SAN FRANCISCO, July 14, 2021 /PRNewswire/ -- The global zero trust security market size is expected to reach USD 59.43 billion by 2028, registering a CAGR of 15.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The market is driven by the need to protect enterprise digital environments by averting lateral movement, leveraging network segmentation, simplifying granular user-access control, and implementing layer 7 threat prevention. The robust solutions for implementing a zero-trust security environment ensure the protection of computers, programs, and networks from unauthorized access. Moreover, preventing unwarranted access to critical data, as the adoption of technologies, such as cloud computing, Wi-Fi, and Internet of Things (IoT), coupled with outsourcing service, is increasing, is driving the growth of the market. The COVID-19 pandemic has further acted as a catalyst for market growth with enterprises investing in securing their networks, endpoints, and IT infrastructure with a zero-trust security framework.
Key Insights & Findings:
The Small and Medium Enterprises (SMEs) segment is anticipated to witness the fastest CAGR over the forecast period owing to increasing awareness and threat of unauthorized access during cyber attacks
The multi-factor authentication segment led the global market in 2020 and will expand further at the fastest CAGR from 2021 to 2028
The growth can be attributed to the need to overcome the challenges of revenue loss and data loss risks in the era of confidential and vulnerable data, as multi-factor authentication presents multiple layers of identity verification to grant access to an authorized individual
North America led the global market in 2020 and will remain dominant even during the forecast years
The growth is credited to the high-security investment from the large enterprises across the regional industries, such as BFSI, that are at constant risk of cyber attacks as well as internal fraudsters
The threat to digitally stored information from unauthorized access is also driven by changing technological landscape. While technology revolutionizes a business process, it also creates vulnerabilities in online protected data. In addition, while internet connectivity improves the operational task of the business by speeding up the process and improving accessibility, the risk of cyber attacks also increases rapidly. Moreover, the rapid expansion of operational data exposed to cyber adversaries through mobile, other edge devices, and IOT and the dependence of companies on third-party vendors and service providers are some of the prevailing supply chain trends increasing the risk of cyberattacks to access information. Therefore, the implementation of a security solution ensures a zero-trust security environment in the organization to mitigate the risks arising from various business activities and internet connectivity.
The application of the zero trust model is parallel to the concept of cybersecurity as it focuses on preventing intrusion by securing the digital network. Several countries across the world introduced laws to prevent cybercrime and data theft, which is vital for safeguarding the BFSI, IT, telecom, defense, and healthcare, other major sectors. The increasing internal and external threat of unauthorized data accessibility and cybercrime due to the political and personal interest of hackers or intruders for earning easy money further pressurizes governments to update their policies regularly. For instance, China updated its cyber policy on December 1, 2019, which instructs both Chinese and foreign public as well as private companies and organizations to secure their networks. The cyber law in the U.S. varies based on the business sector and includes Health Insurance Portability and Accountability Act, 2002 (HIPAA); Homeland Security Act that also includes Federal Information Security Management Act (FISMA), and 1996 Gramm-Leach-Billey Act. Such cyber laws further necessitate the need to secure networking structure and boost the demand for authentication and cyber-solution that ensures a zero-trust security environment.
Grand View Research has segmented the global zero trust security market based on security type, deployment, organization size, authentication, application area, and region:
Zero Trust Security Type Outlook (Revenue, USD Million, 2017 - 2028)
Zero Trust Security Deployment Outlook (Revenue, USD Million, 2017 - 2028)
Zero Trust Security Organization Size Outlook (Revenue, USD Million, 2017 - 2028)
Zero Trust Security Authentication Outlook (Revenue, USD Million, 2017 – 2028)
Zero Trust Security Application Area Outlook (Revenue, USD Million, 2017 - 2028)
IT & Telecom
Zero Trust Security Regional Outlook (Revenue, USD Million, 2017 - 2028)
Middle East & Africa
List of Key Players of Zero Trust Security Market
Cisco Systems, Inc.
Palo Alto Networks
Check Point Software Technologies
Trend Micro, Inc.
Check out more studies related to cyber security, by Grand View Research:
Cloud Security Market– The global cloud security market size was valued at USD 4.88 billion in 2016. It is expected to rise at a CAGR of 13.9% over the forecast period.
Cyber Security Market– The global cyber security market size was valued at USD 167.13 billion in 2020 and is expected to register a CAGR of 10.9% from 2021 to 2028.
Virtual Private Network Market– The global virtual private network market size was valued at USD 25.65 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.4% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.