Zero trust Security Market Size Worth USD 162.91 Billion in 2032 | Emergen Research

Vancouver, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global zero trust security market size was USD 26.45 Billion in 2022 and is expected to register a rapid revenue CAGR of 18.9% during the forecast period. Increasing need to reduce organizational risks, instances of cyberattacks, and government regulations for data protection and rising need of cloud-based zero trust solutions, among Small and Medium Enterprises are major factors driving market revenue growth.

The rising popularity of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends is increasing significantly across organizations, which is also expected to drive revenue growth of the market during the forecast period. Administrators need to have a comprehensive understanding of the corporate infrastructure, including users, devices, data, applications, and services, and their respective locations, to implement zero trust. This accurate inventory not only enhances security but also facilitates long-term performance planning. When considering Information technology (IT) security from an end-user perspective, managing multiple passwords for accessing various applications and data is often a common challenge. A significant aspect of zero trust involves deploying Single Sign-On (SSO) tools, which greatly simplify password management for end users

The most common hurdle while using zero trust is that it can be challenging to implement. The requirement for authentication and authorization of every user, device, and application adds an additional level of complexity, especially for businesses with a large user base. The fact that managing and implementing zero trust frequently takes additional staff is another difficulty. There is only one perimeter to safeguard in a classic perimeter-based security model.

In addition, there are numerous perimeters with zero trust, and each one needs to be handled and watched over. The performance of applications might be slowed down by zero trust, which is one of the main criticisms of the system. This is due to the requirement for authentication and authorization before any user, device, or application can access any data or applications. Hence, all the above factors could restrain market revenue growth.

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Segment Insights

Authentication Type Insights:

Based on authentication type, the global market is segmented into single-factor authentication and MFA.

The MFA segment is expected to register steadily fast revenue growth rate in the global zero trust security market during the forecast period. This is because MFA helps users to provide additional forms of identification in addition to usernames and passwords, which will improve an organization's security. Although crucial, usernames and passwords can be stolen by other parties and are subject to brute force assaults. MFA functions by requesting extra verification data (factors), which include One-time passwords (OTPs) that consumers come across most frequently

Solution Type Insights:

Based on solution type, the global market is segmented into endpoint security, network security, Application Programming Interface (API) security, security policy management, data security, security analytics, and others.

The data security segment accounted for largest revenue share in the global zero trust security market in 2022. This is because data security prevents hackers from entering a system, evaluating and reducing the risk connected with data storage and processing. Data security is a set of protocols and methods for securing critical IT infrastructure. Various methodologies, applications, and controls are used in effective data security to assess the worth of various datasets and implement the best security safeguards. Effective data security takes into account both the necessity for regulatory compliance and sensitivity of various datasets. Customers that experience a data breach will choose to take legal action to safeguard their rights, which implies they can take legal action against a company, and if any non-compliance is discovered, it will be subject to penalties. This can be avoided if the right data security protocols are used.

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Regional Insights:

The Asia Pacific market accounted for largest revenue share in the global zero trust security market in 2022.  This is due to continuous technological advancements and increasing Internet connectivity. The risk assessment business is investing more in cutting-edge technology, such as analytics and Artificial Intelligence (AI), owing to the changing cyber threat landscape and its repercussions in this region.

The Europe market is expected to account for considerably large revenue share in the global zero trust security market during the forecast period. This is due to increasing number of governments encouraging institutions to adopt a zero-trust security paradigm to protect privacy. The possibility of targeting leading economies, such as Germany and the UK, by cyber criminals ultimately demonstrates the need for zero-trust security solutions in these nations. In the UK, zero-trust security solution acceptance is accelerating, and several businesses in Europe have begun to provide zero-trust security products and services.

Scope of Research

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Major Companies and Competitive Landscape

The global zero trust security market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Cisco Systems Inc.
• FireEye Inc.
• Forcepoint
• Akamai Technologies
• Sophos Group
• SonicWall
• Microsoft Corporation
• IBM Corporation
• TrendMicro Inc.
• Symantec Corporation

Strategic Development

• On 12 July, 2022, Palo Alto Networks, the world's leading cybersecurity company partnered with HCL Technologies, the market leader in next-generation technology and IT services to bring combined solutions that support customers' safe digital and cloud transformations. Palo Alto Networks will add a portfolio of best-in-class cybersecurity solutions to HCL Technologies' cloud and managed security service offerings. By using managed Secure Access Service Edge (SASE), cloud computing, and threat monitoring, the products are intended to get a business closer to becoming a Zero Trust Enterprise.

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For the purpose of this report, Emergen Research has segmented the global zero trust security market on the basis of solution type, authentication type, deployment mode, organization size, end-use vertical, and region:

•   Solution Type Outlook (Revenue, USD Billion; 2019–2032)
  • Endpoint Security
  • Network Security
  • Application Programming Interface (API) Security
  • Security Policy Management
  • Data Security
  • Security Analytics
  • Others
• Authentication Type Outlook (Revenue, USD Billion; 2019–2032)
  • Single-Factor Authentication
  • Multi-Factor Authentication
• Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
  • Cloud
  • On-Premises
• Organization Size Outlook (Revenue, USD Billion; 2019–2032)
  • Large Enterprises
  • Small & Medium Enterprises
• End-Use Vertical Outlook (Revenue, USD Billion; 2019–2032)
  • Information Technology (IT)
  • Healthcare
  • Banking, Financial Services, and Insurance (BFSI)
  • Retail
  • Energy & Utility
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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