According to a research report “Zero Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, and Security Policy Management), Deployment Mode, Authentication Type, Organization Size, Vertical and Region — Global Forecast to 2027” published by MarketsandMarkets, the global Zero trust security market size is expected to grow from an estimated value of USD 27.4 billion in 2022 to USD 60.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2022 to 2027. Increased frequency of target-based cyber-attacks are driving the market growth along with growth in regulations for data protection and information security and greater need to reduce business and organizational risks.
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By authentication type, multi-factor authentication segment to grow at higher CAGR during the forecast period
Multi-factor authentication (MFA) is becoming the most effective identity verification and authentication method that requires persons and software or machines to present multiple identifiers for identity verification. MFA is a critical part of the zero trust model because even if an attacker is able to compromise a particular component, the challenge of breaching an MFA would still prevent them from gaining access. Persistence and lateral movement attacks can also be mitigated through MFA as successful verification is generally not valid for longer than a single session. Organizations that deal with sensitive payments, as well as user and financial data and information, are bound to adopt MFA solutions according to the PCI DSS guidelines for the payments industry. Furthermore, the rise in demand for enhanced identification and authentication to access sensitive information is a key factor that is projected to encourage the adoption of MFA across industries, such as BFSI, government and defense, IT and telecom, healthcare, retail and e-commerce, energy and power, and manufacturing. Key market players operating in the zero trust security market focus on offering advanced MFA, with the help of vein recognition, thermal image recognition, and hand geometry, further encouraging market growth across countries.
By organization size, SMEs to grow at a higher CAGR during the forecast period
The SMEs in various industries are witnessing digital transformations and leveraging cloud computing to reduce complexities, increase mobility, eliminate on-premises infrastructure, and lower operating costs. According to the Data Breach Investigations Report published by Verizon in 2019, 43% of the cyberattacks are targeted at SMEs, mainly hacking and malware attacks. As SMEs are increasingly adopting digitalization, they are being exposed to new security risks. This leads the IT teams in SMEs to invest in incorporating improved digital security measures through the adoption of zero trust security solutions. The SMEs operating in verticals, such as retail and e-commerce, manufacturing, healthcare, IT and telecom, food and beverage processing, travel and tourism, and education, are implementing zero trust security solutions, driving market growth.
By region, Asia Pacific to grow at a higher CAGR during the forecast period.
According to a Cloudflare study involving 1,000 IT and cyber security decision-makers across Australia, India, Japan, Malaysia, and Singapore, awareness of zero-trust security is growing in Asia Pacific, with two-thirds of organizations in the region having already implemented a zero-trust strategy. Among the remaining organizations, 58% stated they would implement a zero-trust strategy in 12 months.
The awareness of security was less in the region, but after the ransomware attacks, such as SamSam and WannaCry, the need for deploying cybersecurity solutions has increased, which in turn, proved to be a major factor in implementing zero trust security. According to the reports of Palo Alto Networks, IoT-connected devices would be vulnerable to cyberattacks in the near future. Zero trust security measures, such as biometrics and voice recognition, are the best solutions for securing IoT-connected devices. The governments in Asia Pacific countries are taking steps toward data security. Countries such as India, Japan, and Singapore have updated and introduced new national cybersecurity policies. With the increase in complex cyberattacks and cyberwars between enterprises and hackers, there is a rise in the need for robust cybersecurity solutions, which would be fulfilled by zero trust security.
Key Players
Major vendors in the global Zero trust security market include Cisco (US), Akamai (US), Palo Alto Networks (US), OKTA (US), IBM (US), ZScaler (US), Citrix (US), Trend Micro (Japan), Check Pont (US; Israel), Broadcom (US), Trellix (US), RSA (US), Forcepoint (US), Centrify (US), Illumio (US), Sophos (UK), Qnext Corporation (Canada), VMware (US), Microsoft (US), Cloudflare (US), Google (US), Fortinet (US), Cyxtera Technologies (US), SonicWall (US), Varonis (US), Pulse Secure (US), ON2IT (Netherland).
