(MENAFN- America News Hour) Key Companies Covered in the Zero Trust Security Market Research are IBM Corporation, Fortinet, Symantec Corporation, Fireeye Inc., Cisco Systems Inc., Akamai Technologies, Palo Alto Networks, and other key market players.
According to Research Dive analysis, the global zero trust security market is estimated to generate a revenue of $66,741.3 million by 2033, increasing from $18,500.0 million in 2023, at a healthy CAGR of 17.6%.
Impact Analysis of COVID-19 on the Global Zero Trust Security Market:
The global
zero trust security market
experienced a higher growth rate during the COVID-19 pandemic. Due to complete shutdown of work areas and other employments, the society is facing major issues and one of them is lack of communication due to social distancing. However, the key to stay connected is digitalization which is possible in every field and vertical. The demand for zero-trust security has increased during the pandemic time and is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have implemented strict lockdown norms, which have hampered all kinds of business activities.
The dynamic nature of COVID-19 has resulted in a rapid shift to a remote workforce. Given the access provided through remote connectivity, the newly minted remote workforce, and the potential for limited security reviews, attackers are likely to take advantage of weaknesses to gain internal network access. The zero trust security is emerging in recent years, which utilizes an identity provider to provide access to the applications and determines the authorization rights based on both the user and the device. Fundamental authorization rights include device and user identity checks to consider if the organization manages the device.
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Zero Trust Security Market Analysis:
The global zero trust security market experienced appreciable growth due to increased demand for data security, to overcome issues such as cyber-attacks and cybercrimes during the COVID-19 pandemic. Security breaches have seen astounding growth across the globe. For instance, as per data published by Cybint, an international cyber education leader, around 62% of the businesses witnessed social engineering attacks and phishing in 2018. The zero trust approach relies on various existing technologies and governance processes to accomplish its mission of securing the enterprise IT environment. Zero trust security calls for enterprises to leverage micro-segmentation and granular perimeter enforcement based on users, their locations and other data to determine whether to trust a user, machine or application seeking access to a particular part of the enterprise.
Technologies like IoT, machine-learning, and the increasing move of financial institutions towards cloud-systems are expected to drive the growth of the zero-trust security systems. These systems are ideal for sensitive sectors like finance, where solutions like biometric security provide an ideal solution for entering secure networks. Additionally, the growth of machine learning is ideal for detecting new threats amidst a sea of rising challenges in the security sector. The growth of the technology, rising investment in new technologies, and an increasing shift to the cloud are expected to remain major drivers of growth.
Most of the small firms lack the budget and IT security expertise to adopt enhanced cyber-security solutions to safeguard their network and IT infrastructure from various cyber-attacks. The limited capital funding can be a major restraining factor for some small and medium-sized companies, embracing a zero trust security model.
Based on solution type, the global market for zero trust security is segmented into network security, data security, endpoint security, security orchestration automation and response, api security, security analytics, security policy management, and others.
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The endpoint security segment was the highest contributor to the market, with $38,47.2 million in 2019, and is estimated to grow at a CAGR of 16.50% during the forecast period. Based on authentication type, the market is classified into the single-factor authentication and multi-factor authentication. The multi-factor authentication sub-segment garnered $9,781.4 million in 2023 and is projected to grow exponentially by 2033.
Based on the deployment type, the market is segmented into the cloud and on-premise. The cloud sub-segment is predicted to be growing significantly and it is expected to cross $36,826.1 million by 2033.
Based on the Organization type, the market is segmented into the small & medium enterprises and large enterprises. The large enterprises sub-segment is predicted to be growing significantly and it is expected to reach $34,498.3 million by 2033.
Based on vertical type, the global market for zero trust security platform is segmented into BFSI, IT & telecommunications, government & defense, healthcare, retail and others. The retail sub-segment is estimated to grow significantly and is projected to reach $15,642.9 million during the forecast period.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific application security market is anticipated to rise at a growth rate of 18.3% by 2033 from the revenue generated in 2019.
The companies involved in the market are Mcafee corporation, IBM Corporation, Fortinet, Symantec Corporation, Fireeye Inc., Cisco Systems Inc., Akamai Technologies, Palo Alto Networks, Okta Inc., and Check Point Software Technologies.
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