By 2024, the global patch management market is expected to produce sales of US$ 950.5 million. Between 2024 and 2034, the market is projected to develop at a compound annual growth rate (CAGR) of 9%, reaching a valuation of US$ 2.25 billion.
Software companies are currently involved in an unending competition to offer users the best apps available. As a result, businesses spend a lot of money developing upgraded versions of their current software. Most IT companies employ the Software as a Service (SaaS) model, which charges a fixed cost for updated versions of their products.
Patch management fixes several vulnerabilities in an organization’s systems and apps, hence reducing security issues in any program. Missing patches can have serious security consequences for an organization. Updating security software protects the business against issues like identity theft, data loss, and software damage. Installing the required upgrades should fix the majority of these problems, allowing employees to continue working uninterrupted and boosting business efficiency.
What is the Growth Rate of the patch management market in the United States?
Patch management is now seen as a crucial part of maintaining IT services, particularly in light of the rise in cybersecurity risks in this area. The United States has the most market share due to the country’s quick adoption of the newest technology. When businesses let their network security guard down, cybercriminals find it easy to target them. Over the course of the forecast period, the patch management market in the US is anticipated to expand at a CAGR of 9.2%.
Furthermore, the IT industry has been effectively assisting in the development of a wide range of software applications for the American market. The vast number of data centers in these regions, along with technical advancement, will drive further market demand for patch management. The expansion of healthcare facilities and enterprises in the industry will contribute to the rising need for patch management services.
