What is the global market size of Zero Trust Security Market?

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).

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 2024-2031

Report ID: SQMIG45D2059 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 86 | Figures: 76

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.

Global Zero Trust Security Market Report Snapshots

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Global Zero Trust Security Market size was valued at USD 21.2 Billion in 2022 and is poised to grow from USD 24.49 Billion in 2023 to USD 77.55 Billion by 2031, at a CAGR of 15.50% during the forecast period (2024-2031).

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. '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)'

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.

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.

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.

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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 2024-2031

Global Zero Trust Security Market Dynamics

Global Zero Trust Security Market Report Snapshots

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