PUBLISHER: Grand View Research | PRODUCT CODE: 1301265
PUBLISHER: Grand View Research | PRODUCT CODE: 1301265
The global patch management market size is estimated to reach USD 1.45 billion by 2030, growing at a CAGR of 10.4% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The growth is expected to be driven by a rise in vulnerabilities globally, growth in cloud adoption trends, and the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) with security and vulnerability management systems. Disruptive and emerging technologies have brought new capabilities, promoted automation, and improved working conditions in the retail, banking, defense, manufacturing, and information technology industries in recent years. They have, nevertheless, emerged as potent forces in the worldwide threat landscape of exploits, vulnerabilities, and malware. As a result, patch management implementation is critical for enterprises to comply with various industry laws.
Patch management protection systems detect threats and suspicious activity that led to security breaches by utilizing unique threat intelligence, machine learning, and behavioral analysis techniques. The incorporation of sophisticated technologies such as machine learning and artificial intelligence is expected to assist organizations in automating network and infrastructure security. Vulnerability management firms are working on AI-based solutions like extended detection and response, which monitors, collects, and correlates data across several levels such as servers, networks, endpoints, cloud, email, and others. This enables improved investigation and immediate danger detection, resulting in a shorter incident reaction time and threat mitigation. These factors will contribute to the market growth throughout the forecast period.
Even as cloud computing evolves, cloud-based platforms remain vulnerable to criminality and data breaches. Due to the high costs involved with on-premise solutions, more businesses are turning to cloud computing. As a result, with the growing desire for cloud computing, the adoption of cloud-based patch management solutions is likely to rise. As organizations continue to adopt cloud-based platforms for data exchange, demand for cloud-based patch management solutions is projected to rise. The significant cost savings associated with the use of cloud-based platforms are encouraging commercial establishments and government agencies to migrate to cloud storage and cloud-based platforms, which will drive demand for cloud-based patch management solutions during the forecast period.