Global Zero Trust Security Market

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 Insights

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).

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 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

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