Zero Trust Security Market is Segmented By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication), By Solution Type (Network Security, Data Security, Endpoint Security, Security Orchestration Automation and Response, API Security, Security Analytics, Security Policy Management, Others), By End-User (IT and Telecom, BFSI, Manufacturing, Healthcare, Energy and Power, Retail, Government, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Zero Trust Security Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Zero Trust Security is an approach to network security that assumes no trust in any user or device, requiring strict authentication and authorization for every access request. The market is driven by the increasing frequency and sophistication of cyber threats, the adoption of cloud computing and remote work practices, and the need for comprehensive security solutions. In America, the Zero Trust Security Market is witnessing significant growth. Key players in the market include Cisco Systems, Inc., Palo Alto Networks, Inc., Symantec Corporation, and other prominent players.
Market Scope
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Metrics |
Details |
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Market CAGR |
15.2% |
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Segments Covered |
By Authentication Type, By Solution Type, By End-User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Zero trust security refers to a high level of security used to protect sensitive organizations from cyberattacks and other malicious activities. Zero trust security means no one is trusted, not even inside employees. Zero trust security uses secure two-step authentication services for anyone trying to gain access. Every person trying to gain access is regarded as a hostile actor unless authenticated. Business and governmental organizations handle and store sensitive data; zero-trust security is primarily implemented by businesses handling and storing sensitive data.
Market Dynamics
The rise in targeted cyber-attacks mainly drives the demand for zero-trust security. High implementation costs for zero-trust security are key factors in limiting the growth of the global market.
The rise in targeted cyberattacks
Almost all services such as banking, entertainment, and retail have migrated to online spaces, expanding the reach and reducing costs for businesses and consumers. Similarly, digitalizing government services has increased simplicity and convenience for citizens. The frequency and intensity of cyberattacks have grown in conjunction with the proliferation of digital technologies.
Hackers and cybercriminals carry out targeted cyberattacks to capture sensitive information. Attackers typically charge the login details of an insider and use them to mimic the person and gain access inside. Targeted cyberattacks result in financial losses, data breaches, and loss of intellectual property. A serious cybersecurity breach can precipitate a significant national security crisis for militaries and governments. Therefore, the adoption and implementation of zero-trust security are rising among governmental and business organizations. Zero trust security treats all organizations' employees as hostile without proper authentication and prevents access. The rise in targeted cyberattacks is a key driver for the growth of the global zero-trust security market.
High implementation costs for zero-trust security
The implementation of zero-trust security requires high capital expenditure. The security system entails the use of proprietary software along with exclusive user license agreements. Hardware for biometric and physical verification may be required, especially as a backup for sensitive governmental and military installations. Furthermore, organizations also sign long-term contracts with cybersecurity service providers for support and upgrades.
Unlike major business organizations and governmental agencies, small enterprises cannot afford the high costs of zero-trust security. The lack of access to cheap credit and limited capital funding for upgrades prevent smaller organizations from adopting zero-trust security solutions. Furthermore, smaller companies do not see any benefits in the trade-off between large capital expenditures upfront and marginal gains to security in the medium and long term. Therefore, the high implementation costs for zero-trust security are a key challenge to the growth of the market.
COVID-19 Impact on Zero Trust Security Market Growth
The COVID-19 pandemic benefited the global zero-trust security market. Various governments and regulatory bodies require both public and private companies to implement new practices for working remotely while maintaining social distancing amid the COVID-19 pandemic. Many business organizations have adopted remote work and digital practices as their primary continuity means. Because of the widespread adoption of work-from-home opportunities, people are becoming more inclined to use digital technologies (WFH). The global spread of the internet has aided in adopting digital technologies.
Hackers and cybercriminals have taken advantage of the critical reliance on IT infrastructure to conduct data breaches and other attacks. Businesses have implemented zero-trust security solutions to prevent unauthorized access and cyberattacks. However, due to COVID-19 pandemic restrictions, the organization and dispatch of human resources for zero-trust security solution field deployment were pushed back. Because of the growing and evolving cyber threats, the market for zero-trust security is expected to grow significantly in the coming years.
Market Segmentation Analysis
The global zero trust security market is segmented into authentication, solution, end-user, and regions. The zero-trust security market is segmented into IT and telecom, BFSI, manufacturing, healthcare, energy and power, retail, government, and others. The banking and financial services industry (BFSI) leads within this segmentation.
It has become an industry-wide standard for companies to implement zero-trust security since unauthorized access can result in huge financial losses. Criminals use sophisticated phishing, ransomware, and malware attacks to attack banks and financial infrastructure.
Open banking solutions that are common today raise the risk by multiplying the interconnectedness between banks, providers, partners, vendors, and customers, introducing systemic risk. Banks are large organizations that deal with large networks of data and applications accessed by employees, customers, and partners, making cyber protection more difficult. Zero-trust security allows companies to take a more nuanced approach to managing identity, data, and device access.
Market Geographical Shares
North America holds the leading regional share in the global zero-trust security market. The region accounts for the largest market share globally, primarily due to the U.S., which has an advanced economy and is leading in IT and other emerging technologies. The U.S. is the primary hub for a large number of global corporations.
The U.S. is the world leader in several high-tech industries, including information technology, space research, quantum computing, data science, artificial intelligence, and machine learning. Google, Facebook, Twitter, Amazon, and Netflix are all headquartered in U.S. Many leading financial institutions such as Goldman Sachs, Citibank, J.P. Morgan, and Morgan Stanley are based in the U.S. Vast amounts of confidential information are stored in these companies' servers.
Furthermore, the U.S. government and all of its branches, including the U.S. military, store any data, including confidential information and government secrets, on its internal servers. Individuals, corporations, and the government are at risk of cyber-attacks that could disrupt the country and lead to massive global shocks. As a result, data security has become a top priority. Zero-trust security has been mandatory in many high-profile companies and governmental organizations. North America is expected to hold the largest regional share in the global zero-trust security market.
Market Companies and Competitive Landscape
The global zero trust security market is competitive due to various solutions that address various cyber threats and cater to unique requirements from various end-users. Some of the players contributing to the growth in the segment are IBM Corporation, Akamai Technologies, Palo Alto Networks, Cisco Systems, Inc., Trend Micro Incorporated, Okta, Broadcom, VMware, Inc., FireEye, and Check Point Software Technologies Ltd. The major players in the zero-trust security market adopt several growth strategies such as joint ventures, the launch of new products, the updation of existing offerings and solutions, publishing cybersecurity research and collaborations, and mergers and acquisitions, thereby contributing to global growth in the industry.
IBM Corporation
Overview: International Business Machines (IBM) Corporation is a technology company that supplies its products and solutions in 9 categories, namely AI, blockchain, cloud computing, data analytics, IT infrastructure, security, supply chain, and business operations. The company provides services to various industrial sectors, including automotive, aerospace, finance, education, and electronics. The company operates in over 175 countries, expanding in the Americas, Africa, Asia Pacific, Europe, and the Middle East. IBM Corporation was founded in 1911 and is headquartered in Armonk, New York, U.S.
Product Portfolio:
• IBM Security Verify is one of the company's solutions for zero-trust security. The company designs a wide range of zero-trust security solutions. IBM Security Verify is a privileged access management (PAM) program that uses a multi-factor authentication process. It also incorporates a sophisticated identity analytics program that scans for risks across systems and applications. IBM Security Verify complies with existing digital privacy laws.
Key Developments:
• In April 2022, IBM Corporation released updated versions of its zero-trust security and ransomware protection solutions. The company made many changes based on its 2021 X-Force Threat Intelligence Index report.
