Zero Trust Security Market to exceed $129 Bn by 2032, Says Global Market Insights Inc.

Major zero trust security market participants include Akamai Technologies Inc., VMware Inc., Broadcom, Palo Alto Networks Inc., Centrify Corporation, Okta Inc., Cisco Systems, Inc., Microsoft Corporation, Google LLC, and IBM Corporation.

Selbyville, Delaware, April 30, 2024 (GLOBE NEWSWIRE) --

The zero trust security market valuation is predicted to cross USD 129 billion by 2032, as reported in a research study by Global Market Insights Inc.

The increasing frequency and sophistication of cyber threats compelling the adoption of more robust security measures will drive the industry growth. As per reports, in 2023, organizations across the globe were experiencing an average of 1,158 weekly cyber-attacks. This heightened threat, coupled with the growing reliance on cloud computing and remote work has fueled the demand for zero trust security solutions. Organizations also recognizing the need to move away from traditional perimeter-based security models towards more adaptive, risk-based approaches to protect their sensitive data and systems.

The growing regulatory compliance requirements are helping in driving the adoption of zero trust security market solutions. With regulations, such as GDPR, CCPA, and HIPAA imposing stringent data protection standards, organizations across various sectors are compelled to implement advanced security measures to ensure compliance. To that end, zero trust security frameworks have grown popular as they offer a proactive approach to data protection, aligning closely with regulatory mandates and helping organizations to mitigate the risk of non-compliance penalties.

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The data security type segment in the zero trust security market is projected to expand between 2024 and 2032, due to escalating concerns over data breaches. As organizations increasingly store and process vast amounts of sensitive information, the risk of unauthorized access and data compromise grows exponentially. Traditional perimeter-based security measures have proven inadequate in safeguarding against sophisticated cyber threats, prompting a shift towards zero trust security frameworks.

The zero-trust security market from the BFSI segment will generate sustainable growth during 2024-2032.  This is driven by the unique cybersecurity challenges and regulatory requirements of the BFSI sector. With financial institutions handling vast amounts of sensitive customer data and conducting critical transactions daily, they remain prime targets for cyber-attacks. Zero trust security offers a compelling solution by fundamentally redefining the traditional perimeter-based security model. Moreover, by implementing strict access controls, continuous monitoring, and authentication mechanisms, financial institutions can effectively mitigate the risks of data breaches and unauthorized access attempts.

Asia Pacific zero trust security market is set to exhibit robust CAGR from 2024 to 2032. The rapid pace of digital transformation across various industries in China, India, and Japan has significantly increased the surface area for cyber threats. This surge in digitalization has heightened the demand for robust security solutions that can adapt to dynamic IT environments and mitigate the risk of data breaches and cyber-attacks. Stringent regulations with governments enacting data protection laws to safeguard consumer privacy and prevent data misuse will also add to the regional industry expansion.

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Some of the top firms engaged in the zero-trust security market include Akamai Technologies Inc., VMware Inc., Broadcom, Palo Alto Networks Inc., Centrify Corporation, Okta Inc., Cisco Systems, Inc., Microsoft Corporation, Google LLC, and IBM Corporation. These market players are working on new product developments, acquisitions, collaborations, and mergers to widen their global presence. For instance, in December 2023, Cisco Systems expanded its presence in the enterprise networking and security sector by introducing the Cisco AI Assistant for cyber security.

Partial chapters of report table of contents (TOC):]

Chapter 1   Methodology & Scope
1.1    Market scope & definition
1.2    Base estimates & calculations
1.3    Forecast calculation
1.4    Data Sources
1.4.1    Primary
1.4.2    Secondary   Paid sources   Public sources
Chapter 2   Executive Summary
2.1    Zero trust security market 3600 synopsis, 2018 - 2032
2.2    Business trends
2.2.1    Total Addressable Market (TAM), 2024-2032
2.3    Regional trends
2.4    Component trends
2.5    Deployment trends
2.6    Enterprise size trends
2.7    Security type trends
2.8    Authentication trends
2.9    End-user trends
Chapter 3   Zero Trust Security Market Insights
3.1    Impact on COVID-19
3.2    Russia- Ukraine war impact
3.3    Industry ecosystem analysis
3.4    Vendor matrix
3.5    Profit margin analysis
3.6    Deployment innovation landscape
3.7    Patent analysis
3.8    Key news and initiatives
3.9    Regulatory landscape
3.10    Impact forces
3.10.1    Growth drivers    Rising cyberattacks and security breaches    The proliferation of remote work    Rising need for identity verification    Increasing regulations and data protection laws
3.10.2    Industry pitfalls & challenges    Complex implementation    Continuous verification processes may affect user experience
3.11    Growth potential analysis
3.12    Porter’s analysis
3.13    PESTEL analysis
Chapter 4   Competitive Landscape, 2023
4.1    Introduction
4.2    Company market share, 2023
4.3    Competitive analysis of major market players, 2023
4.3.1    Akamai Technologies Inc.
4.3.2    Broadcom
4.3.3    Centrify Corporation
4.3.4    Cisco Systems Inc.
4.3.5    Okta Inc.
4.3.6    Palo Alto Networks Inc.
4.3.7    VMware Inc.
4.4    Competitive positioning matrix, 2023
4.5    Strategic outlook matrix, 2023 
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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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