Zero Trust Security Market Research Report - Global Forecast till 2030

Global Zero Trust Security Market: Information by Capability (Identities, Workloads, Data, Networks, Devices, Telemetry and Analytics, Automation and Orchestration), By Offering (On-Premises {Licenses}, Cloud{SAAS}), By Vertical (BFSI, Government, IT and Telecommunication, Government and Defence, Healthcare, Energy and Power, Retail and E-Commerce, Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

ID: MRFR/ICT/7170-CR | October 2022 | Region: Global | 111 Pages         

Zero Trust Security Market

Zero Trust Security Market is Predicted to Reach US$ 87,775.45 Million by 2030 Registering a CAGR of 15.4%

Segmentation

By Capability Identities Workloads Data Networks Devices Telemetry and Analytics Automation and Orchestration
By Offering On-Premises Licenses Cloud SAAS
By Vertical BFSI Government IT and Telecommunication Government and Defence Healthcare

Key Players

  • Cisco Systems Inc. (US)
  • Akamai Technologies (US)
  • Palo Alto Networks (US)
  • Okta Inc. (US)
  • Check Point Software Technologies (US)
  • Trend Micro Inc. (Japan)
  • IBM Corporation (US)
  • Symantec Corporation (US)
  • FireEye Inc. (US)
  • McAfee Corporation (US)

Drivers

  • Growing number of target-based cyberattacks
  • Regulations for data protection and information security such as GDPR & CCPA
  • Increased mobility and third party access
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Zero Trust Security Market Overview:


The global Zero Trust Security Market is estimated to register a CAGR of over 15.4% to reach USD 87,775.45 Million by the end of 2030.


Zero Trust is a security framework requiring all users, whether in or outside the organization's network, to be authorized, authenticated, and constantly validated for security configuration and posture before being granted or keeping access to data and applications. The concept of a Zero Trust cybersecurity architecture has been around for more than a decade, nevertheless, adoption didn’t really begin to take hold until the past couple of years. As with several technology innovations, it has not always been clear just what Zero Trust is all about and, more significant, how to implement it easily and cost-effectively. The COVID-19 pandemic acted as the catalyst for the adoption of the zero-trust approach and many organizations has shifted from a trust-based, perimeter-focused IT security strategy to a zero-trust strategy.


COVID-19 Impact vs Opportunities for Global Zero Trust Market:


The outbreak of COVID-19 has caused widespread concern and economic hardships for consumers, businesses, and communities across the globe. COVID-19 has had a significant impact on the technology sector, affecting the supply of raw materials, disrupting the electronics value chain, and increasing focus on evaluating and de-risking the end-to-end value chain. Most of the IT and technology giants were focused on giving utmost priority to public health and have made significant changes in the working lifestyle of its employees, thereby accelerating the adoption of remote working culture. The industry had taken rigorous actions to promote work from home, coordinated with government advisories, to keep the working personnel safe, which is expected to have a significant impact on the market.


Rising cloud-based zero trust security solutions demand among SMEs, increased demand for better visibility due to increased IoT traffic, and technological advancements and modernization of existing techniques are all expected to create lucrative market opportunities for zero trust security during the forecast period.


Zero Trust Security Market Dynamics:


Drivers:


For a few years now, businesses have been plodding along the route toward a zero-trust security paradigm, but with the rise of mobile devices and remote work—and the risks that come with it—they are now sprinting toward the ideal solutions. Mobile device use is gradually expanding, telework is becoming more widespread, and mobile threats dominate the security scene. Enterprises are now aware of the vulnerabilities and understand the need to change their infrastructures to a zero trust model, promoting specialization in mobile security and mobile device management markets.


Opportunities:


The need for a zero-trust security framework has grown as cloud technologies and endpoint devices are increasingly used in across verticals. Additionally, the unexpected increase in cyberattacks like phishing emails, malware that collects data, online scams, and disruptive malware has raised the demand for zero trust security.


Restraint:


The need for cybersecurity is expanding faster than the budget anticipated. Most small businesses lack the resources and IT security expertise to adopt improved cybersecurity solutions to protect their network and IT infrastructure from various cyberattacks. Some small and medium-sized businesses may find it difficult to adopt a zero-trust security model due to limited capital funding.


Value Chain Analysis


The zero trust security market is growing at a significant rate and is likely to continue to grow in the future. The market growth is attributed to the increasing demand for improved visibility in data breaches, security issues, and other concerns and the rising IoT traffic among organizations and enterprises. This allows vendors operating in zero trust security to make considerable investments to provide solutions to enhance the end-user experience. The value chain analysis for the zero trust security market comprises three primary levels, which start with solution providers, followed by system integrators and end-users.


Zero Trust Security Market Segment Overview


The global Zero Trust security market has been segmented on the basis of capability, offering, deployment, vertical, and region.


The global Zero Trust market, based on Capabilities has been segmented into identity, workloads, data, network, devices, telemetry and analytics, automation, and orchestration. The devices segment accounted for the largest share in 2021 and is estimated to register a CAGR of 13.1% during the forecast period.


The global zero trust security market, based on offer, has been segmented into software, consulting services, managed services, and other professional services.


The global zero trust security market, based on deployment, has been segmented into on-premises(licensed), and Cloud(SaaS).


