Rapid adoption of cloud technology by financial institutions and surge in regulations focusing on data security are driving the growth of global zero trust security market in the forecast period, 2023-2027.
According to TechSci Research report, “Zero Trust Security Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global zero trust security market is anticipated to grow at an impressive CAGR in the forecast period, 2023-2027. The rapid adoption of cloud-based technology by enterprises, proliferation of smart devices, and the remote working policies provided by organizations are the major factors driving the demand for the global zero trust security market. Businesses provide remote access to employees, thereby creating a secure architecture framework to enable multi-factor authentication to access critical data. The rise in the need to secure complex data and continued evolution in technologies is driving the demand for security solutions, which is expected to accelerate the global zero trust security market growth in the forecast period.
However, high initial costs of purchasing zero trust security solutions and budget constraints of small and medium enterprises and start-ups may restrain market growth in the forecast period.
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The global zero trust security market is segmented by solution type, authentication type, organization size, deployment type, vertical, company, and regional distribution.
Based on the organization size, the market is divided into large enterprises and small & medium enterprises. Large enterprises are expected to capture the largest market share in the forecast period. The ability to invest hefty amounts by the large enterprises to adopt advanced zero trust security solutions to protect confidential information from malicious cyber-attacks plays a crucial role in accelerating the growth of the global zero trust security market. The high need to secure devices, data centers, networks, endpoints, users, and applications from unauthorized access and loss of critical data is fueling the demand for secure and affordable solutions. To restrict the entry of unwanted users and provide access to web applications and servers is bolstering the need for multi-factor authentication to provide special access to authorized users.
Based on the deployment mode, the market is divided into cloud and on-premises. The cloud segment is expected to witness the fastest incremental growth in the forecast period. The adoption of cloud-based security solutions offers several benefits over the on-premises deployment model, such as higher scalability, flexibility, adaptability, and enhanced IT security. They are affordable and eliminate the need to invest in hardware and other maintenance costs.
On the basis of regional analysis, the North American region is expected to dominate the global zero trust security market in the forecast period. The presence of several key market players in the region providing enhanced solutions to prominent industry verticals is driving the demand for a zero-trust security market in the region. Well-developed technological infrastructure and high-end investments in research and development activities to find innovative solutions by the market players are expected to create growth opportunities for the global zero trust security market.
Major market players operating in the global zero trust security market are:
- · Cisco Systems Inc.
- · Akamai Technologies
- · Check Point Software Technologies Ltd.
- · Palo Alto Networks
- · McAfee Corporation
- · Cloudflare Inc.
- · Trend Micro, Inc.
- · Symantec Corporation, Inc.
- · IBM Corporation
- · Microsoft Corporation
- · Google Inc.
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“The Healthcare industry is expected to witness the fastest incremental growth in the forecast period, 2023-2027. Ongoing advancements in technology, growing demand for quality healthcare services, and digital transformation are revolutionizing the healthcare sector. Penetration of telehealth services and analytics use of connected devices for continuous monitoring of patients generates large volumes of data. The rise in concerns towards protecting patients’ critical information due to growing cyberattacks on the healthcare system is expected to accelerate the demand for zero trust security solutions. The surge in investments by the healthcare industry to adopt advanced security solutions and offering of custom-based security by market players is expected to propel the growth of the global zero trust security market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Zero Trust Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Solution Type (Network Security, Data Security, End Point Security, Security Orchestration Automation & Response, API Security, Others), By Authentication Type (Single-factor Authentication and Multi-factor Authentication), By Organization Size (Large Enterprises and Small & Medium Enterprises), By Deployment Type (Cloud and On-premises), By Vertical (IT and ITES, BFSI, Healthcare & Social Assistance, Retail Trade, Utilities and Others), and By Region”, has evaluated the future growth potential of global zero trust security market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global zero trust security market.
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