Zero Trust Security Market Segmentation and Major Players Analysis and Forecast to 2028

Posted on 2022-08-24 by researchinsights in Industrial // 0 Comments

Zero Trust Security Industry Overview

The global zero trust security market size was valued at USD 19.8 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 15.2% from 2021 to 2028.

The proliferation of endpoint devices, coupled with the rising adoption of cloud technology, has triggered the need for implementing a zero-trust security framework. Lately, businesses are thriving on networking technology and computerized systems, which are prone to attack and vulnerable to unauthorized access. Moreover, the remote working policies, due to the COVID-19 pandemic, have further raised the need for a secured architecture framework that would enforce multi-factor authentication for accessing crucial data. Thereby, the need to secure complex networks, increase network administration visibility, and combat the internal and external threat from unauthorized access is driving the demand for security solutions and is expected to boost the market growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Zero Trust Security Market

The continued evolution in technologies and internet connectivity over the years has increased the potential impact of internal and external threats. The assessment of reported attacks and intrusions suggests an increase in records-exposed rate and data breaches over the years. Furthermore, attacks, such as WannaCry ransomware, have become complex and disruptive, enabling unauthorized access and resulting in data and revenue loss. With an average cost of USD 4 million incurred from a data breach in a company, vulnerability assessment tools have become essential to scan and identify internal and external vulnerabilities.

With the changing landscape of cyber attacks and the related consequences, investments in emerging technologies, such as analytics and Artificial Intelligence (AI), are growing in the vulnerability assessment industry. Furthermore, with continued efforts toward spending on innovative vulnerability management solutions, a downward trend in malicious attacks has been observed. This suggests that the end-users are more prepared for tackling vulnerability attacks, and with the increased investments as an effort toward security strategy, the zero-trust security market is expected to register significant growth over the forecast period.

The lack of in-house skilled professionals is propelling organizations to outsource security services. Security services for implementing a zero-trust security model allow professionals to assist in delivering security protection as a Security-as-a-Service (SaaS) model without any requirements for additional staffing and hardware. Organizations are struggling to keep their network secured owing to the rapidly evolving Wide Area Network (WAN) environment and the growing complexity of enterprise networks. The need for more vigilant attempts to secure enterprise networks and ensure multi-layered security is driving the adoption of solutions offered to implement a zero-trust security model.

The COVID-19 pandemic has helped enterprises realize the importance of a zero-trust environment to secure their crucial data. The IT security environment has changed drastically with employees working remotely using vulnerable networking infrastructure. This has posed difficulty across enterprises to maintain a network perimeter-centric view of security, thereby allowing tech-savvy hackers to target unsecured systems with phishing attacks. The implementation of a zero-trust security approach ensures that only authorized persons have a distinct level of access, which is assessed continuously without adding friction for the user. As the pandemic has drained enterprises of their target revenues for the year 2020 – 2021, the investment has been comparatively lower than expected by solution providers. However, post the pandemic, companies are looking forward to continuing working remotely and would be investing heavily in implementing the zero trust architecture.

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Zero Trust Security Market Segmentation

Grand View Research has segmented the global zero trust security market on the basis of security type, deployment, organization size, authentication, application area, and region:

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