NEW CASTLE, Delaware, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Zero Trust Architecture Market by Offering (Solution and Services), Organization Size (Small and Medium-Sized Enterprise (SMEs), Large Enterprises), Deployment (Cloud and On-Premises), and End User (BFSI, Government and Defense, IT & ITES, Healthcare, Retail and e-commerce, Energy and Utilities and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the zero trust architecture market was valued at $17.3 billion in 2023, and is estimated to reach $108.1 billion by 2032, growing at a CAGR of 22.7% from 2024 to 2032.
Prime Determinants of Growth
The global zero trust architecture market is experiencing growth due to increase in cyber threats, regulatory compliance, and technological advancements. However, high implementation costs hinder market growth to some extent.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $17.3 Billion |
| Market Size in 2032 | $108.1 Billion |
| CAGR | 22.7% |
| No. of Pages in Report | 200 |
| Segments Covered | Offering, Organization Size, Deployment, End-user and Region. |
| Drivers | Increase in Cyber Threats |
| Regulatory Compliance | |
| Technological Advancements | |
| Opportunities | AI and Automation Integration |
| Government Initiative |
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Segment Highlights
The services segment is expected to witness rapid growth during the forecast period.
By offering, the solution segment held the highest market share in 2023, owing to its ability to provide comprehensive, customizable, and scalable security measures that integrate seamlessly with existing IT infrastructure, incorporate advanced technologies, and ensure regulatory compliance, making it highly attractive for organizations. However, the service segment is projected to attain the highest CAGR from 2024 to 2032, owing to increasing demand for expert guidance, ongoing support, and managed services to effectively implement and maintain zero-trust architectures, particularly as organizations seek to enhance their cybersecurity posture amid evolving threats.
The small and medium-sized enterprise (SMEs) segment is expected to grow faster during the forecast period.
By organization size, the large enterprises segment held the highest market share in 2023, due to substantial resources for implementing comprehensive security solutions, heightened vulnerability to cyberattacks, and stringent regulatory compliance requirements, which is driving the need for robust and scalable zero-trust frameworks to protect critical assets and data. However, the small and medium-sized enterprise (SMEs) segment to attain the highest CAGR from 2024 to 2032, owing to rising cybersecurity threat awareness, digital transformation adoption, and the availability of affordable, scalable zero-trust solutions tailored to their specific security requirements.
The on-premises segment is expected to grow faster during the forecast period.
By deployment, the cloud segment held the highest market share in 2023, due to the increasing adoption of cloud computing, which provides flexibility, scalability, and cost-efficiency. This shift towards cloud-based services has expanded the security perimeter, making it essential to secure access to cloud-based apps and data using zero trust architecture. However, the on-premises segment is projected to attain the highest CAGR from 2024 to 2032, owing to increasing adoption of zero trust architecture in traditional IT environments, driven by the need for enhanced security and compliance with regulatory requirements, particularly in industries such as finance, healthcare, and government.
The BFSI segment is expected to grow faster during the forecast period.
By end-user, the retail and e-commerce segment held the highest market share in 2023, due to the sector's increased focus on securing customer data, transactions, and digital assets against evolving cyber threats. However, the BFSI segment is projected to attain the highest CAGR from 2024 to 2032, owing to increase in adoption of digital technologies such as artificial intelligence, machine learning, and blockchain, which are driving growth in the sector by enhancing customer experience, improving operational efficiency, and reducing costs.
North America to maintain its dominance by 2032
By region, North America led the market share in 2023, owing to presence of major players such as Cisco, Palo Alto Networks, and Zscaler, which provide early access to cutting-edge solutions. In addition, highly cybersecurity-aware organizations in the region recognize the importance of comprehensive security strategies such as zero trust to safeguard data and systems from cyber threats. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to rapid digital transformation, increase in cyber threats, and substantial investments in cybersecurity infrastructure across countries such as China, Japan, and India.
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Major Industry Players: -
- Palo Alto Networks
- VMware
- Zscaler
- Akamai
- Microsoft
- Cisco
- IBM
- Citrix
- Check Point
- Trellix.
The report provides a detailed analysis of these key players in the global zero trust architecture market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In May 2024, Palo Alto Networks, a global leader in cybersecurity, and IBM, a prominent provider of hybrid cloud and AI solutions, announced a partnership aimed at providing customers with AI-driven security solutions. This collaboration highlights both companies' commitment to leveraging their platforms and innovative technologies to enhance cybersecurity measures for their clients.
- In September 2021, Fortinet a global leader in broad, integrated and automated cybersecurity solutions, and Linksys, a global leader in wireless networking products, announced a new joint solution to enable enterprise organizations to support and secure work-from-home networks.
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