According toa new market research report "PatchManagement Market by Component (Patch Management Software and Services),Service (Consulting, Support & Integration), Deployment (Cloud andOn-Premises), Vertical (BFSI, Government & Defense, IT & Telecom), andRegion - Global Forecast to 2024", published by MarketsandMarkets, theglobal patch management market size is expected to grow from USD 589 million in2019 to USD 979 million by 2024, at a Compound Annual Growth Rate (CAGR) of10.7% during the forecast period.
The patchmanagement software enables organizations to acquire, test, and install missingpatches for software applications and technologies. The increasingdigitalization initiatives across the developing countries have ledenterprises, both public and private, to deploy cloud and mobility-based applications.
Browse 50 market data Tables and 50 Figures spread through 128 Pages andin-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"
Patchmanagement software segment to hold the highest market share during theforecast period
The patch management market is segmented by component into patchmanagement software and services. The patch management software segment isexpected to dominate the market during the forecast period. The increasingdigitalization initiatives across the developing countries have ledenterprises, both public and private, to deploy cloud and mobility-basedapplications. It is becoming essential for the organizations to secure theirsoftware applications and Operating System (OS) from more sophisticatedcyberattack vectors, such as ransomware, Advanced Persistent Threats (APTs),and spear-phishing attacks, as the threat landscape is continuously changingand cybercriminals are targeting the business applications to steal business-sensitiveinformation.
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