PUBLISHER: The Business Research Company | PRODUCT CODE: 1499895
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499895
Patch and remediation software refers to tools utilized in computer systems and networks to rectify risks, defects, or security issues in software applications, operating systems, or firmware. They aid organizations in proactively addressing potential threats and reducing the risk of security breaches and cyberattacks.
The primary types of patch and remediation software include security updates, Windows updates, and service packs. Security updates encompass patches, fixes, or enhancements developed to mitigate vulnerabilities or weaknesses in software, hardware, or systems, enabling organizations to fortify their defenses against security threats. These solutions encompass a range of components, including both software and services, deployable in on-premise and cloud environments. They cater to organizations of varying sizes across numerous industry verticals, such as banking, financial services, and insurance (BFSI), healthcare and life sciences, information technology (IT) and telecommunications (Telecom), energy and utilities, manufacturing, transportation, retail, and others.
The patch and remediation software market research report is one of a series of new reports from The Business Research Company that provides patch and remediation software market statistics, including the patch and remediation software industry global market size, regional shares, competitors with a patch and remediation software market share, detailed patch and remediation software market segments, market trends and opportunities, and any further data you may need to thrive in the patch and remediation software industry. This patch and remediation software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The patch and remediation software market size has grown rapidly in recent years. It will grow from $1.41 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed during the historic period can be attributed to several factors, including the heightened frequency of cyberattacks, increased utilization of vulnerability scanners to identify weaknesses, a rise in security and data breaches prompting action, greater awareness and education about cybersecurity risks, and the expanding globalization of businesses necessitating enhanced security measures.
The patch and remediation software market size is expected to see rapid growth in the next few years. It will grow to $3.44 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The projected increase in growth is driven by the expansion of remote workforces, the continual expansion of IT infrastructures, heightened awareness of zero-day vulnerabilities, a heightened emphasis on operational efficiency, a growing need for comprehensive security solutions, and a focus on user-centered patching strategies. Key trends anticipated in the forecast period encompass the emergence of threat intelligence platforms, the integration of cloud-native patch management solutions, advancements in visibility and reporting capabilities, the adoption of AI-driven automation, the proliferation of AI-powered patch management solutions, and the widespread adoption of security orchestration, automation, and response (SOAR) platforms.
The surge in cyber threats is poised to drive the expansion of the patch and remediation software market in the foreseeable future. Cyber threats encompass malicious activities aimed at stealing or harming data, disrupting digital operations, or compromising information system security. These threats stem from various factors, including increased connectivity, a lack of cybersecurity awareness, the transition to remote work setups, and the use of sophisticated attack methods. Patch and remediation software plays a critical role in helping organizations stay vigilant against cyber threats by ensuring their systems are updated with the latest security patches and updates. This software aids in identifying, prioritizing, and implementing solutions to mitigate risks, thereby reducing the likelihood of successful cyberattacks. For instance, as per a report published by the Identity Theft Resource Center (ITRC) in January 2024, data compromises in 2023 surged to 3,205 cases, marking a 78% increase from 1,801 cases in 2022. Hence, the escalating cyber threats are fueling growth in the patch and remediation software market.
Leading companies in the patch and remediation software sector are concentrating on developing cutting-edge solutions utilizing innovative technologies, such as automated remediation of security vulnerabilities, to gain a competitive advantage in the market. Automated remediation of security vulnerabilities involves automatically identifying, prioritizing, and resolving security weaknesses or vulnerabilities present in computer systems. For instance, Action1 Corporation, a US-based provider of a risk-based patch management platform, introduced an enhanced version of its patch management platform in December 2022. This updated platform facilitates automated workflows to expedite the remediation process, offering seamless integration capabilities to link automated vulnerability repair operations with existing information technology infrastructures. It also expands its application repository for secure software deployment and updates. Through automated remediation of security vulnerabilities, organizations can proactively detect and address potential security risks, streamline remediation efforts, and enhance overall security posture.
In August 2021, Ivanti, a US-based software company, acquired RiskSense Inc. for an undisclosed sum. This strategic acquisition aims to bolster Ivanti's patch management capabilities, empowering customers to adopt a proactive, risk-based approach. This approach enables organizations to minimize their attack surfaces, prioritize vulnerabilities for remediation, and mitigate exposure to cyber threats and ransomware attacks. RiskSense Inc., a US-based cybersecurity firm, delivers patch and remediation software through its cloud-based RiskSense platform.
Major companies operating in the patch and remediation software market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Broadcom Inc., Red Hat Inc., Micro Focus International plc, BMC Software Inc., GoTo Group, Avast Software, Zoho Corporation Pvt. Ltd., SolarWinds Worldwide LLC, Ivanti, Qualys Inc., Flexera Software LLC, Kaseya Limited, Chef Software Inc., Puppet, Comodo Group Inc., SysAid Technologies, NetSPI LLC, Verve Industrial Protection, Patchworx, JetPatch, SmiKar Software, Lumension Security Inc.
North America was the largest region in the patch and remediation software market in 2023. The regions covered in the patch and remediation software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the patch and remediation software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The patch and remediation software market includes revenues earned by entities by providing services such as vulnerability scanning, software updates, compliance monitoring, risk assessment and prioritization, automation, reporting and analytics, and support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Patch And Remediation Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patch and remediation software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patch and remediation software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The patch and remediation software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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