New York, USA, July 14, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global zero trust security market is projected to register a revenue of $66,741.3 million at a CAGR of 17.6% during the forecast period (2020-2027), increasing from $18,500.0 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Download Free Sample Report of the Global Zero Trust Security Market: https://www.researchdive.com/download-sample/5368
Dynamics of the Market
Drivers: In recent years, many instances of cyber-attacks have been recorded all over the world. The cyber criminals have become more sophisticated than ever and are capable of intruding into the security perimeter of any digital device. This is the main reason that is forcing organizations to implement zero trust security, which is leading to the growth of the market.
Restraints: The major restraining factor of the market is the high expenses and investments required for the implementation of zero trust security.
Check out How COVID-19 impacts the Global Zero Trust Security Market. Click here to Speak with Our Analyst: https://www.researchdive.com/connect-to-analyst/5368
Opportunity: In order to improve operational efficiency and augment communications, verticals are adopting IoT devices which is expected to create many opportunities for the market in upcoming years.
Key Segments of the Market
The report has segmented the market into different segments based on solution type, deployment, authentication type, organization size, vertical type, and regional analysis.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated With The Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Solution Type: Endpoint Security Sub-Segment Expected to be the Most Lucrative
Endpoint security sub-segment accounted for the highest revenue of $3,847.2 million in 2019 and is further estimated to grow with a healthy CAGR of 16.50% during the forecast period. The endpoint solutions are developed with advanced technologies such as IoT, AI, connected devices, and cloud which has increased its demand across industries. This is the major reason enhancing the growth of the market segment.
Deployment Type: On-Premises Sub-Segment Expected to be the Most Beneficial
The on-premises sub-segment is predicted to surpass $29,914.1 million by the end of 2027, surging from $10,511.4 million in 2019. The main factor enhancing the growth of this segment is the security and data privacy offered by on-premise enterprise application software.
Check out all Information and communication technology & media Industry Reports: https://www.researchdive.com/information-and-communication-technology-and-media
Authentication Type: Multi-Factor Sub-Segment Predicted to be the Most Lucrative
The multi-factor sub-segment is estimated to garner the maximum revenue of $38,629.0 million by 2027, increasing from $9,781.4 million in 2019. The increasing interactions and transactions through virtual platforms have boosted the chances of cyber-attacks in healthcare, big corporates, and banks. This has increased the demand of multi-factor authentication security, enhancing the growth of the market.
Organization Size: Large Enterprise Sub-Segment Predicted to be the Most Beneficial
The large enterprise sub-segment is expected to garner a revenue of $34,498.3 million by the end of 2027, rising from $12,152.4 million in 2019. Large enterprises always remain in benefit because of the economy of scale process. This is the main reason enhancing the growth of the market segment.
Vertical Type: Retail Sub-Segment Predicted to be the Most Profitable
The retail type sub-segment is expected to raise a revenue of $15,642.9 million by 2027, increasing from $4,520.8 million in 2019. Rising disposable income and virtual ecommerce platforms are the main attributors behind the growing trend of the retail segment.
Regional Analysis: North America Expected to Dominate the Market
The main factors enhancing the growth include the presence of major players in the regional countries and penetration of mobile devices and rising online activities.
Key Players of the Market
1. McAfee Corporation
2. IBM Corporation
3. Fortinet
4. Symantec Corporation
5. FireEye Inc.
6. Cisco Systems Inc.
7. Akamai Technologies
8. Palo Alto Networks
9. Okta Inc.
10. Check Point Software Technologies
Recent development
In February 2021, Akamai Technologies, Inc., the intelligent edge platform for securing and delivering digital experiences, announced that it has come into a definite agreement to acquire Montreal-based Inverse. The acquisition is expected to improve Akamai’s enterprise security capabilities and develop its portfolio of zero trust and secure access service edge solutions for IoT.
Impact Analysis of Covid-19 on the Market
The coronavirus pandemic has impacted the global economy in a drastic way. In order to curb the spread of the virus, the governments around the world has imposed restrictions on going out and travelling. This has resulted in working from home norms across the industries. The virtualization of work has made the institutions and organizations vulnerable to cyber-attacks. The demand of endpoint and Virtual Private Network (VPN) security measures has been augmented amid the coronavirus pandemic, leading to the remarkable growth of the market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
TRENDING REPORTS WITH COVID-19 IMPACT ANALYSIS
Digital Educational Publishing Market https://www.researchdive.com/8354/digital-educational-publishing-market
Chatbot Market https://www.researchdive.com/5985/chatbot-market
Managed Services Market https://www.researchdive.com/388/managed-services-market