The global market for patch management is booming worldwide. Recently, Technavio estimated that the market would grow up to USD 336.03 million by 2023. With a CAGR of whopping 10% during this period.
Keeping in mind the current global scenario, it is no wonder that effective products and services will form the global market.
This article will explore what patch management is and why your business should consider implementing this solution for increased efficiency and security.
Several factors play a role in crucial market insights. The most important among them include emerging players, competitive landscape, sales and revenue, global market shares of manufacturers, and the game’s giants.
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What is patch management?
Patch management is the process of installing updates to the existing software and applications. These updates usually fix previous bugs and might include patches to fix vulnerabilities.
Software companies do patch management manually and as part of their internal efforts to fine-tune their product as per the growing requirements of users and technology stack.
Above all, it allows companies to identify and fix critical vulnerabilities in their systems that might lead to a cyber breach and data theft.
What is automatic patch management?
Managing patches manually is a cumbersome task, but you can now automate it using any patch management software thanks to evolving technologies.
Patch management software helps scan devices on a network and identify missing software updates, commonly called patches.
Patches are nothing but code that has to be inserted at a particular location in the software’s existing code. The main job of patch management software is to identify tools in users’ systems that require these patches and install them with a single click.
Installing the software on a central administrative device ensures that the changes get deployed across all devices. This is particularly useful for large organizations and enterprises.
Why do we need a patch management solution?
1. Security: The solution automatically installs the latest vulnerabilities fixes released by their software vendors ensuring all the IT assets in your organization are secure. Also, it means that hackers can’t exploit backdoors of previous builds to hack into your systems.
2. Compliance: Due to the increase in cyber attacks, organizations are bound to comply with cybersecurity standards by regulatory authorities. For most compliances, a patch management solution is an absolute necessity.
3. Always enjoy new features: All your systems will always be up to date and have all the latest features distributed by their respective vendors. This can enhance the efficiency of your IT assets and the productivity of your employees.
4. Delightful customer experience: To keep your customers happy and deliver a consistent product experience, releasing regular software updates or security patches becomes a bare necessity.
5. Product innovation: For continued product innovation and growth, you have to streamline processes and risks to distribute regular patches to all the consumers efficiently.
What are the market drivers?
With an emerging need to ensure the adequate functionality of IT assets and automated patch management software processes, it has become very easy and direct.
The main market drivers leading to it being a booming industry are:
- The need to protect your organization and customers from increasingly frequent cyber-attacks that make use of vulnerabilities in software.
- Industry-specific regulatory standards that ensure the safety of your organization’s network architecture
- The increase in cloud-based solutions and mobile workforce needs to be kept safe.
- Geographic expansion of companies in emerging markets will lead to widespread implementation of cloud-based solutions, which offer more opportunities. In addition, regions like APAC and MEA also bring a horde of possibilities.
The market is segmented into on-premise and cloud-based. By application, it can be divided into individual, enterprise, and others.
Supplying tailored solutions for each of these types is key to ensuring that patching solutions are hassle-free and easy to follow.
The future of patch management is bright. Market leaders have been trying to come up with ways to prevent manual intervention as well.
The major vendors are IBM, Microsoft, Symantec, Micro Focus, and Qualys, among others. According to Market Research Intellect’s “Global Patch Management Software Market Report.”
To stay attuned to the future, one has to embrace concepts like automated patching.
Organizations like JetPatch offer benefits that are in line with this vision, like:
- Intelligent predictions that avoid human error and downtime
- Automated patching across your ecosystem to minimize patch time
- Single dashboard view of the most urgent vulnerabilities that facilitate quick action
- A modern solution that is designed exclusively for your complex environment