Why is Patch Management Market Expected to Surge in U.S. in Future?

The increasing demand for up-to-date operating system (OS) applications is one of the major factors contributing to the surge in the demand for patch management solutions across the world. Since the last few years, businesses have been suffering huge losses, primarily due to the soaring number of malware attacks, which has significantly propelled the adoption of patch management solutions, consisting of enhanced features, security updates, compatibility updates, and bug fixes, in order to protect the systems from such attacks, get timely updates for the OS/applications, and ensure efficient functioning of the systems.

The other major factor pushing the adoption of patch management solutions is the increasing vulnerability in the software. The severity of this vulnerability can be determined by analyzing its impact on the integrity and confidentiality of data and the complexity of attacks. Moreover, the rising internet connectivity has increased the vulnerability of business systems to cyber-attacks. Due to these factors, the global patch management market generated revenue of $535.4 million in 2019, and it is predicted to reach a value of $3,245.6 million by 2030, at a 17.8% CAGR during 2020–2030 (forecast period).

Patch management solutions are widely employed in the banking, financial services, and insurance (BFSI), information technology (IT) & telecom, government, healthcare, education, and retail sectors. Amongst these, the BFSI sector is expected to record the fastest growth in the demand for these solutions during the forecast period, which is mainly attributed to the fact that the companies operating in the sector have to adhere to strict guidelines and regulations. The burgeoning need for improved security systems is also a major factor responsible for the increasing adoption of patch management solutions in this sector.

The biggest rage presently being witnessed in the patch management market is the shifting focus toward automated business processes, throughout the world. Businesses are increasingly switching over to automated processes in order to improve productivity, enhance efficiency, and reduce operational costs. Moreover, automation removes the requirement for manual patch installation, enables the implementation of missing patches through automated workflows, and enhances system insights, thereby increasing the efficiency of the security management process.

Geographically, North America registered the highest adoption of patch management solutions in 2019, and this trend is expected to continue during the forecast period. In North America, the U.S is expected to record more-significant growth in the demand for patch management solutions, which is mainly ascribed to the increasing number of cyber-attacks and the presence of major providers of these solutions in the country, such as Oracle Corporation, Micro Focus International PLC, Microsoft Corporation, Qualys Inc., Ivanti Inc., and HPE Company.

Hence, it can be undoubtedly said that owing to the rising prevalence of cyber-attacks, the mushrooming need for advanced security systems and solutions, and the increasing requirement for updated applications, the demand for patch management solutions will observe huge increase in the coming years.

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Businesses Using Digital Certificates to Gain Customer Trust

Customer trust is quintessential for any business to flourish. With the expanding online consumer base, the need for building customer trust is also accelerating at a significant rate. Nowadays, customers are spoilt with options when it comes to choosing from multiple products, brands, and services, due to the rising presence of businesses online. Customers’ trust in brands, which depends on the quality of services or products, discounts offered, quick resolution of queries, and loyalty programs and rewards, can be won by using digital certificates, as they help in adding more trust and confidence in the security of businesses.

Moreover, the mounting awareness about secure web access, on account of the growing internet penetration, will aid the certificate authority market in advancing at a healthy CAGR of 12.3% during 2020–2030. The market was valued at $81.7 million in 2019, and it is expected to generate $285.7 million revenue by 2030. The internet has become extremely important for the social and economic growth of the world, but it also has numerous threats attached to it. The increasing attacks on the cyberspace and escalating awareness about cybersecurity and digital signatures are already creating a huge requirement for digital signatures and certificates.

Additionally, the increasing use of cloud-based services by business entities will boost the adoption of digital certificates in the foreseeable future. The amplifying usage of such services can be credited to the scalability, data security, and flexibility offered by the cloud computing technology. Furthermore, this technology offers the platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), and software-as-a-service (SaaS) models, which are being adopted by businesses to improve their operations. Thus, the surging utilization of services such as SaaS cloud computing will boost the adoption of digital certificates.

To enhance their customer base, ensure customer loyalty, and strengthen security, businesses across the education, healthcare, government, information technology (IT) and telecommunications, travel and hospitality, and banking, financial services, and insurance (BFSI) sectors are opting for secure email certificates, code signing certificates, secure socket layer (SSL) certificates, and user/client authentication certificates. Additionally, enterprises are creating a huge requirement for support, implementation and integration, and managed public key infrastructure (PKI) services to secure the identities of their customers and offer secure access to their services.

According to P&S Intelligence, North America led the certificate authority market in the preceding years owing to the presence of several digital certificate providers and the implementation of stringent data security laws and compliance standards. In the North American region, the U.S. provides a larger number of certificates due to the absence of any central federal-level privacy law and execution of multiple vertically focused federal privacy laws and new customer-oriented privacy laws in various states.

Whereas, Asia-Pacific (APAC) is expected to procure digital certificates at the highest rate in the forthcoming years due to the mounting number of online businesses, accelerating digital transformation rate, and increasing adoption of the internet of things (IoT) technology. The surging use of IoT solutions is resulting in malicious attacks, owing to which enterprises are increasingly focusing on authentication and data security. Business entities are, therefore, adopting PKI certificates as they represent identity in a cross-organizational and cross-platform way.

Thus, the soaring focus of businesses on gaining customer trust and the escalating awareness about secure web access will boost the adoption of digital security or identity certificates.

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