Zero Trust Security Market Scope:
The MRFR Zero Trust Security Market Research Report By Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), Solution Type (Data Security, Network Security, API Security, Security Analytics, Endpoint Security, Security Orchestration Automation and Response (SOAR), Security Policy Management, Others), Deployment (On-Premises and Cloud), Organization Size (SME and Large Enterprise), Vertical (Banking, Financial Services and Insurance). The Zero Trust Security Market is expected to register a CAGR of 15.4% during the forecast period to reach USD 32.15 Billion by 2025. The increasing incidence of targeted cyberattacks, as well as the regulations for data protection and information security, are the major factors driving the Zero Trust Security industry.
Competitive Landscape
The global zero-trust security market is expanding rapidly as a result of increased demand from industries such as BFSI, IT, and telecommunications. To strengthen their market positions and meet the demands of enterprises across verticals, major players have chosen alliances and new product development as their primary organic growth strategies.
Dominant Key Players on Zero Trust Security Market Covered Are:
- Akamai Technologies (US)
- Cisco Systems Inc (US)
- IBM Corporation (US)
- Google (US)
- Check Point Software Technologies (Israel)
- Palo Alto Networks Inc. (US)
- Symantec Corporation (US)
- Pulse Secure (US)
- OKTa (US)
- Cloudflare (US)
- Forcepoint (US)
- Centrify (US)
- Illumio (US)
- Cyxtera Technologies (US)
- Sophos Group PLC (UK)
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Market Drivers
Zero trust is a security model that is focused on the concept of enforcing strict access controls and not trusting others by default, even those that are already within the network's perimeter. The model is designed in such a way that strict identity verification is required for any individual and device attempting to access resources on a private network, regardless of whether they are within or outside the network perimeter. It is a comprehensive approach to network security. It combines different technologies. The high incidence of target-based cyber-attacks is the primary explanation for the widespread implementation of zero-trust security solutions. Other factors propelling the market include the rising number of cyber vulnerabilities as a result of the adoption of cloud-based services and increased digitalization. Regulations such as the European Union's General Data Protection Regulation (GDPR) and California's Consumer Privacy Act (CCPA) in the United States are also expected to push the zero-trust security market. Furthermore, the budgetary limitations of SMEs are expected to be a barrier to market development.
Segmentation of Market Covered in the Research:
The global zero-trust security industry has been segmented based on authentication type, solution type, deployment, organization size, and vertical.
By authentication type, the global zero-trust security industry has been segmented into single-factor authentication and multi-factor authentication.
By solution type, the global zero-trust security industry has been divided into data security, network security, API security, security analytics, endpoint security, security policy management, security orchestration automation and response (SOAR), and others.
By organization size, the global zero-trust security industry has been divided into small- and medium-sized enterprises (SME) and large enterprises.
Based on deployment, the global zero-trust security industry has been divided into on-premise and cloud.
Based on vertical, the global zero-trust security industry has been divided into banking, financial services and insurance, energy & power, IT & telecom, government & defense, healthcare, retail & e-commerce, and others.
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Regional Analysis
The geographic analysis of the zero-trust security industry has been conducted for North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
North America has the highest market share because it is the most technologically advanced nation with a high rate of digitalization. Along with this, government regulations like the CCPA regulations (implemented on January 1, 2020), which are strictly for data protection and information security, are expected to drive the market. The United States leads the market in North America due to its strong adoption of digital transformation, large volumes of critical data generated, and the country's highest-need for zero-trust security solutions.
Due to the large number of cyber threats associated with the adoption of cloud-based services, Asia Pacific is set to be the fastest-growing region in the global zero-trust security market during the forecast period.
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