New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global zero trust security market. According to the report, the global market is anticipated to surpass $87,162.8 million, growing at a CAGR of 14.7% in the 2021—2030 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Zero Trust Security Market
The outburst of the COVID-19 pandemic in 2020 negatively impacted the growth of the global zero trust security market. During the pandemic, the implementation lockdown in various regions resulted in the rising adoption of digital technologies such as the cloud owing to the widespread use of Bring your own device (BYOD), growing popularity of the work-from-home trend, and increasing Internet penetration. This boosted the demand for zero-trust security solutions, as businesses as well as individuals realized the importance of a zero-trust environment for protecting their sensitive data. All these factors greatly fueled the market growth during the pandemic.
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Factors Influencing the Zero Trust Security Market Growth
The prime factor enhancing the growth of the global zero trust security market is the growing digital revolution and increasing adoption of cloud-based infrastructure by businesses worldwide. Moreover, the growing demand for zero trust security solutions by businesses is projected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, the huge costs involved in the installation of zero trust security solutions is expected to hinder the market growth.
The report segments the global zero trust security market into solution type, deployment type, authentication type, organization size, end-user, and region.
Endpoint Security Sub-Segment to Lead the Market
The endpoint security sub-segment of the solution type segment is projected to grab a dominant position in the market and hit $13,556.9 million during the forecast period. This is primarily due to the rising use of endpoint security solutions owing to the rising adoption of advanced technologies such as Artificial Intelligence (AI), large enterprises, linked devices, Internet of Things (IOT), and others.
Cloud Sub-Segment to Dominate the Market
The cloud sub-segment of the deployment type segment is expected to observe marvelous growth and surpass $50,837.2 million during the forecast period. This is chiefly owing to the rising adoption of cloud-based applications, as they offer enhanced data privacy and security.
Multi-factor Authentication Sub-Segment to Experience Significant Growth
The multi-factor authentication sub-segment of the authentication type segment is expected to perceive noteworthy growth and surpass $51,553.7 million during the forecast period. This is chiefly because of the mounting demand for zero trust security solutions owing to the rising online transactions worldwide.
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Large Enterprises Sub-Segment to Lead the Market
The large enterprises sub-segment of the organization size segment is expected to observe spectacular growth and surpass $41,714.3 million during the forecast period. This is chiefly owing to the rising adoption of zero trust security solutions by large-scale businesses as they have sophisticated and heavy networking, programs, and endpoints that need dependable solutions to protect sensitive data in real time.
Retail Type Sub-Segment to Observe Accelerated Growth
The retail type sub-segment of the end-user segment is anticipated to witness speedy growth and hit $20,010.2 million in the estimated period. The growth of this sub-segment is mainly owing to the growing demand for zero trust security solutions in rapidly expanding retail sectors across the globe.
Asia-Pacific Region to Observe Rapid Growth
The report analyzes the global zero trust security market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe outstanding growth with a CAGR of 15.3% in the forecast period. The growth of the regional market is primarily due to the growing cyber-attacks with the rising digitization and increasing transmission of sensitive data in this region.
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Key Players of the Zero Trust Security Market
The report lists some of the foremost players operating in the global zero trust security market including
- Broadcom Inc.
- Okta
- Check Point Software Technologies Ltd.
- Fireeye
- Cisco Systems Inc.
- Akamai Technologies
- Palo Alto Networks
- Fortinet Inc.
- Mcafee LLC
- IBM Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire Here for the Full Report
For instance, in July 2022, Deloitte, a foremost worldwide provider of consulting, audit and assurance, financial advisory, tax, risk advisory, and related services, launched zero trust access, a novel managed security service. The new service delivers a cloud-native approach to safeguarding communications between users, on any device, and enterprise applications, at whichever location they might be located in.
More about Zero Trust Security Market:
- Strategic Acquisitions Like That of Neudesic by IBM to Drive the Global Zero Trust Security Market by 2030
- A Walk Through the Importance and Benefits of Zero Trust Security
- Top 5 Reasons Why Enterprises Should Implement Zero Trust Security
