Pune, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Zero Trust Security Market Size Analysis:
“The SNS Insider report indicates that the Zero Trust Security Market Size was valued at USD 29.01 Billion in 2023 and is expected to reach USD 117.3 Billion by 2032, growing at a CAGR of 16.8% over the forecast period 2024-2032.”
Market analysis
Demand for Zero Trust Security Increasing Due to Increase in Cyber Threats and Growth of Remote Work Trends
The demand for zero trust security is rapidly increasing as organizations strive to safeguard their networks and data against increasingly sophisticated cyber threats and organizations shifting away from their traditional systems to more cloud-based work processes especially for remote based working setups. Enterprises are now redistributing their resources to cybersecurity to direct funds at complex cyberattacks grew by 28% in 2022 and they analysed on zero trust framework. In a recent IDG survey, 72% of organizations stated that they are adopting or planning to adopt zero trust architectures within the next two years.
Integration of zero trust with Secure Access Service Edge (SASE) solutions, essential for securing cloud services, is further fueling market growth. In addition, an increase in Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) means the need for continuous authentication and authorization during initial access to critical resources. An estimated 50% of U.S. employees are projected to work remotely by 2024, so zero trust security is only becoming more important with time. Multi-factor authentication (MFA), a key component of zero trust, is proving essential in protecting against unauthorized access, reducing the likelihood of account compromises by 99.9% compared to password-only systems.
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Major Players Analysis Listed in this Report are:
- Check Point
- Akamai
- Microsoft
- Palo Alto Networks
- Illumio
- OKTA
- IBM
- Cyxtera Technologies
- ZScaler
- Forcepoint
- Trend Micro
- Cisco
- Broadcom
- Trellix
- RSA
- Centrify
- Sophos
- Cloudflare
- Qnext Corporation
- SonicWall
- VMware
- ON2IT
- Fortinet
- Varonis
- Pulse Secure
Zero Trust Security Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 29.01 Bn |
| Market Size by 2032 | USD 117.3 Bn |
| CAGR | CAGR of 16.8 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Regulations for data protection and information security are becoming more stringent. |
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Recent Developments
- Akamai Technologies created a fresh alliance with the United States cybersecurity supplier SecureWorks in August 2023. Over time, the collaboration of these two companies tries to provide security operations teams with necessary data and intelligence so they may support a secure access from any remote location.
- Zscaler announced Zscaler Zero Trust SASE as a one vendor solution in January 2024. The Zero Trust DMaaS uses the Zero Trust AI to enable organizations to cost-effectively roll out strong security across users, devices and workloads with minimal complexity.
Segment Analysis
Based on Authentication, the multi-factor authentication (MFA) segment, was the largest revenue contributor in 2023 and held more than 69% of share for zero trust security market. One of the reasons that MFA is becoming so popular in various industries, besides its versatility and adaptability to various services as well as relatively easy deployment processes lands within the high-security mechanisms it can offer with multi level authorization. This is where zero trust security comes in and this technology, it fits the very approach to have a staunch yet continuous verification that works for real-time direct view of controlling access. Single-factor authentication continues to expand, but it relies on just a single credential such as your password which makes it susceptible. By contrast, MFA layers increase levels of security and virtually make gaining unauthorized access a lot less probable.
On the basis of applications, IT and telecom application accounted for a revenue share of over 45% in 2023. The dominant share of the United States is expected to persist throughout forecast period, as cloud continues its influence for data storage and applications and information become critical elements driving business efficiencies. With growing awareness of the benefits from zero trust security, demand for this solution in IT and telecom is expected to to rise significantly.
Healthcare appears to be among the major CAGR segments from 2024 to 2032. Telehealth services adoption and advanced analytics in the healthcare industry is increasing, leading to a rise in cyber hacks on healthcare IT infrastructures which creates demand for cybersecurity solutions. The need for zero trust security is likely to grow as healthcare organizations look for ways to safeguard sensitive data from both known and unknown cyber threats.
Zero Trust Security Market Segmentation:
By Offering
- Solutions
- Services
By Application
- Access Control/ Data Access Control
- User Behaviour Analytics (UBA)
- API Security
- Security Analytics
- Others
By Security Type
- Network security
- Cloud Security
- Application Security
- Data security
- Endpoint security and IoT security
By Authentication Type
- Single-Factor Authentication
- Multi-Factor Authentication
By Vertical
- Banking, Financial Services, And Insurance (BFSI)
- Healthcare
- Government And Defense
- IT & ITES
- Retail And E-commerce
- Energy And Utilities
- Others
Regional Analysis
North America captured largest portion of revenue in Zero Trust Security Market which held more than 35% share of revenue in 2023. The increasing investments on the zero trust security solutions by government and public authorities so as to safeguard its critical infrastructure, coupled with increasing penetration of IoT, AI and digital technologies across large enterprises and SMEs have been some factors driving growth in these regions. Advanced IT infrastructure makes it a superior technological hub that allows the EU to deploy technologies quicker. Additionally, the rising occurrence and complexity of cyber-attacks in verticals such as BFSI, government & homeland security and healthcare is also boosting the implementation zero trust security frameworks across North America.
The Asia-Pacific area will exhibit significat growth in the zero trust safety market from 2024 to 2032. Factors such as the increasing internet penetration, rapid digital transformation across industry verticals and in countries which include China and India, coupled with a rising adoption of cloud services among enterprises are anticipated to drive the growth of maket. Furthermore, growing IT and telecom sector in the region along with an increasing awareness regarding cybersecurity threats is projected to support the demand for zero trust security solutions.
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Key Takeaways
- The report provides an in-depth analysis further shows market size, growth projections and key drivers that would underpin the zero trust security market.
- Report highlights key drivers as well as area to stakeholders such the rising confluence of zero trust and SASE, combined with uptake for AI and machine learning within security frameworks.
- The report offers a thorough examination of market segments, highlighting the dominance, and increased implications in enterprise IT, telecom and healthcare.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Zero Trust Security Market Segmentation, by Offering
8. Zero Trust Security Market Segmentation, By Application
9. Zero Trust Security Market Segmentation, By Security Type
10. Zero Trust Security Market Segmentation, By Authentication Type
11. Zero Trust Security Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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