The continuing advancement of technology and internet connectivity over time has increased the potential impact of both internal and external threats. According to a review of reported attacks and incursions, the rate of records exposed and data breaches appear to have risen over time. Additionally, attacks like the difficult and disruptive WannaCry ransomware provide illegal access, result in data loss, and cost businesses money. Due to the average cost of a data breach in an organization being $4 billion, vulnerability assessment tools are now required to scan for and identify internal and external vulnerabilities. Due to the changing cyber threat landscape and its repercussions, the risk assessment business is investing more in cutting-edge technology like analytics and Artificial Intelligence (AI). Furthermore, continued investments in cutting-edge vulnerability management solutions have been proven to reduce hostile attacks. The growing investments in security strategy suggest that end users are better prepared to deal with vulnerability threats, and throughout the forecast period, the zero-trust security industry is anticipated to have considerable growth.
Proliferation of endpoint devices and increase in use of cloud computing have made it necessary to put in place a zero-trust security framework. Businesses these days rely heavily on computerized systems and networking technology, which makes them vulnerable to cyberattack and open to unwanted access to their network. The COVID-19 pandemic's remote working restrictions have also increased the demand for a secure architectural framework that would impose multi-factor authentication for access to critical data. Consequently, the need for security solutions is being driven by the need to secure complex networks, improve network management visibility, and counter the internal and external danger from unauthorized access, which is anticipated to spur market expansion throughout the forecast period.
The zero trust security market is segmented on the basis of security type, deployment model, organization size, authentication outlook, application and region. Based on security type, it is segmented into network security, data security, endpoint security, cloud security, and others. Based on deployment model, the market is categorized into on-premise and cloud. Based on organization size, the market is categorized into SMEs and large enterprises. Based on authentication, it is further categorized into single-factor authentication and multi-factor authentication. Based on application, the market is categorized into BFSI, IT and telecom, retail, healthcare, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key players operating in the market include Cisco, Akamai, IBM, ZScaler, VMware, Microsoft, Cloudflare, Google, Cyxtera Technologies, SonicWall, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Inc., Symantec Corp., FireEye, Inc., McAfee Corp.
Proliferation of endpoint devices and increase in use of cloud computing have made it necessary to put in place a zero-trust security framework. Businesses these days rely heavily on computerized systems and networking technology, which makes them vulnerable to cyberattack and open to unwanted access to their network. The COVID-19 pandemic's remote working restrictions have also increased the demand for a secure architectural framework that would impose multi-factor authentication for access to critical data. Consequently, the need for security solutions is being driven by the need to secure complex networks, improve network management visibility, and counter the internal and external danger from unauthorized access, which is anticipated to spur market expansion throughout the forecast period.
The zero trust security market is segmented on the basis of security type, deployment model, organization size, authentication outlook, application and region. Based on security type, it is segmented into network security, data security, endpoint security, cloud security, and others. Based on deployment model, the market is categorized into on-premise and cloud. Based on organization size, the market is categorized into SMEs and large enterprises. Based on authentication, it is further categorized into single-factor authentication and multi-factor authentication. Based on application, the market is categorized into BFSI, IT and telecom, retail, healthcare, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key players operating in the market include Cisco, Akamai, IBM, ZScaler, VMware, Microsoft, Cloudflare, Google, Cyxtera Technologies, SonicWall, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Inc., Symantec Corp., FireEye, Inc., McAfee Corp.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the zero trust security market analysis from 2021 to 2031 to identify the prevailing zero trust security market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the zero trust security market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global zero trust security market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Services
By Deployment Model
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- SMEs
By Authentication
- Single-factor Authentication
- Multi-factor Authentication
By Industry Vertical
- Manufacturing
- Healthcare
- Retail
- Energy and Utilities
- Others
- BFSI
- Government
- IT and Telecom
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Cisco Systems Inc.
- IBM
- Akamai Technologies Inc.
- Zscaler
- VMware, Inc.
- Microsoft Corporation
- Cloudflare
- Cyxtera Technologies
- SonicWall
- Palo Alto Networks
- Check Point Software Technologies
- Trend Micro, Inc.
- Symantec Corp.
- FireEye, Inc.
- McAfee Corp.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ZERO TRUST SECURITY MARKET, BY COMPONENT
CHAPTER 5: ZERO TRUST SECURITY MARKET, BY DEPLOYMENT MODEL
CHAPTER 6: ZERO TRUST SECURITY MARKET, BY ENTERPRISE SIZE
CHAPTER 7: ZERO TRUST SECURITY MARKET, BY AUTHENTICATION
CHAPTER 8: ZERO TRUST SECURITY MARKET, BY INDUSTRY VERTICAL
CHAPTER 9: ZERO TRUST SECURITY MARKET, BY REGION
CHAPTER 10: COMPANY LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Zero Trust Security Market," the zero trust security market was valued at $23.61 billion in 2021, and is estimated to reach $126.02 billion by 2031, growing at a CAGR of 18.5% from 2022 to 2031.The global zero trust security market is influenced by a number of factors, including use of big data platform, measures to cut down on office paper usage, and strengthened information security. However, the restraints include recurring expense.
