The Rise of Zero Trust Security Market: A $78.7 billion Industry Dominated by Tech Giants – Microsoft, VMware, Zscaler, Akamai, IBM | MarketsandMarkets™


Chicago, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The global Zero Trust Security Market size estimated value stands at USD 36.5 billion in 2024, with projections indicating it could soar to USD 78.7 billion by 2029, experiencing a compound annual growth rate (CAGR) of 16.6% during the forecast period, according to a new report by MarketsandMarkets™. The adoption of zero trust security is driven by the growing emphasis on cybersecurity regulations enforced by governments and regulatory bodies worldwide.

These organizations recognize the critical importance of safeguarding sensitive data and countering cyber threats, leading them to impose stricter regulations and requirements on businesses. For example, regulations such as GDPR, HIPAA, and PCI DSS mandate organizations to implement robust security measures and control access to sensitive data. However, traditional security approaches, which rely on trusting everything within the corporate network, no longer suffice to meet these stringent requirements.

Browse in-depth TOC on "Zero Trust Security Market"

275 - Tables
51 - Figures
330- Pages

Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=2782835

Zero Trust Security Market Dynamics:

Drivers:

  1. Rapid adoption of cloud and surge in digital transformation
  2. Rising regulatory compliance demands
  3. Diminishing popularity of perimeter-based security
  4. Rising threat of sophisticated cyberattacks

Restraints:

  1. Complexity and costly implementation.
  2. Presence of legacy systems and compatibility issues

Opportunities:

  1. Improved visibility into networks and robust security
  2. Development of new zero trust security products and services
  3. Surge in awareness regarding zero trust security

List of Top Companies in Zero Trust Security Market:

  • Palo Alto Networks (US)
  • VMware (US)
  • Zscaler (US)
  • Akamai (US)
  • Microsoft (US)
  • Cisco (US)
  • IBM (US)
  • Qnext (US)
  • Citrix (US)
  • Checkpoint (Isreal)

Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=2782835

Trend: Blockchain is used as most disruptive technology across all industries

Blockchain has been treated as one of the most disruptive technologies across all industries. It is most critical around financial services and in the domain of supply chain and logistics. This technology has attracted much attention from big industry players due to its effectiveness in storing data acquired over the years. In the modern data world, blockchain technology has an important role to play with crucial potential benefits for businesses. The effect of blockchain on cybersecurity has grown considerably. Though minimal, the future is going to witness a drastic change in blockchain security mechanisms. The three arms of security that blockchain will put in place are access management, user authentication, and transaction security. Blockchain technology will identify an employee trying to access a system at work, authenticate their trust, and give them access.

Alternatively, when a new contractor working on a project tries to access the same system, he or she is denied access by the system. This is because the ledger detects that the user has never interacted with the system or the device before. The same happens when they try to gain access to the network from an unidentified location. Due to the prowess of DLT in enhancing cybersecurity, several organizations can expand their security networks. The ledger is then shared among a group of participants using a distributed network of computers. In the "highly accessible" system, the ledger is also transparent and visible to the participants. For this reason, most businesses or organizations run a corporately visible blockchain. This, therefore, means that every transaction in the organization is open to restricted operators. It will also further secure the zero-trust policy implemented using a blockchain due to its immutable nature.

Trend: IoT devices leverage users through different verticals and technologies

Zero trust requires granular security, starting with the user, but it no longer stops with user identity. The key to this approach is concentrating on the most likely threat source: the end user. The BYOD trend commands attention to the devices users leverage for work as well as other OT and IoT devices on the network. The realization of a position in architecture that is zero-trusted extends to getting a full comprehension of all IoT and OT systems to make segmentation decisions based on context, mitigating business risks while maintaining availability. The realization of zero trust is further extended to include non-user devices using agentless visibility and continuous monitoring of IoT and OT devices, the acquisition of device identities and their business context, and the use of segmentation to address risk. Much of this involves access control, user and device monitoring, privileged access enforcement, and enterprise IoT and OT device segmentation to limit the blast radius. These are valuable in retail, healthcare, and manufacturing, but the widespread adoption of IoT infrastructure to underpin the zero trust model is still developing. Lowering the cost of storage combined with improved analytics will both work to make this a more viable option.

By vertical, the Retail & e-commerce sector is estimated to have the highest CAGR during the global forecast.

Various factors allow the retail and eCommerce sectors to dominate the zero-trust security market in terms of CAGR. They deal with a large amount of sensitive customer data; therefore, they are very key targets for cyber-attacks, and access to them needs to be administered with caution. Online shopping is at its peak, which has increased the cyber threats against the retail sector majorly. Digital transformation and cloud adoption expand the attack surface for such industries; zero trust security provides robust protection through the continuous verification of access requests. Compliance with certain regulations, such as PCI DSS and GDPR, further accelerates zero trust adoption. It stems from growing awareness about the importance of cybersecurity and investment in advanced security solutions; thus, these sectors drive the zero-trust security market, propelling growth at massive rates.

Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=2782835  

Application Security has the highest CAGR during the forecast period by security type.

Out of all, the application security segment is projected to register the highest growth rate in the zero trust security market, as it has a number of factors working in its favor. The growth in sophisticated cyber-attacks, such as malware and ransomware, makes strong measures necessary, especially in cases where traditional defenses fail. Cloud technology and digital transformation expedite the organizational attack surface. That basically means that a zero-trust approach to securing cloud-based applications and services will be quite necessary. The stringent regulatory requirements, such as GDPR and CCPA, compel organizations to implement comprehensive security measures whereby application security solutions ensure tight control and monitoring of access to sensitive data. This also brings more security challenges with the proliferation of IoT devices; hence, application security is important in managing the various interactions between IoT devices and the network in a zero-trust framework. The COVID-19 pandemic accelerated remote work, which had already been on the rise before the pandemic, thus increasing the need to secure remote access to applications and data. These dynamics have driven strong demand for application security solutions and positioned them as critical components of cybersecurity strategies.

Opportunity:  Improved visibility into networks and robust security

The volumes of loT traffic, with the deployment of loT devices by enterprises across industry verticals to improve efficiency and communication, are bound to increase in the foreseeable future. This wider enterprise plan maligns the attack scope for cybercriminals, resulting in a demand for a more secure perimeter. Consequently, the organizational implementation of the zero-trust security model, which deals with critical business and personal information, will counter these associated issues.

The zero trust security approach provides clear visibility for data security professionals on the network, more so on user access across geographical regions, application usage, and time of access. A single loT device generates thousands of queries daily, and users own several devices that could connect both within and beyond the network; the volume of requests overwhelms data security professionals. This makes entering all these requests into SIEM systems impractical and may even lead to less visibility at the network layer. This enterprise visibility problem is addressed through zero-trust security solutions that deeply scrutinize all the traffic, both internal and external.

Browse Adjacent MarketsInformation Security Market Research Reports & Consulting

Get access to the latest updates on Zero Trust Security Companies and Zero Trust Security Industry

 

Coordonnées