Pune, India, March 31, 2021 (GLOBE NEWSWIRE) -- The Global Zero Trust Security Market was valued at USD 20.2 billion in 2020 and is projected to grow at a CAGR of 19.7% during the forecast period till 2028. However, without the COVID-19 impact, the global zero trust security market was valued at USD 20.5 billion in 2020.
Zero trust security is a modern type of cybersecurity that works on the method of zero-accepted trust. The security mixture needs every single outsider and insider to give original confirmation before entering the secured network. The framework dictates that only authenticated and authorized users and devices can access applications and data. Moreover, it also guarantees a simple-to-use, profitable and dependable security process.
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Targeted attacks have observed to increase in the last few years, penetrating the target's network framework and at the same time, controlling invisibility. Attackers that have a distinct target in mind frequently target networks, on-premise tools, cloud-based implementations, endpoints, data, and numerous other IT infrastructure frameworks. The principle aim behind a target attack is to interrupt with the targeted company or organization's network framework and steal important information.
As a consequence of these targeted attacks, businesses’ crucial functions get negatively affected in terms of business interruptions, financial loss, intellectual property loss, and loss of sensitive consumer data. Firms dealing with crucial business and personal details are expected to increase the adoption of the zero trust security framework approach in the coming years, which will have a positive impact on market growth. This is mainly due to the fact that only zero trust security takes a micro level approach to authenticating and approving access request at every point within a network.
The zero trust security model is implemented by IT teams in firms to evaluate their internet security and change from a network system perimeter build approach to an application-based and user-based security pattern. Reconfiguring and rearranging mobile and web-based applications can become tedious and exhaustive. Many networks are not planned keeping zero trust security in mind and so, upgrading to a zero-trust design needs an in-depth channel analysis of traffic, network hardware, and services. This may pose a challenge to market growth.
Some Noted Developments Considered in the Report:
- In April 2020, Google made accessible BeyondCorp Remote Access, stamping its first commercial product built on the zero-trust method to channel protection that Google introduced and has utilized internally for almost a decade.
- In June 2019, Palo Alto Networks captured PureSec to enhance Prisma contribution. Puresec is one of the competitors in serverless framework security, and it provides support to all serverless vendors such as AWS Lambda, Azure Functions, Google Cloud Functions, and IBM BlueMix.
- In May 2019, Okta operated its first place of work in Germany. This would authorize the company to enlarge its footprints in the European zone to create more profits by raising its client base in the region.
- In April 2019, Cyxtera Technologies declared the setup of Risk Orchestrator to empower the energy, reach, and scale of its complete fraud prevention platform.
- In February 2019, Symantec acquired Luminate Security, a zero trust developer with the Software Determined Perimeter technology. The acquisition has enabled Symantec to expand its portfolio in consolidated cybersecurity.
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COVID-19 Impact on Global Zero Trust Security Market
The QMI team has closely monitored the impact of COVID-19 on the global zero trust security market, and it has been observed that the demand for zero-trust security has increased during the pandemic time. It is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have implemented strict lockdown norms, which have hampered all kinds of business activities.
Demand & supply of products, raw materials, and manufacturing facilities have completely disrupted, which has created weak product and service demand. Among various industries, transportation, aviation, oil & gas, and the electronic industry have suffered huge financial losses. The nature of COVID-19 has resulted in a shift to remote workforce. Due to the possibility for limited security analysis, attackers are likely to take benefit of weaknesses to gain internal access. The zero trust security developed in recent years uses identification provider to give access to the applications and find out the permission rights based on both the user and the device. All these factors are mentioned and analyzed in this report.
Global Zero Trust Security Market, By Solution Type
Based on the solution type, the zero-trust security market is segmented into network security, data security, endpoint security, security orchestration automation and response, API security, security analytics, security policy management, and others. Among these segments, the network security segment is expected to have the highest market size during the predicted period, as it is the most crucial and important feature of the zero-trust security model. The data security segment is anticipated to be the second-largest segment to lead the market. Data security solutions are accountable for protecting business datasets and details like customer details, employee datasets, and financial details.
Global Zero Trust Security Market, By Deployment Type
Based on the deployment type, the zero trust security market is segmented into on-premises and cloud. The on-premises deployment mode authorizes firms to have additional power over all the zero-trust security solutions like new generation intrusions protection function and new generation firewalls. The cloud deployment model of zero-trust security solutions benefit enterprises with cloud-based solutions by providing scalability, faster speed, and improved IT security. There is an increasing requirement for cloud-based zero trust security solutions among large and small enterprises.
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Global Zero Trust Security Market, By Authentication Type
Based on the authentication type, the zero trust security market is segmented into single-factor authentication and multi-factor authentication. The multi-factor authentication segment is anticipated to have the highest market share during the forecast period, as multi-factor authentication is one of the important attributes of zero trust security. In this method, a user is validated beyond one way, as only accessing a password is not sufficient to acquire access.
Global Zero Trust Security Market, By Organization Size
Based on the organization size, the zero trust security market is segmented into small and medium-sized enterprises and large enterprises. These enterprises acquire solutions to secure their data centres, users, devices, end-points, network, and applications from uncertified usage and malicious ransomware attacks. Large Enterprises account for a larger market share in terms of revenue in the worldwide global zero trust security market. Large enterprises are redesigning their security policies and architectures to integrate zero trust security to secure critical assets from different cyberattacks.
Global Zero Trust Security Market, By Verticals
Based on verticals, the zero trust security market is segmented into energy & power, banking, financial services and insurance (BFSI), retail trade, healthcare, and IT & Telecom. The BFSI vertical is anticipated to register the largest CAGR during the forecast period because of attributes like least-privilege access given by zero trust security. Also, these corporations are spending heavily on cyber solutions to secure their network.
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Global Zero Trust Security Market, By Region
Based on region, the global zero trust security market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to be the largest market because of the existence of a large number of zero-trust security vendors in the region and increasing demand for solutions that provide a productive authentication procedure for both large and small and medium-sized enterprises.
Some Major Findings of the Zero Trust Security Market Report Include:
- Major global market trend & forecasts analysis along with the country-specific market analysis for up to 25 countries
- An in-depth global zero trust security market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the major market players operating in the global zero trust security market, which include Cisco Systems, Inc., Akamai Technologies, Palo Alto Networks, Okta Inc., IBM Corporation, Symantec Corporation, FireEye Inc., McAfee Corporation, Forcepoint, Fortinet, and Cloudfare Inc., among others.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global zero trust security market
- Impact of COVID-19 on the zero trust market security market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Zero Trust Security Market, By Solution Type (Network Security, Data Security, Endpoint Security, Security Orchestration Automation and Response, API Security, Security Analytics, Security Policy Management, and Others), By Deployment Type (On-Premise and Cloud),By Authentication Type (Single -Factor Authentication and Multi-Factor Authentication),By Organization Size (Small and Medium Sized Enterprises and Large Enterprises),By Verticals (Energy and Power, Banking Financial Services and Insurance, Retail Trade, Healthcare, and IT and Telecom), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Market Size & Forecasting 2016-2028” in-depth analysis along with the table of contents (ToC).
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