Product ID: SQMIG45D2059
Global Zero Trust Security Market Size, Share, Growth Analysis, By Authentication Type(Multi-Factor Authentication and Single-Factor Authentication), By End-User(BFSI, Healthcare), By Deployment(Cloud-Based and On-Premise) - Industry Forecast 2023-2030
Report ID: SQMIG45D2059 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 86 | Figures: 76
Global Zero Trust Security Market Insights
Global Zero Trust Security Market size was valued at USD 20.6 billion in 2021 and is poised to grow from USD 21.2 billion in 2022 to USD 58.15 billion by 2030, growing at a CAGR of 15.5% during the forecast period (2023-2030).
As the use of cloud technology and endpoint devices becomes more prevalent, businesses are increasingly vulnerable to attacks and unauthorized access. To combat these threats, the implementation of a zero-trust security framework has become necessary. This has resulted in a growing demand for security solutions that can secure complex networks and increase network administration visibility, which is expected to drive market growth in the coming years. The threat of internal and external attacks has become more pronounced with the evolution of technologies and internet connectivity. Data breaches and records-exposed rates have increased over time, with attacks becoming more complex and disruptive. The cost of a data breach is also high, averaging at around USD 4 million per incident, highlighting the need for vulnerability assessment tools to identify and scan vulnerabilities. To address this issue, investments in emerging technologies such as analytics and Artificial Intelligence (AI) have grown in the vulnerability assessment industry. These investments have resulted in a downward trend in malicious attacks, indicating that end-users are better prepared to tackle vulnerability attacks. The zero-trust security market is expected to register significant growth in the coming years, as organizations invest in innovative vulnerability management solutions to secure their networks. However, organizations may lack in-house skilled professionals to implement these security measures, leading to the outsourcing of security services. This allows professionals to deliver security protection as a Service (SaaS) model, without requiring additional staffing and hardware. The growing complexity of enterprise networks also drives the adoption of solutions to implement a zero-trust security model to ensure multi-layered security and protect enterprise networks from malicious attacks.
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Global Zero Trust Security Market Segmental Analysis
The Global Zero Trust Security market is segmented by authentication type, end-user, and region. Based on authentication type, the market can be segmented into multi-factor authentication and single-factor authentication. Based on end-user, the market is segmented into BFSI, healthcare, and IT and telecom. Based on deployment model, the market is segmented into cloud-based, and on-premises. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Zero Trust Security Market Analysis by Authentication Type
By type, the market can be segmented into multi-factor authentication and single-factor authentication. The dominating segment in the zero trust security market is multi-factor authentication. This is due to the increasing demand for more secure authentication methods to protect sensitive data and resources. With the rise in cyber threats and data breaches, organizations are looking for more robust authentication methods that provide a higher level of security than single-factor authentication.
Single-factor authentication still is the fastest-growing segment in the market, especially in smaller organizations or those that do not deal with highly sensitive data or resources. Additionally, some organizations may choose to use single-factor authentication for certain low-risk applications or resources to minimize the burden on users and simplify the authentication process.
Global Zero Trust Security Market Analysis by End-User
By end-user, the market can be segmented into BFSI, healthcare, and IT and telecom. The BFSI industry dominated the global zero trust security market due to the increasing adoption of digital banking services and the growing need for secure transactions. Banks and financial institutions deal with critical financial data and assets, making them prime targets for cyber-attacks. As a result, the BFSI industry is increasingly investing in advanced security solutions such as zero trust security to protect against cyber threats. Zero trust security solutions are also becoming more popular due to legislative mandates and compliance standards like the General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standard (PCI DSS).
The healthcare industry is expected to be the fastest-growing segment in the zero trust security market. The increasing adoption of electronic health records (EHRs) and telemedicine services has led to the growing need for robust security measures to protect patient data. Additionally, healthcare organizations deal with sensitive and confidential information such as medical records, making them attractive targets for cybercriminals. The increasing number of cyber threats in the healthcare sector is driving the adoption of zero trust security solutions.
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Global Zero Trust Security Market Regional Insights
North America dominated the zero trust security market, owing to the presence of major market players and a high level of awareness of the need for robust security measures. The United States is the largest contributor to the region's growth, with a strong focus on developing innovative solutions and high investments in cybersecurity measures. The US government's implementation of the Zero Trust Cybersecurity model is also expected to boost the demand for zero trust security solutions in the region.
The APAC region is expected to witness the fastest growth in the zero trust security market, owing to the increasing adoption of cloud technology and the proliferation of endpoint devices in the region. The rapid digitization of businesses and government organizations is also expected to drive the demand for zero trust security solutions in the region. Countries such as China, Japan, and India are expected to be key contributors to the region's growth.
