Global Patch Management Market: Overview
Patch management is a service mostly delivered by software companies. In an effort to fix bugs, software companies offer these services. Different versions of the software are offered to evaluate the existing one and identify a security hole. These security holes are detected only after the initial release of a software program and patches assist in correcting these bugs. On certain occasions, patches are installed to improve certain functionalities of the program.
The global patch management market is projected to experience promising growth in the years to come due to increasing cyber attacks and demand from healthcare and banking, financial services, and insurance (BFSI) domains.
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Global Patch Management Market: Notable Developments
There has been a few key developments related to the global patch management market and one of them is:
- In April 2019, SolarWinds improved its product portfolio of SolarWinds MSP by integrating patch management for Mac capabilities. Integrated with automated maintenance tasks and built-in checks together with the capability of making use of custom scripts and templates, it offers seamless experience in the management, protection, and monitoring of Mac devices across varied customer environment.
IBM Corporation, Cisco WebEx, SysAid Technologies Ltd., Oracle Corporation, and Kaseya Limited are a few of theleading market vendors of the global patch managementmarket.
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Global Patch Management Market: Key Trends
The global patch management market is likely to exhibit the following trends and opportunities during the forecast timeframe.
Rise in the Number of Cyberattacks to Spell Growth for the Market
The global patch management market owes much of its growth to the cybercriminals who exploit vulnerabilities of unpatched system. As the numbers of interconnected and interdependent virtual devices and infrastructures rise, the need for proper patch management solutions has become more vital than before.
According to the findings of a study by Ponemon Institute, nearly 68 percent of respondents firmly believe that poor execution of patch management solution contributes to data breaches. The respondents opine that organizations should think of implementing automated solutions in place of manual processes. Fifty three percent of the participants believe that incorrect execution of patching leads to bigger risk of instability than breach of data.
However, according to 45 percent of the respondents, patching vulnerabilities is a difficult task, as it quite frequently needs companies to disrupt business practices causing downtime.
Increased breach of data and instabilities arising out of improper execution of patching solutions is likely to spell growth for the global patch management market.
Healthcare and BFSI sectors are likely to be the major contributors of revenue for the global patch management market. Holding substantial amount of financial information of customers and various businesses makes the BFSI sector prone to cyberattacks.
Global Patch Management Market: Geographical Analysis
The global patch management market is likely to be analyzed mainly across the regions of South America, Asia Pacific, the Middle East and Africa, Europe, and North America.
It is likely that North America would play a dominant role in the global patch management market in the years to come. The region is likely to account for a large chunk of the market shares and grow at a rapid pace during the assessment period.
It is anticipated that factors such as presence of some of the market giants such as Oracle Corporation and IBM Corporation would accelerate the growth of the market during the assessment period. Additionally, presence of robust intellectual property rights (IPR)in the region would accelerate the growth of the regional market. Computer Crime and Intellectual Property Section (CCIPS),the Criminal Division of the U.S. Department of Justice dealing with computer and IPR crimes, found that around 4000 attacks by the malicious ransomware attacks happened since the year 2016. Such vulnerabilities of systems are ascribed to the extensive application of patch management solutions in the US.
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