Zero Trust Security Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4671
Zero Trust Security Market size is projected to register appreciable gains across sustainable and smart technologies industry over 2021 to 2027, subject to its use to address burgeoning cybercrimes and attacks.
Zero trust security is a framework that requires all users, whether in or outside the organization’s network, to be authorized, authenticated, and continuously validated for security configuration and posture before being granted access to confidential data or applications. A paradigm shift of financial institutions toward cloud-based systems and penetration of digital technologies like machine learning and big data analytics are expected to potentially drive the market growth in the ensuing years.
In terms of component type, the zero trust security market is fragmented into solutions and services. Zero trust security solutions are further bifurcated into data security solutions, network security, API, and others. Out of these, data security solutions are expected to garner huge returns for the overall market as these are responsible for securing business databases and information like customer details, financial data, and employee information.
Since databases are highly vulnerable to cybercrimes leading to data breaches and loss of personal information and business, adoption of zero data security solutions can alleviate the risks and confining access restricting the lateral movement of threats within the organization’s infrastructure. According to the latest data by Risk Based Security, the number of data breaches in 2020 surged to 36 billion in 2020, with major companies losing their confidential data wherein Microsoft was duped of 250 million records, and Facebook with 267 million records.
Considering the deployment modes, the market is fragmented into on-premise and cloud. Cloud-based zero security solutions have been deemed to benefit enterprises with cloud-based solutions in a bid to provide increased scalability, improved IT security, and faster speed. Apparently, small and large enterprises have been enunciating the need for cloud-based zero trust security solutions for a while now.
With regards to the organization size, large organizations like banks and other financial institutions are expected to stand out as a lucrative hub for zero trust security market as these enterprises are highly and more often accessed by employees, partners online or onsite, and customers, making it quite necessary to protect the perimeters. It takes a more streamlined approach to manage access to data, devices, and identities within the network.
Demand for zero trust security solutions and services is rising across the IT and telecommunications sector. This is because IT is one of the major targets for cyberattacks as the companies are dealing with huge storage and transfer of large volumes of critical business data and crucial employee details. An upsurge in penetration of cloud computing, BYOD trend, and IoT devices has widened the scope of cyberattacks in the IT segment, further favoring the market expansion.
Based on the regional terrain, Europe zero trust security market is slated to depict appreciable growth over the forthcoming years driven by increasing data breaches rate in the region. The GDPR-related data breach in Europe increased by 66% from May 2018 to May 2019, according to a report by Linklaters, a multinational law firm.
Cisco Systems, Google, Inc., Microsoft Corporation, IBM, Akamai Technologies, Symantec Inc., Palo Alto Networks, Cyxtera Technologies, and VMware Inc., amongst others, are some of the leading names operating in the global zero trust security industry. These players have been engaging in profitable business strategies to gain a competitive edge in the overall zero trust security market.
Google Inc., had in April 2020 launched BeyondCorp Remote Access, marking its first commercial product based on the zero trust security approach to network security that the company pioneered and used internally for almost a decade. The service allows employees access to internal web applications from most devices and any location without the need for conventional remote-access VPN.
On Jan 2020, VMware announced foraying into zero-trust networking with launch of SD-WAN as part of its secure access service edge journey.
Impact of COVID-19 on zero trust security market growth
Although COVID-19 pandemic has been paralyzing businesses worldwide, it has been observed that the demand for zero-trust security has increased dramatically during the pandemic time. As offices have shifted to working from home and demanding need for remote working, the chances of cyberattacks are high, paving way for zero trust security market development.
This zero trust security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market by Component, 2017 - 2027 (USD Million)
- Network security
- Data security
- Endpoint security
- Zero trust security
- API security
- Security analytics
- System integration
Market by Deployment, 2017 - 2027 (USD Million)
Market by Organization Size, 2017 - 2027 (USD Million)
- Large enterprises
Market by End User, 2017 - 2027 (USD Million)
- IT & telecommunication
- Healthcare & life sciences
- Media & entertainment
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Southeast Asia
- Latin America
- South Africa
- Saudi Arabia
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