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The patch management software market share is expected to increase by USD 536.32 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10.59%.
This patch management software market research report extensively covers market segmentation by deployment (on-premises and cloud-based) and geography (North America, Europe, APAC, South America, and MEA).
The patch management software market report also offers information on several market vendors, including Avast Plc, ConnectWise LLC, International Business Machines Corp., Jamf Software LLC, Micro Focus International Plc, Microsoft Corp., NortonLifeLock Inc., Progress Software Corp., SolarWinds Corp., and SysAid Technologies Ltd. among others. Furthermore, this report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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The growing demand for identifying vulnerable versions of software is notably driving the patch management software market growth, although factors such as increasing use of mobile devices in workplaces may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the patch management software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Patch Management Software Market Driver
The growing demand for identifying vulnerable versions of software is one of the key drivers supporting the patch management software market growth. With the evolving technology landscape and the periodic launch of new malware, enterprise IT software regularly requires software updates and patches to avoid cyberattacks. Vulnerable and outdated software increases the chances of cyberattacks that can cause significant loss to confidential and sensitive data. The market is witnessing the advent of cyberattack tools that are programmed to exploit newly discovered vulnerabilities across software and hardware. Such attacks can lead to data loss and theft, causing considerable financial and operational loss to companies, which is driving the demand for patch management software.
Key Patch Management Software Market Trend
One of the latest trends in the global patch management software market is the growing demand for automation of the patch management process. Automatic patch management allows end-users to automatically update patches and deploy them without human intervention. Also, automated patch management software is more efficient than traditional systems, as it keeps a continuous check on vulnerabilities across enterprise systems without human intervention. Once the automated patch management software recognizes any security gap in software, patch updates can be scheduled. Thus, the advent of the automated patch management system is expected to be a positive trend for the market in focus during the forecast period.
Key Patch Management Software Market Challenge
The increasing use of mobile devices in workplaces is hindering the patch management software market growth. Patch management software capabilities are limited to systems and devices connected to the company network. Any remote user operating a mobile device outside office premises cannot be effectively monitored and managed by patch management software and solutions. On the other hand, companies allow employees to use the corporate network to connect to personal mobile devices for increased flexibility at the workplace and during training, seminars, or other business events. The inability of patch management software to monitor remote devices for the effective deployment of software patches renders such devices vulnerable to cyberattacks, which is expected to be a major challenge for the global patch management software market during the forecast period.
This patch management software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the patch management software market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the patch management software market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the patch management software market encompasses successful business strategies deployed by the key vendors. The patch management software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Micro Focus International Plc - The company offers patch management software that provides both operating system and application software patching for Windows, Linux, and Mac endpoint devices, under the brand name Microfocus.
Micro Focus International Plc - The security segment focuses on new Artificial Intelligence and Machine Learning capabilities, expanded multi-cloud support, and enhanced capabilities to support customers in their key data privacy initiatives.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The patch management software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the patch management software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the systems software market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Deployment
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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