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Global Zero Trust Security Market Dynamics
Global Zero Trust Security Market Drivers
Increasing number of cyber threats and data breaches
- One of the key drivers of the global zero trust security market is the increasing number of cyber threats and data breaches, which are resulting in significant financial losses for organizations. The proliferation of endpoint devices and the adoption of cloud technology have made it easier for cybercriminals to access sensitive information, leading to a growing need for robust security measures. The implementation of zero trust security solutions can help organizations secure their networks and data, by ensuring that only authenticated and authorized users are granted access to sensitive information.
Global Zero Trust Security Market Restraints
Lack of awareness among organizations
- One of the main restraints of the global zero trust security market is the lack of awareness among organizations about the benefits and implementation of zero trust security solutions. The complexity of implementing such solutions and the need for skilled professionals to manage them can also be a significant challenge for some organizations. In addition, the high cost of implementing zero trust security solutions and the need for continuous updates and maintenance can also be a barrier for smaller organizations with limited budgets. These factors can limit the adoption of zero trust security solutions and slow down market growth.
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Global Zero Trust Security Market Competitive Landscape
The global zero trust security market is highly fragmented, with numerous players operating in the market. The market is characterized by the presence of both established players and new entrants, which are competing based on product innovation, quality, and pricing strategies. To gain a competitive advantage, players are focusing on partnerships, collaborations, and mergers and acquisitions. Vendors are also investing in R&D activities to develop advanced solutions and expand their customer base. The market is expected to become more consolidated in the future, with larger players acquiring smaller players to expand their market presence.
Top Player’s Company Profiles in Global Zero Trust Security Market
- Cisco Systems, Inc. (US)
- Akamai Technologies, Inc. (US)
- Palo Alto Networks, Inc. (US)
- Symantec Corporation (US)
- Microsoft Corporation (US)
- Okta, Inc. (US)
- Proofpoint, Inc. (US)
- Centrify Corporation (US)
- Fortinet, Inc. (US)
- Google LLC (US)
- VMware, Inc. (US)
- Illumio, Inc. (US)
- CyberArk Software Ltd. (Israel)
- Broadcom Inc. (US)
- Check Point Software Technologies Ltd. (Israel)
- Pulse Secure, LLC (US)
- Sophos Group plc (UK)
- SailPoint Technologies Holdings, Inc. (US)
- F5 Networks, Inc. (US)
- Trend Micro, Inc. (Japan)
Global Zero Trust Security Market Recent Developments
- In May 2023, VMware announced the launch of VMware Anywhere Workspace, a new zero trust security solution that provides secure access to applications and data from any device, location, or network.
- In March 2023, F5 Networks announced the acquisition of Volterra, a provider of cloud-native networking and security solutions, to enhance its SASE platform and zero trust security capabilities.
- In February 2023, Crowdstrike announced the acquisition of Nightfall AI, a provider of data loss prevention (DLP) solutions, to expand its zero trust security offerings.
- In January 2023, Broadcom announced the acquisition of ShieldX Networks, a provider of cloud-native zero trust security solutions, to enhance its cybersecurity portfolio.
- In September 2022, Amazon Web Services (AWS) announced the launch of AWS Network Firewall, a new zero trust security solution that provides advanced threat detection and response capabilities.
Global Zero Trust Security Key Market Trends
- One of the key market trends in the global zero trust security market is the increasing adoption of cloud-based solutions. Cloud-based zero trust security solutions offer numerous benefits, including reduced costs, scalability, and flexibility, compared to on-premises solutions. With the growing trend of remote work and the increasing use of cloud technology, organizations are shifting towards cloud-based zero trust security solutions to ensure secure access to their networks and data. In addition, the integration of artificial intelligence and machine learning technologies in zero trust security solutions is also emerging as a key trend, enabling organizations to automate security processes and improve threat detection capabilities.
Global Zero Trust Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global zero trust security market analysis, the market is driven by the increasing adoption of cloud technology and the proliferation of endpoint devices. The need to secure complex networks, combat internal and external threats, and increase network administration visibility is driving the demand for security solutions. The lack of skilled professionals is also propelling organizations to outsource security services, with Security-as-a-Service (SaaS) models becoming increasingly popular. However, the high cost of implementing zero trust security solutions and the lack of standardization and awareness among end-users are restraining market growth. The market is highly fragmented, with numerous players competing based on product innovation, quality, and pricing strategies. Key market trends include the increasing adoption of cloud-based solutions and the integration of AI and machine learning technologies in zero trust security solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 20.6 billion |
| Market size value in 2030 | USD 21.2 billion |
| Growth Rate | 15.5% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Zero Trust Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Zero Trust Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Zero Trust Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Zero Trust Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Zero Trust Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Zero Trust Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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