Zero Trust Security Market Analysis
The zero trust security market is predicted to touch USD 32.15 billion at a 15.4% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report. The report covers market drivers, limitations, challenges, strategic expansions, market size and share, development prospects, zero trust security market opportunities and threats.
Zero Trust Security Market Drivers
Rise in Cybercriminals to Boost Market Growth
The increase in cybercriminals will boost market growth over the forecast period. There has been an increase in cybercriminals that are successful in breaching security of organizations systems. Targets and threats on network systems have increased recently to steal vital information. There has also been a surge in cyber vulnerabilities for rising digitalization and the adoption of cloud-based services.
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Zero Trust Security Market Opportunities
Demand for Improved Visibility to Offer Robust Opportunities
The high demand for improved visibility for the increase in IoT traffic among enterprises will offer robust opportunities for this market in the forecast period.
Zero Trust Security Market Restraints
Budgetary Constraints to act as Market Restraint
Budgetary constraints among emerging and small start-ups in developing countries may act as a market restraint over the forecast period.
Zero Trust Security Market Challenges
Design and Implementation Challenges to act as Market Challenge
Design and implementation challenges for deploying zero trust security solutions will act as a market challenge over the forecast period.
Zero Trust Security Market Key Players
Eminent players profiled in the global zero trust security market report include
- Cisco Systems, Inc (US)
- IBM Corporation (US)
- Akamai Technologies (US)
- Google (US)
- Check Point Software Technologies (Israel)
- Pulse Secure (US)
- Palo Alto Networks, Inc. (US)
- Symantec Corporation (US)
- OKTa (US)
- Cloudflare (US)
- Forcepoint (US)
- Centrify (US)
- Cyxtera Technologies (US)
- Illumio (US) and
- Sophos Group PLC (UK).
The other players include Fortinet (US), Cyxtera Technologies (US), VMware, Inc. (US), Trend Micro (Japan), and ON2IT BV (Netherlands).
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Zero Trust Security Market COVID-19 Analysis
Amid the COVID-19 crisis, different regulatory authorities and governments mandate both private and public organizations for embracing new practices to work remotely and maintain social distancing. Ever since, the digital ways to conduct business turned into latest business continuity plan for different organizations. Following the widespread use of BYOD device, internet penetration across the globe, and work from home trend, people are inclined progressively towards the usage of digital technologies like cloud solutions that is boosting the need for zero trust security measures to offer protection against cyber-attacks.
Zero Trust Security Market Segmentation
The global zero trust security market is segmented based on vertical, size, organization size, deployment, solution type, and authentication type.
By authentication type
- single-factor authentication
- multi-factor authentication
By solution type
- data security
- network security
- API security
- security analytics
- endpoint security
- security orchestration automation and response (SOAR)
- security policy management
By Organization Size
- Small- and medium-sized enterprise (SME)
- Large enterprise
By Deployment
- On-premise
- Cloud
By Vertical
- Banking
- financial services and insurance
- IT & telecom
- government & defense
- energy & power
- healthcare
- retail
- e-commerce
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By vertical, the BFSI segment will have the largest share in the market over the forecast period owing to advanced features like least privilege access offered by zero trust security and also these firms investing in cyber solutions for keeping their network secure.
Zero Trust Security Market Regional Analysis
North America to Command Zero Trust Security Market
North America will command this market over the forecast period. The region being most technologically advanced, high rate of digitalization, government regulations like CCPA regulations that are stringent for information security and data protection, the need for zero-trust security solutions, and high adoption of digital transformation with large volumes of critical data being generated are adding to the global zero trust security market growth in the region. The US holds the utmost market share.
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