On the basis of component, the solution segment dominated the zero trust security market in 2021, and is expected to maintain the dominance in the upcoming years. The zero trust security solutions include advanced persistent threat protection, cybersecurity risk management, compliance management, security operations, identity & access management, and other zero trust security solutions. However, the services is expected to witness the highest growth rate during the forecast period. The growth of this market is also fueled by the rise in zero trust security services adoption among small and medium-sized businesses (SMEs) and the rise in security threat.
On the basis of authentication, the single-factor authentication segment dominated the zero trust security market in 2021. Single-Factor Authentication (SFA) is a method of logging users into resources by having them present only one way of verifying their identity. However, the multi-factor authentication segment is expected to witness the highest growth rate during the Zero Trust Security Market Forecast period, as the user is required to provide two or more verification factors to access any online account, an application, or a VPN.
On the basis of industry vertical, the BFSI segment dominated the zero trust security market in 2021, and is expected to maintain its dominance in the upcoming years. Moreover, financial institutions must also provide tight security and digital privacy, as banks and other financial institutions are utilizing mobile, cloud, and social technologies to assure optimal financial management. The BFSI sector's market for zero trust security solutions is consequently being driven by this. For instance, one of the driving forces behind the BFSI industry is the need to increase compliance and regulation of government authorities over financial security. In addition, the COVID-19 shutdown situation's use of online banking services enhances the use of zero trust security solutions in the BFSI sector, thus, supporting the expansion of the market.
North America is the leading region, in terms of technological advancements and adoption. It possesses well-equipped Zero Trust Network infrastructure and the ability to afford zero trust security solutions. Furthermore, owing to rise in competition between cloud-based service providers in North America, key players are providing more security for data by ensuring quick access and greater outreach of their services to the clients, which drives the growth of the zero trust security market in this region. In addition, the major factors that are contribute toward the growth of zero trust security in North America are increase in usage of mobile & web. In addition, increase in dependency on internet and social media platforms is another major factor fueling the Zero Trust Security Industry growth in this region.
Post COVID-19, the zero trust security market size is estimated to grow from $23.61 billion in 2021 to reach $126.02 billion by 2031, at a CAGR of 18.5%. It is projected that the COVID-19 outbreak will benefit the development of the zero trust security business. This is due to the fact that the implementation of zero trust security during COVID-19 will make it possible for businesses to handle security concerns and provide secured information access when conducting remote operations. In addition, due to an increase in internet traffic, the risk of cyberattacks has grown significantly in a number of enterprises, driving the demand for Zero Trust Architecture solutions. Cloud security, AI-integrated solutions, and an increase in cyberattacks following the advent of this pandemic have all contributed to innovations and advancements in cybersecurity solutions that have further supported market growth. For instance, as per a survey by Information Systems Security Association (ISSA) & ESG conducted in April 2020, the cybersecurity industry witnessed almost 63% increase in cyberattacks related to the pandemic. Thus, increase in risk of cyberattacks augments the demand for zero trust security solution & services, thereby fueling the growth of the Zero Trust Security Industry market.
Key Findings of the Study
- On the basis of component, in 2021, the solution segment dominated the zero trust security market size. However, the services segment is expected to exhibit significant growth during the forecast period.
- Depending on industry vertical, the BFSI segment generated highest revenue in 2021.
- On the basis of organization size, the large enterprises segment generated the highest revenue in 2021. However, the small & medium enterprises segment is expected to exhibit significant growth during the forecast period
- On the basis of region, North America dominated the market in 2021. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
- Some of the key data center automation industry players profiled in the report include Cisco, Akamai, IBM, ZScaler, VMware, Microsoft, Cloudflare, Google, Cyxtera Technologies, SonicWall, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Inc., Symantec Corp., FireEye, Inc., McAfee Corp., and forcepoint. This study includes Zero trust security market share, trends, Zero trust security market analysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Cisco Systems Inc.
- Ibm
- Akamai Technologies Inc.
- Zscaler
- Vmware, Inc.
- Microsoft Corporation
- Cloudflare
- Cyxtera Technologies
- Sonicwall
- Palo Alto Networks
- Check Point Software Technologies
- Trend Micro, Inc.
- Symantec Corp.
- Fireeye, Inc.
- Mcafee Corp.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