The global zero trust security market, based on vertical, has been segmented into BFSI, IT and telecommunication, government and defense, healthcare, energy and power, retail and E-commerce, and others.


The global Zero Trust market, based on type, has been segmented into banking, financial services, and insurance.


Zero Trust Security Market Regional Analysis


The global zero trust security market has been studied across Asia-Pacific, North America, Europe, Middle East & Africa, and South America.


North America region accounted for the largest in 2021 the region has pioneered the utilization of advancing technologies. The growing digitalization and the favorable government regulations such as CCPA regulations are considered crucial for the Zero trust security market and thereby driving the overall growth of the Zero Trust security market.


Europe accounted for the second largest market Cyberattacks are one of the most common threats in Europe due to a rapid increase in the exchange of sensitive data. Due to the growing digitization of the region, complex cyberattacks are becoming increasingly common. Zero trust security solutions have become increasingly popular in the region due to the increased awareness of security breaches and their impact on customer trust and reputation.


The factors contributing to the market growth in North America include increased adoption of cashless payment modes, rising use of prepaid cards, an increasing number of fleet owners, and small and medium-sized enterprises. Additionally, the presence of strong players operating in the fuel distribution industry associated with the Zero Trust market and their strategic initiatives to increase their market shares in the region add to the zero trust security market growth.


The Asia Pacific is the fastest-growing region, the number of SMEs is higher than in large enterprises. These SMEs provide employment to nearly 70% of the population in the region. The region has several established SMEs growing at an exponential rate to cater to their broad customer base. For SMEs, security is much of a cost rather than a necessity as they have a limited budget for cybersecurity. Hence, they are more vulnerable to cyberattacks.


Zero Trust Security Market Competitive Landscape


The global Zero Trust Security Market for fuel cards is projected to witness healthy growth during the forecast period, owing to the high demand among enterprises across verticals. The global market represents strong numbers in terms of consumption.


Key players operating in the global Zero Trust market include Cisco Systems, Inc. (US), IBM (US), Akamai Technologies (US), Google LLC (US), Check Point Software Technologies Ltd. (Israel), and Pulse Secure, LLC. (US), Palo Alto Networks.(US), Zscaler, Inc. (US), Deloitte Touche Tohmatsu Limited (UK), Accenture (UK), PWC (UK), Tata Consultancy Service Limited (India), Microsoft Corporation (US), Amazon.Com (US), EY (US), KPMG (Netherlands), Boston Consultancy Group (US), Forcepoint and McKinsey & Company (US).


Zero Trust Security Market Recent Developments


Palo Alto Networks collaborated with Thales to deliver security integrations in implementing zero trust security. The collaboration will support the widespread cloud migration allowing organizations worldwide to implement zero trust security on a large scale. On June 2020


Accenture partnered with the Tufin team, a security policy manufacturing in achieving zero trust network security. The partnership aims to address issues regarding employees working in a remote workforce and focuses on increasing security to manage and control access to the hybrid cloud environment. On January 2021


PwC partnered with PlainID, an authorization and access management solution provider. The partnership will help enterprises manage authorization policies. The partnership will also help both companies expand their product portfolio into the policy-based digital identity domain as a core component in zero trust architecture. On may 2022


To provide clients with cutting-edge solutions to help safeguard against insider and external cyber threats, KPMG in India and CyberArk have announced that they will collaborate. On September 2022


Report Overview


As per MRFR, the global zero trust security market has been growing significantly over the past few years. The global Zero Trust market has been segmented on the basis of capability, offering, deployment, vertical, and region. On the basis of region, the zero trust security market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.


Scope of the Report


The scope of the global zero trust security market study includes the market size analysis and a detailed analysis of the vendor’s products and strategies. The global Zero Trust market has been segmented on capability, offering, deployment, vertical, and region.


Intended Audience



  • Zero Trust Administrators

  • Zero Trust software developer and providers

  • Computer industry

  • Software integrators

  • IT enterprises

  • Technology investors

  • Regulatory industries

  • Government bodies



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 87,775.5 Million
  CAGR   15.4 % CAGR (2022-2030)
  Base Year   Value (USD Billion)
  Forecast Period   2021
  Historical Data   2022–2030
  Forecast Units   2018-2020
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Capability, offering, deployment, vertical, and region.
  Geographies Covered   North America, Europe, Asia-Pacific, Middle East & Africa, and South America
  Key Vendors   Cisco Systems, Inc. (US), IBM (US), Akamai Technologies (US), Google LLC (US), Check Point Software Technologies Ltd. (Israel)
  Key Market Opportunities   • High demand among enterprises across verticals
  Key Market Drivers   • Growing number of target-based cyberattacks • Regulations for data protection and information security such as GDPR & CCPA • Increased mobility and third party access


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Frequently Asked Questions (FAQ) :

The devices segment is expected to drive the market during the forecasted period.

The global Zero Trust market has been growing rapidly over the past few decades and is expected to register a CAGR of over 15.4% to reach USD 87,775.45  Million by the end of 2030.

Cisco Systems, Inc. (US), IBM (US), Akamai Technologies (US), Google LLC (US), and Check Point Software Technologies Ltd. (Israel) are expected to be the major competition in the Zero Trust market during the projected period.

The  North American region is expected to be the largest market for the Zero Trust market during the forecast period.

Technical complexities and lack of track record may slow the growth of the Zero Trust market during the forecast period.