The new report by Expert Market Research titled, ‘Global Zero Trust Security Market Growth, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global zero trust security market. The report assesses the market based on segments like solution type, deployment type, authentication, organisation size, verticals, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2023): USD 22.99 billion
• Forecast CAGR (2023-2028): 17.3%
• Forecast Market Size (2028): USD 59.89 billion
The zero-trust security industry is being driven by the surge in Internet of Things (IoT) traffic increasing the demand for zero-trust security services. The rising demand for cloud-based security services among small and medium-sized businesses (SMEs) is expected to propel this market segment forward. North America accounts for a sizable portion of the overall zero trust security industry and is expected to continue to do so during the forecast period.
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The rising demand for innovative zero trust security models, as a result of increased security spending by the government and public entities, are also expected to contribute to market growth. The growing adoption of the IoT, artificial intelligence (AI), and digital technology by SMEs and large enterprises, are all contributing significantly to regional market growth. Additional contributing factors are the increasing stringency in standards and policies for data privacy and security and increasing investments in zero trust security research and development (R&D) activities.
Zero Trust Security Industry Definition and Major Segments
Zero trust security is a leading model for security that focuses on maintaining strict control on access. No user or device is trusted by default, not even those within the perimeter of the network. This model is intended to require stringent identity verification for any person or device attempting to access any resource or material on a private network. The verification is required whether or not the device or person is located within or outside the perimeter of the network.
It is a comprehensive approach to network security that incorporates numerous technologies.
On the basis of solution type, the industry can be segmented into:
• Network Security
• Data Security
• Endpoint Security
• API Security
• Cloud Security
• Others
On the basis of deployment type, the industry can be bifurcated into:
• Cloud
• On-Premises
On the basis of authentication, the industry can be divided into:
• Single-factor Authentication
• Multi-factor Authentication
On the basis of organisation size, the industry can be segmented into:
• SMEs
• Large Enterprises
On the basis of verticals, the industry can be segmented into:
• IT and Telecom
• BFSI
• Healthcare and Social Assistance
• Retail
• Utilities
• Others
The regional markets include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Zero Trust Security Market Trends
The growth of the zero-trust security market can be attributed to an increase in the frequency of targeted cyberattacks, increased digitisation in developing countries, and the increasing implementation of government regulations governing information security. The increasing demand for greater visibility and transparency in organisations to enable users to access networks from multiple locations is bolstering the demand for zero trust security deployment.
The continuous advancement of internet connectivity and significant technological advancements such as 5G, blockchain, cloud services, IoT, and AI are expected to boost the market for zero trust security. The expansion of the information and communication technology (ICT) sector is also expected to fuel the growth of the market.
Key Market Players
The major players in the global zero trust security market report are:
- Cisco Systems, Inc.
- Akamai Technologies
- IBM Corporation
- Broadcom Inc.
- McAfee Enterprise
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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