Patch Management Market to Expand with Significant CAGR by 2024

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The global patch management market size is expected to grow from USD 589 million in 2019 to USD 979 million by 2024, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. Increasing vulnerabilities to promote patch management solutions and increasing deployment of third-party applications are expected to drive the growth of patch management market across the globe. Furthermore, the patch management applications provide various features, such as vulnerability management, compliance management, auditing, and reporting, and supports various computing devices, such as PCs, laptops, tablets, and smartphones.

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The major patch management vendors include IBM (US), Microsoft (US), Symantec (US), Micro Focus (UK), Qualys (US), SolarWinds (US), Ivanti (US), ManageEngine (US), ConnectWise (US), Avast (Czech Republic), Automox (US), GFI Software (US), Jamf (US), Chef Software (US), and SysAid Technologies (Israel). These players have adopted various growth strategies, such as new product launches, product enhancements, business expansions, partnerships, collaborations, and mergers and acquisitions, to expand their presence in the global patch management market further. These strategies have helped them innovate their offerings and broaden their customer base.

IBM (US) is one of the leading vendors of patch management software, solutions, and services. IBM invests 7–8% of its revenue on Research and Development (R&D) to offer best-in-class and innovative products to its customers. The security division, IBM Security, holds more than 3,500 security patents and has a team of more than 8,000 security experts who serve over 12,000 customers in 133 countries. IBM offers patch management through its BigFix patch solution. The BigFix solution is distinct among its competitors, as it provides protection to more than 250,000 endpoints and can patch more than 90 Operting System (OS) types. This software also supports diversified endpoints, which include physical and virtual servers, laptops, desktops, Point-of-Sale (POS) devices, Automated Teller Machines (ATMs), and self-service kiosks. Moreover, IBM’s patch management solution are being deployed by various companies to help with the new GDPR regulation and to protect data that is handled and managed by third-party cloud service providers. Moreover, the company also focuses on developing new products and services using the strategy of partnerships, acquisitions, and agreements. These strategies have helped the company to further innovate its product offerings, acquire new customers, and expand its global presence in the patch management market.

Symantec (US) is another prominent provider of solutions related to software, security, backup, and data protection. The company primarily focuses on the development of the managed and secured networks, and gateways for the protection of the client’s data. Due to the current market dynamic trends, ranging from mobile, cloud, to Internet of Things (IoT), Symantec has readjusted its security solution portfolio to expand its market reach. Over the years, the company has been working toward the strategy of innovating solutions to protect data centers and endpoint security. Furthermore, the company is enhancing its offerings regarding the security of digital information. Symantec also helps enterprises manage and secure technologies in a more cost-efficient way. The company’s patch management solution  helps enterprises to allocate patch updates, fixes, and remediation activities, and possible unintended consequences to the users. Symantec has always emphasized on the innovation and advanced technology utilization for security and encryption of vital information. Furthermore, Symantec focuses on the enhancement of R&D to incorporate innovative product portfolio in the patch management marketspace.

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