New data suggests adoption rate of Microsoft's latest OS iteration dubbed 'Windows 10' is still increasing but at a slower pace as compared to previous months.

According to latest numbers released by analytics firm NetMarketShare, Windows 10 currently accounts for 7.9 percent of the global market share, reported CNET. That's an increase from 6.63 percent last month.

However, the OS's market share only increased by 1.31 percent during October, down from 1.42 percent in September. Windows 10 is now believed to have over 120 million users.

In terms of Windows market share, Windows 7 is still reigning the charts with a whopping 55.71 percent share. Windows XP is second in the list with 11.68 per cent market share, followed closely by Window 8.1, Microsoft's operating system accounting for 10.68 per cent of the market.

It is to be noted that despite slow growth pace, Windows 10's adoption rate is higher than that of Windows 7 at the end of the first three months of release.

The Redmond hopes to have a billion Windows 10 users by 2017. While the company is offering free upgrades to users until summer 2016, it is certainly possible to reach the target on time.

Last week, Redmond revealed it will soon classify Windows 10 as an "optional update" for users with devices still running Windows 7 and Windows 8.1 and that it will categorize Windows 10 as a "recommended update" beginning 2016.

Microsoft is also reportedly working on the first major update to Windows 10, codenamed 'Threshold 2', which is scheduled to be launched sometime later this month, reported TechWeek Europe.

The update is expected to feature a wide range of user interface and software improvements to Windows 10, including updates to popular apps such as Messaging and Skype. It will also include the option of colored title bars for desktop apps, redesigned context menus, and an extra column of Live Tiles for the Start menu.