New York, US, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Zero Trust Security Market information by Authentication Type, by Solution Type, by Security Policy and Region – forecast to 2027” the market to reach USD 32.15 billion at a 15.4% CAGR by 2025.
Market Scope:
The increasing incidence of targeted cyberattacks, as well as the regulations for data protection and information security, are the major factors driving the industry.
Competitive Landscape
The global zero-trust security market is expanding rapidly as a result of increased demand from industries such as BFSI, IT, and telecommunications. To strengthen their market positions and meet the demands of enterprises across verticals, major players have chosen alliances and new product development as their primary organic growth strategies.
Dominant Key Players on Zero Trust Security Market Covered Are:
- Akamai Technologies (US)
- Cisco Systems Inc (US)
- IBM Corporation (US)
- Google (US)
- Check Point Software Technologies (Israel)
- Palo Alto Networks Inc. (US)
- Symantec Corporation (US)
- Pulse Secure (US)
- OKTa (US)
- Cloudflare (US)
- Forcepoint (US)
- Centrify (US)
- Illumio (US)
- Cyxtera Technologies (US)
- Sophos Group PLC (UK)
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Market USP Exclusively Encompassed:
Market Drivers
Zero trust is a security model that is focused on the concept of enforcing strict access controls and not trusting others by default, even those that are already within the network's perimeter. The model is designed in such a way that strict identity verification is required for any individual and device attempting to access resources on a private network, regardless of whether they are within or outside the network perimeter. It is a comprehensive approach to network security. It combines different technologies. The high incidence of target-based cyber-attacks is the primary explanation for the widespread implementation of zero-trust security solutions. Other factors propelling the market include the rising number of cyber vulnerabilities as a result of the adoption of cloud-based services and increased digitalization. Regulations such as the European Union's General Data Protection Regulation (GDPR) and California's Consumer Privacy Act (CCPA) in the United States are also expected to push the zero-trust security market. Furthermore, the budgetary limitations of SMEs are expected to be a barrier to market development.
Browse In-depth Market Research Report (111 Pages) on Zero Trust Security Market:
https://www.marketresearchfuture.com/reports/zero-trust-security-market-8642
Segmentation of Market Covered in the Research:
The global zero-trust security industry has been segmented based on authentication type, solution type, deployment, organization size, and vertical.
By authentication type, the global zero-trust security industry has been segmented into single-factor authentication and multi-factor authentication.
By solution type, the global zero-trust security industry has been divided into data security, network security, API security, security analytics, endpoint security, security policy management, security orchestration automation and response (SOAR), and others.
By organization size, the global zero-trust security industry has been divided into small- and medium-sized enterprises (SME) and large enterprises.
Based on deployment, the global zero-trust security industry has been divided into on-premise and cloud.
Based on vertical, the global zero-trust security industry has been divided into banking, financial services and insurance, energy & power, IT & telecom, government & defense, healthcare, retail & e-commerce, and others.
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Regional Analysis
The geographic analysis of the zero-trust security industry has been conducted for North America, Asia Pacific, Europe, the Middle East & Africa, and South America.
North America has the highest market share because it is the most technologically advanced nation with a high rate of digitalization. Along with this, government regulations like the CCPA regulations (implemented on January 1, 2020), which are strictly for data protection and information security, are expected to drive the market. The United States leads the market in North America due to its strong adoption of digital transformation, large volumes of critical data generated, and the country's highest-need for zero-trust security solutions.
Due to the large number of cyber threats associated with the adoption of cloud-based services, Asia Pacific is set to be the fastest-growing region in the global zero-trust security market during the forecast period.
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COVID-19 Impact on the Global Zero Trust Security Market
In the midst of the COVID-19 pandemic, different governments and regulatory bodies require both public and private organizations to adopt new procedures for operating remotely while maintaining social distancing. Since then, digital business practices have become the latest business continuity plan (BCP) for many companies.
With the widespread usage of BYOD devices, the WFH trend, and internet penetration around the globe, people are increasingly inclined to use digital technologies such as cloud solutions, necessitating the need for zero trust security measures to protect against cyber-attacks. Endpoint and Virtual Private Network (VPN) security initiatives are becoming more important, as is the need for cyber hygiene practices to ensure effective security policies and practices in the wake of the Covid-19 pandemic.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
