Zero Trust Security Market Competitive Landscape and Forecasts 2028

Zero Trust Security Industry Overview

The global zero trust security market size is expected to reach USD 59.43 billion by 2028, registering a CAGR of 15.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The market is driven by the need to protect enterprise digital environments by averting lateral movement, leveraging network segmentation, simplifying granular user-access control, and implementing layer 7 threat prevention. The robust solutions for implementing a zero-trust security environment ensure the protection of computers, programs, and networks from unauthorized access. Moreover, preventing unwarranted access to critical data, as the adoption of technologies, such as cloud computing, Wi-Fi, and Internet of Things (IoT), coupled with outsourcing service, is increasing, is driving the growth of the market. The COVID-19 pandemic has further acted as a catalyst for market growth with enterprises investing in securing their networks, endpoints, and IT infrastructure with a zero-trust security framework.

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:

Based on the Type Insights, the market is segmented into Network, Data, Endpoint, Cloud, and Others.

• The endpoint security segment dominated the market in 2020 accounting for a revenue share of more than 27%. The demand for implementing a zero trust model for endpoints can be attributed to the digital transformation of businesses, which has increased the usage of devices, such as mobiles, laptops, personal computers, servers, and routers. To secure endpoints, the Virtual Private Network (VPN) capabilities are required to be transparent to users without manual intervention for logging and connecting. 
• The cloud security segment is anticipated to register a significant CAGR from 2021 to 2028. The demand for zero-trust cloud security is driven by the increasing adoption of cloud technology across industries. The retail, IT &telecom, healthcare, and manufacturing industries are gradually shifting to cloud infrastructure as it provides more agility and scalability and is cost-effective to maintain.

Based on the Deployment Insights, the market is segmented into On-premises and Cloud.

• The on-premises deployment segment held the largest revenue share of more than 77% in 2020 and is also estimated to register the fastest CAGR from 2021 to 2028 due to a high preference for this type of deployment. Organizations prefer to keep confidential data in-house rather than turning it over to a cloud provider.
• However, enterprises are migrating from on-premises to cloud-based solutions owing to benefits, such as cost-effectiveness. Thus, the cloud-based deployment segment is also expected to register a significant CAGR from 2021 to 2028.

Based on the Organization Size Insights, the market is segmented into SMEs and Large Enterprise.

• The large enterprise segment accounted for the maximum revenue share of over 76% in 2020. The segment will retain the dominant position throughout the forecast period due to complex networking, programs, and endpoints of large-scale companies that need robust solutions to safeguard data by continuously validating and recording authentication in real-time.
• The Small & Medium Enterprise (SME) segment is anticipated to register the fastest CAGR over the forecast period. The COVID-19 pandemic affected both large- and small-scale vendors as cases of a data breach increased while employees resorted to the remote working environment. The small- and medium-sized banking, financial institutions, IT, manufacturing, telecom, and retail companies are targeted as they lack robust security solutions.

Based on the Authentication Insights, the market is segmented into Single-factor Authentication and Multi-factor Authentication.

• The multi-factor authentication segment led the market in 2020 with a revenue share of more than 75% and will expand at the fastest CAGR from 2021 to 2028. Multi-factor authentication was widely adopted across the industry due to the high level of security from multi-level authorization.
• The method of single-factor authentication only verifies users with one credential, such as password or OTP against the username. In such a mode of authentication, it is crucial to use a combination of letters, cases, numeric values, and symbols to ensure that a strong password is generated as it increases the complexity and time required by hackers to use permutation and combination for accessing the credential.

Based on the Application Area Insights, the market is segmented into IT & Telecom, BFSI, Healthcare, Retail, Others.

• In 2020, the IT and telecom segment accounted for the highest revenue share of more than 48% in 2020 and will retain the leading position throughout the forecast period. Increased preference for cloud-based infrastructure and digital applications to procure information and facilitate business are driving the need for unified, secure access, and network solutions.
• The healthcare segment is expected to register the fastest CAGR over the forecast period. Continued innovation and implementation of technologies, such as telehealth services and analytics, to facilitate effective communication between end-users and entities are driving the need for secure network infrastructure services.

Zero Trust Security Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The major players in the market are capitalizing on the changing internal and external IT security landscape. The vendors offering security solutions for cybersecurity are also providing authorization and other security solutions to help enterprises implement a zero-trust security framework. The security vendors are competing to capture higher market shares while the concept of zero trusts is attracting many enterprises to adopt security solutions.   

Some of the prominent players operating in the global zero trust security market include,

• Cisco Systems, Inc.
• Akamai Technologies
• Palo Alto Networks
• Check Point Software Technologies
• Trend Micro, Inc.
• IBM Corp.
• Symantec Corp.
• FireEye, Inc.
• McAfee Corp.
• Forcepoint
• Microsoft Corp.
• VMWare, Inc.
• Fortinet
• Cloudflare, Inc.
• SonicWall

Order a free sample PDF of the Zero Trust Security Market Intelligence Study, published by Grand View Research.