The global patch management market is projected to generate US$ 950.5 million in sales by 2024. The market is expected to increase at a compound annual growth rate (CAGR) of 9% between 2024 and 2034, when it is expected to reach a valuation of US$ 2.25 billion.
Today, software businesses are engaged in a never-ending arms race to provide users the greatest apps possible. They consequently invest a lot of money in creating enhanced versions of the software they already have. The Software as a Service (SaaS) model, which charges a fixed cost for updated versions of their products, is used by the majority of IT firms.
To guarantee elevated levels of cyber security, the government has released multiple mandatory regulations into the market. Patching can help a company comply with safety and regulatory requirements. Patch deployment conflicts can be avoided by testing the fixes beforehand, which also helps to minimize damage to IT infrastructure.
Patch management may significantly reduce security flaws in any program by resolving various vulnerabilities in a business’s systems and applications. Within an enterprise, missing patches can have major security repercussions. Security software that is kept up to date shields the company from problems like data loss, identity theft, and software damage. Most of these issues may be resolved by installing the necessary updates, which will keep workers working without interruption and increase productivity for the business.
What is the Growth Rate of the patch management market in the United States?
Managing patches is viewed today as an essential component of sustaining IT services, especially considering the increase in cybersecurity threats in these region. As a result of rapid adoption of the latest technology in the market, the United States holds the largest share of the market. Cybercriminals become easier to target when organizations let their network security guard down. The patch management market in the United States is expected to grow at a CAGR of 9.2% during the forecast period.
Additionally, the IT sector has been supporting the development of various software applications efficiently in the U.S. market. Further market demand for patch management will be boosted by technological innovation and the enormous number of data centers in these regions. Increasing demand for patch management services will be further stimulated by the growth of healthcare centers and expansion of businesses in the market.
