Global Zero Trust Security Market Size, Share, Growth Analysis, By Authentication Type(Multi-Factor Authentication and Single-Factor Authentication), By End-User(BFSI, Healthcare), By Deployment(Cloud-Based and On-Premise) - Industry Forecast 2024-2031

Global Zero Trust Security Market size was valued at USD 21.2 Billion in 2022 and is poised to grow from USD 24.49 Billion in 2023 to USD 77.55 Billion by 2031, at a CAGR of 15.50% during the forecast period (2024-2031).

As cloud technology and endpoint device usage continue to rise, businesses face escalating risks of attacks and unauthorized access. Consequently, adopting a zero-trust security framework has become imperative to counter these threats, fueling a surge in demand for security solutions capable of fortifying intricate networks and enhancing network administration visibility, thereby propelling market expansion in the foreseeable future. The heightened prevalence of internal and external threats, propelled by technological advancements and internet connectivity, has exacerbated data breaches and raised the stakes for cybersecurity, with incidents becoming increasingly sophisticated and disruptive, averaging a staggering USD 4 million per breach. Consequently, there's a pressing need for vulnerability assessment tools to pinpoint and scan vulnerabilities. To tackle this challenge, investments in emerging technologies like analytics and Artificial Intelligence (AI) within the vulnerability assessment sector have surged, yielding a decline in malicious attacks and indicating improved readiness among end-users. The zero-trust security market is poised for significant growth as organizations invest in innovative vulnerability management solutions to safeguard their networks. However, a shortage of in-house expertise to deploy these security measures may prompt organizations to outsource security services, enabling professionals to offer security protection through a Service (SaaS) model sans the need for additional staffing and hardware. Moreover, the mounting complexity of enterprise networks underscores the necessity for solutions that implement a zero-trust security paradigm to ensure robust multi-layered security and shield enterprise networks from malicious intrusions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Zero Trust Security Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Zero Trust Security Market Segmental Analysis

The Global Zero Trust Security market is segmented by authentication type, end-user, and region. Based on authentication type, the market can be segmented into multi-factor authentication and single-factor authentication. Based on end-user, the market is segmented into BFSI, healthcare, and IT and telecom. Based on deployment model, the market is segmented into cloud-based, and on-premises. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Zero Trust Security Market

A primary factor propelling the global zero trust security market forward is the surge in cyber threats and data breaches, causing substantial financial harm to businesses. With the widespread use of endpoint devices and the integration of cloud technology, cybercriminals find it increasingly effortless to breach security barriers and obtain sensitive data, thus intensifying the demand for robust protective measures. Embracing zero trust security solutions becomes imperative for organizations seeking to safeguard their networks and data, as these solutions guarantee access solely to authenticated and authorized users, thereby fortifying overall security protocols.

Restraints in the Global Zero Trust Security Market

One of the primary hindrances to the global zero trust security market is the limited awareness among organizations regarding the advantages and deployment of zero trust security solutions. The intricacy involved in implementing these solutions, coupled with the requirement for proficient professionals to oversee them, poses a notable challenge for many organizations. Moreover, the substantial upfront costs associated with deploying zero trust security solutions, along with the necessity for ongoing updates and maintenance, can present barriers for smaller organizations operating within constrained budgets. These factors collectively impede the adoption of zero trust security solutions and contribute to a deceleration in market expansion.

Market Trends of the Global Zero Trust Security Market

A significant trend observed in the global zero trust security market is the rising preference for cloud-based solutions. These solutions offer various advantages such as cost reduction, scalability, and flexibility, in contrast to on-premises alternatives. As remote work becomes more prevalent and cloud technology sees increased adoption, organizations are transitioning to cloud-based zero trust security solutions to guarantee secure access to their networks and data. Furthermore, the incorporation of artificial intelligence and machine learning in these solutions is gaining traction, empowering organizations to automate security operations and enhance threat detection capabilities.