traditional on-premises patch management applications to cloud-based patch management applications across large enterprises and SMEs.

Vulnerability management, and compliance management and reporting are important features that enable patch management applications to tackle vulnerabilities. Vulnerability management includes the routine of recognizing, grouping, remediating, and removing vulnerabilities, particularly in networks and firmware. It is significant for securing Personal Computers (PCs) and systems. It helps organizations in persistently securing the IT infrastructure, and complying with internal protocols and external regulations. Effective vulnerability management saves companies from expensive breaches, such as replacing compromised components and upgrading systems. Hence, it becomes necessary for organizations to take expert advice for the implementation and upgradation of solutions and services to prevent evolving cyberattacks. Compliance management refers to the proportion of computer devices and their applications that are successfully patched in a way that they are no longer vulnerable. It comprises key characteristic features, such as system health policy, patch automation, and the monitoring and reporting of detected vulnerabilities. System health policy determines the operational status of systems needed to secure against different vulnerabilities. Patch automation ensures that the systems are fully compliant with the latest updates. It also applies missing patches (if any) to safeguard the running applications. Reporting is a unique feature of compliance management, wherein different patch reports demonstrate patch compliance across endpoints by monitoring and reporting the vulnerabilities and patch status of each system.

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Patch Management Market projected to reach USD 979 million by 2024