Because of digital transformation, businesses all across the globe are increasing making use of cloud and automated solutions. Automation of processes helps in achieving enhance productivity, optimal efficiency, and decreased operational costs. Automation in enterprises is one of the major trends that is being observed in almost all industries. Moreover, the increased penetration of internet has facilitated the increased usage of cloud solutions, and several organization have now built mobile and web applications for providing their customers with enhanced services and solutions. These applications need to be updated regularly for functioning properly and eliminating bugs.
Since manual patching of application can get repetitive and monotonous, companies are started utilizing patch management software. The process helps in acquiring, testing, and installing multiple patches, or code changes, on already existing software tools and applications on a computer, thereby enabling the system to stay updated on new patches and determination of the appropriate patches. According to a P&S Intelligence, the global patch management market is predicted to generate a revenue of $3,245.6 million by 2030, increasing from $535.4 million in 2019, and is predicted to progress at a 17.8% CAGR during the forecast period (2020–2030).
Services, including integration & support, training, and consulting, and software are the two components of the patch management technology, between which, the demand for software was higher in the past. This can be owing to the rising integration of solutions with the already existing infrastructures leading to the automation of these services. Apart from this, the demand for patch management services is also expected to increase significantly in the coming years. The two features of patch management solutions are compliance management and vulnerability management. The need patch management for vulnerability management was higher in the past, owing to the fact that this aids businesses in identifying and remedying vulnerabilities in a system.
Other than this, the demand for patch management is also projected to increase considerably for compliance management in the years to come, which can be attributed to the fact the technology helps companies in keeping systems updated with latest patches for meeting compliance standards. A number of industries are making use of patch management solutions, including education, banking, financial services, & insurance (BFSI), retail, IT & telecom, healthcare, and government. Among all these, the BFSI industry is predicted to make a considerable use of patch management solutions in the coming years.
This is due to the fact that industry players in the sectors need to follow strict guidelines and regulations and have to function according to regulatory compliances, and failing to comply with them can result in the imposition of heavy fines. Patch management software allows companies in the BFSI sector to meet the compliance requirements in a timely manners. Geographically, North America emerged as the largest patch management market in the past, which is owing to the surging number of cyber-attacks and presence of major solution providers in the U.S.
Hence, the demand for patch management solutions is growing due to the increasing dependence automation and applications in businesses.