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Zero Trust Security Market HighlightsAccording to Market Research Future, the zero trust security market has been segmented based on solution, organization size, authentication type, deployment, vertical, and region/country.Zero trust access security gives access only to the network and cloud resources to authorized users.
The access provided is limited to the accomplishment of the tasks.
The zero-trust security solutions work with the assumption that the cyber attackers are present both inside and outside of the network, and thus, the users or machines should not be automatically trusted.By authentication type, the global zero-trust security market has been divided into single-factor authentication and multi-factor authentication.
The multi-factor authentication segment is expected to have a larger market share during the forecast period as multi-factor authentication (MFA) is one of the core features of zero-trust security.
In addition to entering a password, the users are required to enter a code that has been sent to another device, such as an SMS on mobile phone or email verification.
The network security segment is expected to have the largest market size during the forecast period, as it is the most important and core feature of the zero-trust security model.Based on organization size, the global zero trust security market has been categorized as large enterprise and small- and medium-sized enterprises (SMEs).
Research Nester published a report titled “Zero Trust Security Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalzero trust security market in terms of market segmentation by solution type, deployment, enterprise size, and by region.Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.The global zero trust security market is estimated to occupy a sizeable revenue and grow at a CAGR of ~18% during the forecast period, i.e., 2022 – 2030, owing to the rising number of target-based cybersecurity attacks, strict government protocols about information security and increasing digitization across developing nations.
Based on solution type, the data security segment is anticipated to grab the largest market share during the forecast period on the back of increasing amount of data among organizations and the growing need to ensure its safety.
Additionally, by deployment, the cloud segment is projected to observe the highest growth in the future ascribing to the high speed, scalability and IT security offered by cloud services.Download Sample of This Strategic Report: https://www.researchnester.com/sample-request-3206Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
Moreover, the market in Asia Pacific is assessed to grow by the highest rate in the coming years owing to the high adoption of digital banking services and increasing internet usage in the region.Increasing Number of Target-Based Cyberattacks to Expand MarketThe world has observed a surge in the number of attacks that target networks, endpoints, cloud-based applications, on-premise devices and several other IT infrastructures to steal critical information worth considerable amount of money.
This in turn is anticipated to be a crucial factor driving the market growth in the near future.“The Final Report will cover the impact analysis of COVID-19 on this industry.”Download/Request Sample Copy of Strategic Report: https://www.researchnester.com/sample-request-3206However, absence of appropriate budget in startups to implement zero trust security services is expected to operate as key restraint to the growth of the global zero trust security market over the forecast period.This report also provides the existing competitive scenario of some of the key players of the global zero trust security market which includes company profiling of Cisco Systems Inc., Palo Alto Networks, Trend Micro Inc., Akamai Technologies, IBM Corporation, Symantec Corporation, Microsoft Corporation, McAfee Corporation, RSA Security, Okta Inc., and others.
On the whole, the report depicts detailed overview of the global zero trust security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Global Zero Trust Security MarketThe GMI Research forecasts that the Zero Trust Security Market is witnessing an upsurge in demand over the forecast period.
This is mainly due to the increasing frequency of target-based cyberattacks and rising norms for data protection and information security.Introduction of the Zero Trust Security MarketZero trust is a network security philosophy stating that the network should be trusted unless their identification has been thoroughly checked.
The system operates on the assumption that threats both outside and inside of the network are an omnipresent factor.Key Players of the Global Zero Trust Security Market:Akamai TechnologiesOkta Inc.Trend Micro Inc.Symantec CorporationMcAfee CorporationForcepointPalo Alto NetworksCheck Point Software TechnologiesIBM CorporationFireEye Inc.Zero Trust Security Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)The favorable strategic initiatives by major organizations and the extensive trend of work from home, BYOD devices, and internet saturation is promoting individuals towards the implementation of digital technologies like cloud solutions are the crucial drivers contributing to the growth of the zero-trust security market.
The robust demand from the IT sector is strengthening the market size.
However, budgetary restraints across the transpiring start-ups in emerging nations will hamper the zero-trust security market share.Deployment Segment DriversBased on the deployment, the cloud is expected to witness faster growth in the near future.
The mode advances organizations with cloud-based solutions extending measurability, speed, and better IT security.
