According to Future Market Insights, the patch and remediation software market is expected to generate a revenue of USD 1.32 billion by 2023, growing at a compound annual growth rate of 16.2%. By 2033, the market is expected to reach a value of USD 5.7 billion.
Modern technologies and automation will contribute to the growth of the patch and remediation software market. Increased cyberattacks and the need for organizations to protect their data will contribute to the increase in market demand for patch and remediation software over the next few years.
The market growth is likely to be supported by the following trends:
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 1.16 billion |
| Expected Market Value (2023) | USD 1.23 billion |
| Anticipated Forecast Value (2033) | USD 5.7 billion |
| Projected Growth Rate (2023 to 2033) | 16.2% CAGR |
Technology such as automation, AI, and machine learning will play a larger role in patching and remediating the software market. With the increasing demand for automated systems, organizations are deploying and managing patches, along with other security updates, in a planned and efficient manner. Automated patching and remediation can also reduce expenses, reduce security vulnerabilities, and helps save money in the long run.
Patch and remediation software is expected to undergo great changes in the future as artificial intelligence and machine learning become more prevalent. By using these technologies, organizations can better detect threats and vulnerabilities, and provide a detailed picture of patching and remediation.
Due to the increased demand for cyber-attacks, businesses are focusing more on innovating and designing patches that will improve their software to reduce downtime while improving their effectiveness. The largest data breach in American history occurred in 2017 at one of the largest credit bureaus. Due to this breach, more than 150 million private records were exposed, causing the organization a substantial amount in financial loss
Cloud-based patch and remediation solutions are expected to continue to grow in popularity. With cloud-based solutions, companies will be able to deploy security updates and patches more quickly and easily than with traditional on-premises solutions. In addition to providing higher levels of security, cloud-based solutions offer comprehensive monitoring of patching activities and remediation efforts. Therefore, cloud solutions are expected to drive the patch and remediation software market.
Cybersecurity strategies will continue to depend on patch and remediation software in the future. In order to safeguard organizations against increasingly sophisticated cyber threats, businesses will continue to invest in security tools. To reduce the time and effort associated with manual patching, organizations will develop automated patching and remediation systems.
Patch management policies and asset inventories can assist the organization in implementing an effective vulnerability management program. North America is expected to have the largest market growth for patch and remediation software in the near future. Major IT firms and large players are expected to contribute to the growth of the market. To gain a greater share of the market, manufacturers are focused on developing patch and remediation software.
In addition to patch management software, vulnerability scanners, and threat intelligence platforms are also increasingly integrated with patch management software. The methodology will enable security teams to have a better understanding of their security posture and to address risks more effectively.
According to latest research by Future Market Insights, the Patch and Remediation Software market is estimated to reach around USD 3.0 Bn by 2031 with an expected CAGR of 10%. The increasing software vulnerabilities will provide opportunities in near future, along with emerging use of automation solution, that will drive the market growth.
The majority of cyber-attackers take advantage of software vulnerabilities, to exploit system data. According to Verizon Data Breach Investigations Report, around 70% of successful cyberattacks exploited known vulnerabilities with available patches. So it is important to update the OS and applications regularly to prevent such attacks.
The demand for updated OS and applications is increasing as updates make computer or devices safer and help in keeping hackers away from exploiting vulnerable spots. Increasing demand for updated OS and applications is driving the patch and remediation software market.
Patch and remediation software can help to fix the code that allow hackers to install damaging malware that can delete important files or information on the computer or devices. Patch and remediation software helps to keep machines up-to-date, safe from malware and stable.
Video games use cutting-edge technologies comprising advanced hardware and software to deliver a compelling entertainment experience to the users. The gaming market is growing continuously, and is expected to continue its expansion in the foreseeable future. Gaming companies are adopting patch and remediation software to monitor and report missing or operation-critical patches and for updating the gaming software or application regularly.
Moreover, online gamers have to deal with common threats, such as malware-wrapped game installers, and thus, gaming companies are investing heavily in cyber threat counter measures, and are adopting patch and remediation software to pursue market expansion by releasing games on a larger number of platforms to attract more people to play.
In Europe there have been a number of high profile government initiatives to spur the digital health system. According to UK's National Health Service (NHS), the usage of digital healthcare services soared in 2020, according to data compiled by NHS Digital.
The healthcare industry has become one of the most targeted sectors for cyber-attacks, due to increasing usage of healthcare related software and applications. These software and application store confidential and personal information of patients, doctors and staff. Data stolen from the medical industry includes information related to patients, their medical history, bills, and other records, which can be misused by cyber criminals to create fake IDs for claiming insurance or additional gains.
Moreover, due to the increased usage of various software and applications like remote patient monitoring, healthcare information system (HIS), and others in the healthcare industry, the data protection become critical. The information is stored on cloud which do not offer appropriate security, and are prone to viruses and cyber-attacks.
Thus, to combat such cyber threats, many healthcare organizations are adopting patch and remediation software for regularly updating the software and applications and to prevent the critical information of patients and staff.
Organizations of all sizes in the APAC region are embracing digital transformation, resulting in an explosion of new software, platforms, applications, devices, and technologies, including cloud, SaaS, mobile, IoT, and devOps.
Growing digitization in countries such as Indian, Japan, Singapore, Indonesia and others, has broadened the ways for new cyber threats, and this is prompting enterprises to opt for newer and better security solutions which help them to get the visibility and focus required on closing the cyber exposure gap against a modern attack surface.
Digitization has resulted in the emergence of multichannel integration and various customer interfaces that are vulnerable. Hence, it is vital for enterprises to stay ahead on security by protecting information with patch and remediation software.
Thus, growing digitization has created potential opportunities for patch and remediation software which help in monitoring and managing the modern attacks and reduce the risk of cyber threats.
Some of the leading patch and remediation software providers include
Patch and remediation software vendors adopt various expansion strategies for enhancing their presence and increasing the market share in the global market. The strategies that patch and remediation software follow include acquisitions, partnership and collaborations with other players, new product launches, and strengthening of regional and global distribution networks.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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