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Global Zero Trust Security Market to Reach USD 59.89 Billion by 2027, Aided by the Growing Frequency of Target-Based Cyberattacks

According to a new report by EMR titled, ‘Global Zero Trust Security Market Report and Forecast 2022-2027’, the global zero trust security market reached USD 22.99 billion by 2021. The industry is further expected to grow at a CAGR of 17.30% in the forecast period of 2022-2027 to reach USD 59.89 billion by 2027.

The growing frequency of target-based cyber-attacks and increasing regulations for data protection and information security are some of the key aspects that will drive the zero-trust security market. The proliferation of endpoint devices, coupled with the rising adoption of cloud technology, has triggered the need for implementing a zero-trust security framework. Businesses are increasingly thriving on networking technology and computerised systems, which are prone to attack and vulnerable to unauthorised access. 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 threats from unauthorised access is driving the demand for security solutions and is expected to boost the market growth over the forecast period. Moreover, as the usage of technologies such as cloud computing, Wi-Fi, and the Internet of Things (IoT), combined with outsourced services, grows, preventing unauthorised access to sensitive data is fuelling the market's growth.

The strategic initiatives by the key organisations, coupled with high demand from the IT sector, have helped in changing the landscape of the overall market. For instance, in October 2018, Cisco (NASDAQ: CSCO) acquired Duo Security, a solution supplier of integrated access security and multi-factor verification delivered through the cloud, which has helped in making healthy competition in the market.

Market Analysis by Solution Type, Deployment Type, Authentication Type, Organisation Size, Verticals, and Regions:

  • Based on solution type, the market is categorised into network security, data security, endpoint security, API security, and cloud security, among others. 
  • On the basis of deployment type, the market is divided into cloud and on-premises.
  • The types of authentications in the market are single-factor authentication and multi-factor authentication.
  • The types of organisations in the market are SMEs and large enterprise.
  • The vertical in the industry includes IT and Telecom, BFSI, healthcare and social assistance, retail, and utilities, among others.
  • The regional markets for zero trust security include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rising digitalisation and increasing awareness among people and organisations is expected to boost the growth of the market.
  • Investment in zero-trust security solutions and increasing government regulations will further boost the market growth.
  • The demand for zero-trust security services is expected to rise in the future, as IoT traffic has increased in recent years.
  • The increasing need for cloud-based zero trust security solutions among SMEs will provide opportunities for a zero-trust security market during the forecast period.
  • The comprehensive solutions for establishing a zero-trust security environment ensure that computers, programmes, and networks are protected from illegal access.

Key Offerings of the Report:

  • The EMR report gives an overview of the global zero trust security market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for solution type, deployment type, authentication type, organisation size, verticals, and major regions of zero trust security.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global zero trust security industry are Cisco Systems, Inc., Akamai Technologies, IBM Corporation, Broadcom Inc., and McAfee Enterprise, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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