Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "Global Zero Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics and Security Policy Management), Deployment Mode, Authentication Type, Organization Size, Vertical, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Zero trust security market size is expected to grow from an estimated value of USD 27.4 Billion in 2022 to USD 60.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2022 to 2027. Some of the factors that are driving the market growth includes an increase in the frequency of target-based cyber-attacks. However, design and implementation challenges to deploying zero trust security solutions is expected to hinder the market growth.
By deployment mode, cloud-based zero trust security solutions to account for a higher market share during the forecast period
cloud-based zero trust security solutions provide a cost-effective approach for enterprises across verticals to enhance security. Pricing is a major differentiating factor encouraging the adoption of cloud-based security solutions over on-premises security solutions. The growing virtualization across industries and increasing adoption of cloud computing solutions are the major factors leading to the rise in demand for cloud-based zero trust security solutions in various countries. Moreover, the cloud-based deployment of zero trust security solutions can help organizations reduce the costs associated with expensive hardware equipment required for storage, power, and cooling. Apart from operational benefits, cloud-based security solutions offer technical expertise, eliminating the cost incurred for IT maintenance by any organization. Cloud deployments are suitable for SMEs that usually have a limited budget for securing critical assets from cyberattacks. Furthermore, deploying security solutions in the cloud can help businesses focus on their core operational functionalities rather than increasingly investing in capital infrastructure for IT security. Cloud-based zero trust security solutions help secure access control management (ACM) in a physical and virtualized cloud data center environment. Enterprises that have completely migrated their IT capabilities to the cloud are increasingly deploying cloud-based zero-trust security solutions, driving market growth.
By vertical, healthcare and social assistance to grow at the highest CAGR during the forecast period
The healthcare vertical is becoming a prime target for cybercriminals. Healthcare enterprises have a large repository of patient information, such as names, phone numbers, social security numbers, insurance details, biometric data, email addresses, and medical records. Furthermore, healthcare firms also store the payment data of customers, which also becomes a target for hackers to exploit. According to the Protected Health Information Data Breach Report (PHIDBR) conducted by Verizon in 2018, the prime focus of data breaches in the healthcare vertical was healthcare medical records comprising patient identities and medical history. PHIDBR also revealed that 70% of the incidents were ransomware attacks with malicious code, and 58% of the security incidents involved insiders leaving sensitive data open for misuse. Moreover, these types of security breaches and unauthorized access to the personal information of patients result in various fraudulent attacks. Healthcare firms are shifting toward digitally driven processes and rapidly adopting zero trust security solutions for the digital security of internal and external endpoints.
Market Dynamics
Drivers
- Increase in the Frequency of Target-Based Cyberattacks
- Growth in Regulations for Data Protection and Information Security
- Greater Need to Reduce Business and Organizational Risks
Restraints
- Budgetary Constraints Among Small and Emerging Startups in Developing Countries
- Need for Continuous Administration to Ensure Enduring Protection
Opportunities
- High Demand for Improved Visibility due to the Rise in IoT Traffic Among Enterprises
- Increase in Need for Cloud-Based Zero Trust Security Solutions Among Smes
Challenges
- Design and Implementation Challenges to Deploying Zero Trust Security Solutions
- Lack of Cybersecurity Professionals to Handle the Critical Infrastructure
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Zero Trust Security Market, by Solution Type
7 Zero Trust Security Market, by Deployment Mode
8 Zero Trust Security Market, by Authentication Type
9 Zero Trust Security Market, by Organization Size
10 Zero Trust Security Market, by Vertical
11 Zero Trust Security Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
15 Appendix
Companies Mentioned
- Akamai
- Broadcom
- Centrify
- Check Point
- Cisco
- Cloudflare
- Cyxtera Technologies
- Forcepoint
- Fortinet
- Ibm
- Illumio
- Microsoft
- Okta
- On2It
- Palo Alto Networks
- Pulse Secure
- Qnext Corporation
- Rsa
- Sonicwall
- Sophos
- Trellix
- Trend Micro
- Varonis
- Vmware
- Zscaler
For more information about this report visit https://www.researchandmarkets.com/r/40lg1f
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