Market Research Future (MRFR), in its newly released research report, states that the Global Zero Trust Security Market is predicted to record a CAGR of 15.4% during the forecast period to acquire revenue generation of USD 32.15 Billion by 2025.
Drivers and Restraints
It integrates various technologies. The main reason for the higher adoption of zero-trust security solutions is the increasing frequency of target-based cyber-attacks. Along with this, the rising number of cyber vulnerabilities owing to the adoption of cloud-based services and increasing digitalization are other factors fueling the market. Moreover, regulations, such as the California Consumer Privacy Act (CCPA) of California, the US and General Data Protection Regulation (GDPR) of the European Union, are other influential factors that are slated to fuel the zero-trust security market. Furthermore, the budgetary constraints of SMEs are poised to be a limitation for the growth of the market.
The global zero-trust security market analysis has been analyzed based on Solution Type, Authentication Type, Organization Size, Deployment, Vertical and Region.
Based on the authentication type, the global zero-trust security market has been bifurcated into single-factor authentication as well as multi-factor authentication.
Based on the solution type, the global zero-trust security market has been divided into network security, data security, API security, endpoint security, security analytics, security policy management, security orchestration automation and response (SOAR), and others.
Based on organization size, the global zero-trust security market has been bifurcated into small- and medium-sized enterprise (SME) and large enterprise.
Based on deployment, the global market for zero-trust security has been classified into on-premise as well as cloud.
Based on the vertical, the global market for zero-trust security has been segmented into healthcare, IT & telecom, banking, financial services and insurance, government & defense, energy & power, retail & e-commerce, and others. The Global Zero-Trust Security Market is recording higher growth due to the growth in demand from industries such as BFSI, and IT and telecommunication.
The geographic analysis of the global market has been carried out in four major regions, covering the Asia Pacific, Europe, North America, and the rest of the world (Latin America, the Middle East and Africa). North America accounts for the maximum market share as it is the most technologically advanced nation, and the rate of digitization is very high. Along with this factor, government regulations such as the imminent CCPA regulations (to be employed from 1st January 2020), which are stringent for data fortification and information security, are also anticipated to be a influencing factor for the market. Moreover, the US dominates the market in North America as it has a higher adoption of digital transformation with huge volumes of critical data being generated, and the need for zero-trust security solutions is the highest in the country.
Asia-Pacific is projected to be the fastest-growing market in the global zero-trust security market during the forecast period due to the growing number of cyber risks due to the adoption of cloud-based services.
The major market players recognized in the global market as identified by MRFR are IBM Corporation (US), Cisco Systems, Inc (US), Akamai Technologies (US), Google (US), Pulse Secure (US), Check Point Software Technologies (Israel), Palo Alto Networks, Inc. (US), OKTa (US), Cloudflare (US), Centrify (US), Forcepoint (US), Cyxtera Technologies (US), Symantec Corporation (US), Illumio (US) and Sophos Group PLC (UK). The major growth strategies adopted by most of the players are agreements, partnerships, and collaborations. Major players have opted for partnerships and innovative product development as their key organic growth strategies to enhance their positions in the zero-trust security market and cater to the demands of enterprises across verticals. The other market players in the global zero-trust security market include Cyxtera Technologies (US), Fortinet (US), Trend Micro (Japan), VMware, Inc. (US), and ON2IT BV (Netherlands).