Opened the SMP Console to Settings > All Settings > Software > Patch Management > Windows Settings > Windows Patch Remediation Settings and clicked the Apply To and found that the Available Targets selector lacked the Target "Windows Computers with Software Update Plug-in Installed".
Opened the SMP Console to Manage > Computers > Targets > System and found some addition Solution targets were missing. Found under this path that the default folder was not present and confirmed that the Altiris Patch Management Solution folder that was to be located there and was missing.
ITMS 8.x
This cause appeared to be environmental for there was no sign of corruption in the SMP Logs nor installation logs from the last upgrade.
Worked through the following remediation steps:
Example of how one of those Target XML looked with the incorrect entries:
<item guid="{f74f662b-f586-457a-9a2e-804cc8f347e5}" classGuid="{d1d31520-c3ae-471d-be99-d0ff1221bbca}">
<!-- Type: Altiris.NS.StandardItems.Targeting.ResourceTarget -->
<!-- Assembly: Altiris.NS.StandardItems, Version=7.6.1645.7, Culture=neutral, PublicKeyToken=d516cb311cfb6e4f -->
<name>Windows Computers with Software Update Plug-in Installed Target</name>
<alias />
<productGuid>{b1338338-5575-4a27-9808-23bec40d79fa}</productGuid>
<itemAttributes>Normal</itemAttributes>
<parentFolderGuid>43f16363-4cd5-42bd-8871-14ad57689218</parentFolderGuid>