ID: MRFR/ICT/7170-HCR | February 2021 | Region: Global | 111 pages
The Global 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.
Zero trust is a security-model based on the principle of maintaining strict access controls and not trusting anyone by default, even those already inside the perimeter of the network. The model is built in such a way that it requires strict identity verification for every person and device trying to access resources on a private network, regardless of whether they are sitting within or outside of the network perimeter. It is a holistic approach to network security. It integrates various technologies. The primary reason for the high adoption of zero-trust security solutions is the high frequency of target-based cyber attacks. Along with this, the growing number of cyber vulnerabilities due to the adoption of cloud-based services and increasing digitalization are other factors driving the market. Also, regulations, such as the General Data Protection Regulation (GDPR) of the European Union and California Consumer Privacy Act (CCPA) of California, the US are additional factors that are expected to drive the zero-trust security market. Furthermore, the budgetary constraints of SMEs are expected to be a restraint for the growth of the market.
The Global Zero-Trust Security Market has been segmented based on Authentication Type, Solution Type, Deployment, Organization Size, Vertical and Region/Country.
By authentication type, the Global Zero-Trust Security Market has been divided into single-factor authentication and multi-factor authentication.
By solution type, the global zero-trust security market has been divided into data security, network security, API security, security analytics, endpoint security, security orchestration automation and response (SOAR), security policy management, and others.
Based on organization size, the global zero-trust security market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
Based on deployment, the global zero-trust security market has been divided into on-premise and cloud.
On the basis of vertical, the global zero-trust security market has been divided into banking, financial services and insurance, IT & telecom, government & defense, energy & power, healthcare, retail & e-commerce, and others.
The global zero-trust security market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The Global Zero-Trust Security Market is estimated to register a CAGR of 15.4% over the forecast period. The geographic analysis of the global zero-trust security market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America has the largest market share as it is the most technologically advanced nation, and the rate of digitalization is very high. Along with this, government regulations such as the upcoming CCPA regulations (to be implemented from 1st January 2020), which are stringent for data protection and information security, are also expected to be a driving factor for the market. The US leads the market in North America as it has a high adoption of digital transformation with large volumes of critical data being generated, and the need for zero-trust security solutions is the highest in the country.
Asia-Pacific is anticipated to be the fastest-growing market in the global zero-trust security market during the forecast period due to the high number of cyber risks due to the adoption of cloud-based services.
Source: MRFR Analysis
The Global Zero-Trust Security Market is registering high growth due to the rise in demand from verticals such as BFSI and IT and telecommunication. Major players have opted for partnerships and new product development as their key organic growth strategies to enhance their positions in the market and cater to the demands of enterprises across verticals. For instance, in October 2018, Cisco acquired Duo Security, a solution provider of unified access security and multi-factor authentication delivered through the cloud. In February 2019, Symantec Corporation acquired Luminate Security, a privately held company that enables security and IT teams to create zero-trust application access architecture. In July 2019, Perimeter 81 Ltd. launched Zero Trust Application Access. This new solution seamlessly employs multiple security layers of user trust and device trust policy validation.
The Key Players in the Global Zero-Trust Security Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Cisco Systems, Inc (US), IBM Corporation (US), Akamai Technologies (US), Google (US), Check Point Software Technologies (Israel), Pulse Secure (US), Palo Alto Networks, Inc. (US), Symantec Corporation (US), OKTa (US), Cloudflare (US), Forcepoint (US), Centrify (US), Cyxtera Technologies (US), Illumio (US) and Sophos Group PLC (UK). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
The other players in the global zero-trust security market include Fortinet (US), Cyxtera Technologies (US), VMware, Inc. (US), Trend Micro (Japan), and ON2IT BV (Netherlands).
Frequently Asked Questions (FAQ) :
The zero-trust security market is estimated to value at USD 32.15 Bn by 2025.
North America, Europe, Asia-Pacific, the Middle East & Africa, and South America are covered in the regional assessment in this report.
Data security, API security, network security, security analytics, endpoint security, security policy management, Security Orchestration Automation, and Response (SOAR), and others are the solution type-based segments of the market.
The segmental analysis of the market is covered on the basis of authentication type, solution type, deployment, organization size, vertical, and region.
The market is expected to register 15.4% CAGR over the evaluation period.