From $535.4 million in 2019, the patch management market is expected to grow to $3,245.6 million by 2030, at a CAGR of 17.8% during 2020–2030 (forecast period). The banking, financial services and insurance (BFSI) category led the market in 2019, among all industries, as the sector faces constant cyber threats from external as well as internal sources. This is leading to a strong focus on the adoption of vulnerability management and security solutions to secure customers’ financial data.
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The rapid automation of business processes is the key patch management market trend. IT automation helps in integrating various processes and tools, via automated workflow. The conventional process of patch management creates the need for extensive human engagement, in not only accomplishing the process, but also keeping the software products updated with the newest compliance standards and most recently launched features. Contrarily, automating the process provides consistency, improved security, and better system insights, which lead to enhanced protection for organizations.
The major driver for the growth of the patch management market is the increasing need to make the system less vulnerable to security threats. Due to the rising vulnerabilities, the IT system of companies is rapidly being hacked, with the intent of causing harm. The impact of such attacks on integrity, availability of data, confidentiality, and complexity of attacks can be studied to determine the severity of the vulnerabilities. Though the internet has opened doors of growth, it has also increased the risk of cyber-attacks.
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During the forecast period, faster growth in the market would be experienced by the service category, based on component. This would be because of the fact that businesses around the world are increasing availing of maintenance, training, support, consulting, and other services related to patch management, to keep their security protocols up to date. In 2019, the healthcare sector held a significant revenue share, on the basis of end user, as the process delivers cyclic updates, which helps clinical systems prioritize their updates.
