Zero Trust Security Market worth $60.7 billion by 2027, growing at a CAGR of 17.3% Report by MarketsandMarkets™

Chicago, June 20, 2023 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. Surge in security regulations, government policies in large companies, and the increased number of data breaches across the globe, particularly in North America and Europe are some of the factors that are driving the market growth.

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393 - Tables
37 - Figures
311 - Pages

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Scope of the Report

The COVID-19 pandemic has positive impacts on the zero trust security market. The increase in digitalization initiatives and rise in penetration of IoT across the developing countries have led enterprises, both small and medium-sized and large enterprises, to adopt cloud computing. These factors have exposed their critical business process data to the risk of cyberattacks. These sophisticated attacks have the potential to disrupt the evolution of digitalization and are expected to restrict the benefits offered by it. Similarly, the Bring Your Own Device (BYOD) and Internet of Things (IoT) trends are increasing cybersecurity needs. The security vendors are developing integrated zero trust security solutions to deliver a holistic security solution and protect the applications and data from advanced cyber threats.

The API security segment by solution type is projected to grow with a highest CAGR in the forecast period. The API security segment is gaining traction due to the increase in the use of APIs for data and application delivery in mobile, cloud, and IoT. The security and vulnerability management solutions provide perimeter security, handle authentication and authorization, data encryption, and threat prevention to manage APIs across several verticals. These solution vendors utilize AI models and big data analytics for constantly inspecting and reporting API activities. These solutions are also capable of monitoring API traffic and automatically discovering anomalous API traffic behavior in the API environment of organizations.

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The cloud deployment mode in the zero trust security market is projected to have the larger market size. Enterprises that have completely migrated their IT capabilities to the cloud are increasingly deploying cloud-based zero-trust security solutions. The need for decentralized cloud storage enables remote maintenance, management, and backup of data with benefits, such as accessibility, cost savings, and data security for businesses, which encourage IT specialists to move their data to the cloud. Cloud solutions increase customer reliance, thus enhancing their penetration across SMEs, which are projected to drive the growth of the cloud segment in the market.

Enterprises across the globe are adopting both Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS) cloud platforms on a large scale. Due to this large-scale adoption and rapidly changing technological landscape, the security teams are facing difficulties in protecting the enterprise data and reducing the scope of the threat of cloud and hybrid cloud workloads. Moreover, the migration toward the cloud has increased the number of cloud workloads drastically. These challenges are addressed by the zero trust security model, where each network, user, and access location are considered to be hostile.

Top Trends in Global Zero Trust Security Market

• The popularity of cloud-based zero trust security solutions is being fueled by the rapid expansion of the cloud computing sector. Traditional on-premises solutions cannot compare to the scalability, flexibility, and cost-effectiveness of cloud-based solutions. Cloud-based solutions, for instance, can be quickly and simply implemented and easily scaled up or down to meet changing needs. A further benefit of cloud-based solutions is that they are frequently more affordable than conventional on-premises alternatives.
• IAM plays a crucial role in any zero-trust security solution by assisting in ensuring that only authorised users have access to sensitive information and systems.
• A potent technique that can be used to spot suspicious activity and stop cyberattacks is behavioral analytics. Solutions for behavioral analytics frequently gather information about user behavior, including login times, IP addresses, and websites visited. Then, using this data, patterns of behavior that can point to malicious activities can be found through analysis. One indication that a user's account has been compromised is if the person suddenly starts checking in from a different country or IP address.
• Zero trust security solutions are becoming significantly more successful thanks to the use of AI and ML. AI, for instance, can be used to recognize and categorize threats, while ML, which learns from previous attacks, can increase the accuracy of threat detection. Automation of processes like patch management and vulnerability screening is also possible with AI and ML. Security experts may be able to concentrate on more strategic activities as a result of this.

Key Industry Development

• Standards and frameworks have been developed by organisations and industry associations to direct the application of zero trust security. For instance, the Special Publication 800-207 of the National Institute of Standards and Technology (NIST) describes the components and guiding concepts of zero trust architecture. These guidelines support businesses in adopting consistent strategies and industry-leading practises for implementing zero trust security.
• To meet the rising demand for zero trust security, various cybersecurity firms have improved and developed their product lines. These solutions cover a wide range of capabilities, such as automation, network segmentation, microsegmentation, behavioural analytics, and identity and access management (IAM). To offer complete and integrated zero trust security solutions, vendors are constantly developing.
• Organisations are collaborating and forming partnerships to handle the difficult problems brought on by zero trust security. This includes working together to deliver comprehensive and interoperable zero trust solutions from cybersecurity vendors, technology providers, and system integrators. Partnerships frequently seek to enforce zero trust principles while integrating diverse security solutions and fostering seamless user experiences.
• A concentrated effort has been made to inform and educate organisations about the advantages and deployment methods of zero trust security. To distribute information and exchange best practises, industry events, conferences, webinars, and training programmes are organised. Additionally, through research papers, articles, and thought leadership content, cybersecurity experts and thought leaders actively contribute to the understanding of zero trust security.
• Organisations are using zero trust security to comply with ever-stricter data privacy and security standards. Zero trust security is an appealing strategy for compliance since regulatory frameworks like the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States emphasise the necessity for strong security measures.
• Zero trust security is increasingly being integrated with security operations centres (SOCs) and incident response procedures. Organisations can analyse network and user behaviour in real-time to find and address possible risks by utilising security information and event management (SIEM) technologies. The detection and reaction capacities of SOC teams are improved with the application of zero trust concepts.

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