Zero Trust Security Market: Current Analysis and Forecast (2021-2027)

The Global Zero Trust Security Market is expected to register a CAGR of around 16% over the period of 2021-2027. The global zero trust security market is rising on account of the continuously increasing target-based cyber-attacks, the need to reduce business and organizational risks and the digitalization of prominent industry verticals. Moreover, the advancing digital infrastructure in developing countries will also affect its market positively. "Zero Trust" is a security framework, it requires security configurations and status to be authenticated, approved, and continuously validated before all users, inside or outside the corporate network, are granted or retained access to applications and data. Moreover, the increasing losses due to cyber-attacks are one of the most prominent factors driving the adoption of zero trust security. For instance, according to Internet Crime Complaint Center (IC3), in 2018, the total financial loss due to cybercrime stood at around USD 2.7 Bn/year, which increased to more than USD 4 Bn/year in 2020.

Palo Alto Networks Inc., Cisco Systems Inc., International Business Machines Corporation, Fortinet Inc., Citrix Systems Inc., Sophos Group plc, Check Point Software Technologies Ltd., VMware Inc., Microsoft Corporation, and Akamai Technologies Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst security type, the endpoint security segment held a prominent share in the market in 2020"

Based on the security type, the market is divided into network security, data security, endpoint security, cloud security, and others. Among these, the endpoint security segment held a significant share of the global zero trust security market in 2020 and is expected to witness significant growth during the forecast period owing to the digital transformation of businesses, which has increased the usage of endpoint devices, such as mobiles, laptops, personal computers, and others. The endpoint acts as an entry point to the corporate network, creating an entry point that can be exploited by a malicious attacker. Hence, it is important to protect these endpoints to protect businesses from risky activities and malicious attacks.

"Amongst authentication type, multi-factor authentication accounted for a prominent share in the market in 2020"

Based on authentication type, the market is bifurcated into single-factor authentication and multi-factor authentication. Among these, the multi-factor authentication type accounted for a prominent share of the global zero trust security market in 2020 and is expected to witness influential growth during the forecast period as well. This is because multi-factor authentication is widely adopted throughout the industries due to the high level of security provided by multi-factor authentication. The multi-factor authentication is a key component of zero trust security for better security. While it can be useful for hackers to identify a single authorization factor, multiple layers of real-time access verification and monitoring are important for adhering to the zero trust security model.

"North America to witness significant growth during the forecast period"

North America held a prominent share of the market in 2020 and is expected to showcase a prominent growth rate during the forecast period. The growth of this market can be attributed to the presence of key market players in the region and the quick adoption of new technologies. The growing retail, banking and financial services, information and communication technology, and other industries are further contributing to the growth of the zero trust security market in the region. Moreover, the rising number of cyber attacks is further contributing to the growth of this market in the region. For instance, in 2020, the United States recorded nearly 7,90,000+ cyber complaints resulting in a loss of USD 4.2 Bn, but in 2021, the number of complaints increased to nearly 8,50,000 causing a loss of USD 6.9 Bn.

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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

• The study comprehensively covers the market across different segments.

• Deep dive regional level analysis of the industry.

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