PUBLISHER: The Business Research Company | PRODUCT CODE: 1425955
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425955
Zero Trust Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on zero trust security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for zero trust security? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The zero trust security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Zero-trust security is a security paradigm that revolves around the concept of not trusting any entity, whether inside or outside the network, by default. It aims to secure an organization by eliminating implicit trust and verifying every stage of digital interaction, providing a more secure environment with protections against unauthorized access.
The main solutions associated with zero-trust security include data security, network security, API security, security analytics, endpoint security, security orchestration automation and response, security policy management, and other related solutions. In the context of zero-trust security, data security involves safeguarding digital information against unauthorized access, corruption, or theft at all stages of its life cycle. Zero-trust security implementations often include authentication methods such as single-factor authentication and multi-factor authentication, deployed both on-premises and in the cloud. These solutions cater to various business sizes, including small and medium enterprises (SMEs) and large enterprises, and are applicable across different industry sectors such as IT and telecom, BFSI (Banking, Financial Services, and Insurance), healthcare, retail, and other diverse application areas.
The zero trust security market research report is one of a series of new reports from The Business Research Company that provides zero trust security market statistics, including zero trust security industry global market size, regional shares, competitors with a zero trust security market share, detailed zero trust security market segments, market trends and opportunities, and any further data you may need to thrive in the zero trust security industry. The zero trust security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The zero trust security market size has grown rapidly in recent years. It will grow from $33.18 billion in 2023 to $39.26 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth observed in the historical period in the field of zero-trust security can be attributed to several factors. These include the evolving cyber threat landscape, challenges posed by legacy security systems, the accelerating pace of digital transformation across industries, the trend towards a remote workforce, and growing concerns about data privacy. As organizations grappled with these challenges, the adoption of zero-trust security measures became increasingly significant to enhance overall cybersecurity posture.
The zero trust security market size is expected to see rapid growth in the next few years. It will grow to $80.58 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period for zero-trust security can be attributed to several factors. These include the integration of threat intelligence, a user-centric approach to security, the increasing volume of data, a focus on business continuity, and the continuous evolution of the threat landscape. As organizations recognize the importance of adapting to these trends, the implementation of zero-trust security measures is expected to rise. Major trends expected in the forecast period include the adoption of an adaptive security posture, a heightened emphasis on security for remote workforces, the shift towards cloud and edge computing, increased collaboration and education within industries, and enhancements in endpoint security. These trends reflect the ongoing efforts to address evolving cybersecurity challenges and to align security measures with the dynamic nature of modern digital environments.
The surge in data breaches and cyber threats stands poised to drive the expansion of the zero-trust security market. Cyber data breaches entail unauthorized access to computer systems or networks, compromising sensitive personal or financial information. The escalating frequency of these planned breaches necessitates the implementation of zero-trust security solutions. These solutions offer a flexible and adaptive network security infrastructure that eliminates inherent trust from network access, mandating additional user verification. For instance, findings from IBM's Cost of a Data Breach Report 2021 revealed a substantial increase in data breach costs, soaring from $3.86 million in 2020 to $4.24 million in 2021. Additionally, the UK government's 2022 cyber security breaches survey highlighted that 39% of UK businesses encountered cyber-attacks in 2021, with phishing attempts accounting for 83% of the most prevalent threat vectors. Thus, the uptick in data breaches and cyber threats is poised to propel the growth of the 'zero trust' security market.
The burgeoning adoption of cloud computing is anticipated to fuel the growth of the zero-trust security market. Cloud computing, a technology paradigm offering various computing services over the internet, fosters innovation, scalability, and cost-effectiveness. Its influence on the zero-trust security market lies in providing users with a secure and seamless experience across locations and applications. For instance, as per Cloudwards' report in June 2022, the global cloud computing market surged from $371.4 billion in 2020 to a projected $832.1 billion by 2025. Hence, the rising prevalence of cloud computing is poised to be a driving force behind the expansion of the 'zero trust' security market.
Technological advancements represent a prominent trend gaining traction within the zero-trust security market. Key industry players are dedicating efforts to develop advanced security services and solutions to fortify their market positions. For instance, in June 2022, Zscaler, a US-based computer and network security company specializing in zero trust and related services, introduced new AI/ML capabilities for its Zscaler Zero Trust Exchange platform. This AI-powered Zero Trust platform operates on an SSE framework, enabling the augmentation of IT and security measures to combat sophisticated cyber-attacks with heightened frequency.
Leading companies within the zero trust security domain are actively pursuing new cybersecurity initiatives to fortify their positions in the market. Cybersecurity initiatives encompass proactive measures and strategies aimed at safeguarding digital systems, networks, and data from unauthorized access, cyber threats, attacks, and breaches. Notably, in October 2022, Dell Technologies, renowned for its comprehensive audit, consulting, tax, and advisory services, introduced a series of innovative cybersecurity initiatives focused on empowering customers to embrace zero-trust principles and bolster their cyber resilience. Among these initiatives, Dell Technologies unveiled the Zero Trust Center of Excellence, dedicated to validating zero-trust architectures for businesses. Complemented by a range of cybersecurity services and products, these offerings aim to enhance cybersecurity across various domains, encompassing hardware, firmware, software, and object storage, effectively bolstering cyber defense mechanisms.
In a strategic move witnessed in December 2021, Wipro, an India-based information technology, consulting, and business process services company, completed the acquisition of Edgile, significantly bolstering its cybersecurity capabilities. The collaboration between Wipro and Edgile culminates in the creation of Wipro CyberTransform-an integrated suite designed to assist enterprises in fortifying boardroom governance of cybersecurity risks, investing in robust cyber strategies, and implementing practical security measures. Edgile, a US-based cybersecurity consulting provider specializing in risk and compliance, information and cloud security, and digital identity, aligns synergistically with Wipro's aspirations to elevate its cybersecurity portfolio, thereby enhancing its ability to address evolving cyber threats and safeguard client interests effectively.
Major companies operating in the zero trust security market report are Cisco Systems Inc., Palo Alto Networks, Check Point Software Technologies, Trend Micro Inc., International Business Machines Corporation, Symantec Corporation, FireEye Inc., McAfee Corporation, Forcepoint, Microsoft Corporation, Vmware Inc., Fortinet, Okta Inc., Centrify Corporation, Cyxtera Technologies Inc., Google Inc., Sophos Group PLC., Cloudflare Inc., SonicWall, Pulse Secure LLC, Perimeter 81, CrowdStrike, Akamai, Rubrik, Cohesity, GoodAccess, Zscaler Internet Access, Forescout Continuum, Delinea Secret Server, HPE Security
Asia-Pacific was the largest region in the zero trust security market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the zero trust security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the zero trust security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The zero trust security market includes revenues earned by entities by providing authentication and authorization services, encryption, data masking, hardware-based security, data backup and resilience, and data erasure services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.