Global Zero Trust Security Market Expected to Garner $87,162.8 Million and Grow at 14.7% CAGR in the 2021 to 2030 Analysis Timeframe | Report by Research Dive
Zero trust security market is expected to grow by 2030 due to high usage of cloud-based technologies. Large enterprises sub-segment is predicted to be highly lucrative. Market in the Europe region is estimated to be highly progressive by 2030.
NEW YORK , Aug. 24, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Zero Trust Security Market by Solution Type (Network Security, Data Security, Endpoint Security, Security Orchestration Automation and Response, API Security, Security Analytics, Security Policy Management, and Others), Deployment Type (On Premises and Cloud), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), Organization Size (Small & Medium Enterprises and Large Enterprises), End-user (BFSI, IT & Telecommunications, Government and Defense, Healthcare, Retail, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030".
According to the report, the global zero trust security market is expected to garner a revenue of $87,162.8 million and grow at 14.7% CAGR during the 2021-2030 analysis timeframe.
Dynamics of the Zero Trust Security Market
Drivers: The growing demand for better data security solutions in organizations along with the availability of high-speed internet connectivity are some factors to drive the growth of the global zero trust security market during the analysis years. Additionally, the increased usage of cloud-based infrastructures by businesses and the potential for security vulnerabilities in some sections of the infrastructure are some more factors predicted to boost the requirement for well-organized data security policies by 2030.
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Opportunities: The rising adoption of cloud-based organizational models for better scalability, profitability, accessibility, and efficiency along with increasing demand for better data communication are some factors to create abundant growth opportunities for the global zero trust security market during the forecast period. Moreover, the implementation of well-organized and time-saving data security policies by businesses is also estimated to augment the market development by 2030.
Restraints: High implementation cost of zero trust security is the prime hampering factor for the market growth.
Covid-19 Impact on the Zero Trust Security Market
The outbreak of the devastating covid-19 catastrophe has had a positive effect on the global zero trust security market mainly due to high adoption of digital technologies like cloud solutions especially amid the pandemic stress. Most employees started working from home to curb the virus spread, so the demand for high-speed internet connectivity and well-established data security solutions surged exponentially in the corporate industry. And due to vulnerable networking infrastructure, tech-savvy hackers can easily conduct phishing attacks against unprotected systems. These factors are anticipated to augment the market growth during the pandemic chaos.
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Segments of the Zero Trust Security Market
As per the report, the zero trust security market has been divided into multiple segments based on solution type, deployment type, authentication type, organization size, end-user, and regional analysis.
- By solution type, the endpoint security sub-segment is projected to have a noteworthy growth rate and generate a revenue of $13,556.9 million during the analysis years. This immense growth is attributed to the increasing development of endpoint solutions using cutting-edge technologies like AI, IoT, linked devices, etc.
- By deployment type, the cloud sub-segment of the global zero trust security market is estimated to have a significant growth rate and register a revenue of $50,837.2 million during the forecast years due to the increasing demand for data security solutions and technological advancements. And since cloud-based platforms offer enhanced data privacy and security, the sub-segment is expected to flourish by 2030.
- By authentication type, the multi-factor authentication sub-segment is predicted to have a dominant market share and surpass $51,553.7 million by 2030 mainly due to rising number of online transactions. Moreover, people's growing concern over protecting their online payment passwords or methods through a multi-factor verification process is also projected to bolster the sub-segment's growth.
- By organization size, the large enterprises sub-segment of the global zero trust security market is estimated to have the highest growth rate and generate a revenue of $41,714.3 million by 2030 due to sophisticated networking and endpoints of large-scale businesses that require reliable data preservation solutions. Moreover, large enterprises deal with huge amount of data and is more prone to data breach issues or cyberattacks. These factors are anticipated to propel the sub-segment's growth and surge the demand for zero trust security policies by 2030.
- By end-user, the retail sub-segment is expected to have a prominent growth rate and surpass $20,010.2 million during the 2021-2030 analysis timeframe mainly due to the rapid expansion of sales and marketing platforms like social media and e-commerce. Moreover, the rising working population across the globe is also predicted to uplift the sub-segment's growth during the forecast period.
- By regional analysis, the zero trust security market in the Europe region is projected to be the most dominant and grow at 15.1% CAGR by 2030 due to widespread adoption of mobile devices and cloud-based technologies in the region. Moreover, government's strict regulations regarding data protection in corporates is also estimated to augment the market growth in the Europe region during the forecast period.
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Significant Zero Trust Security Market Players
Some significant zero trust security market players are
- Fortinet Inc.
- Broadcom Inc.
- Check Point Software Technologies Ltd.
- Fireeye
- Cisco Systems Inc.
- Akamai Technologies
- Palo Alto Networks
- Mcafee LLC
- IBM Corporation
- Okta, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire Before buying the Full Report [350-Pages]
For example, in February 2022, IBM (International Business Machines), an American multinational technology company, acquired Neudesic, a renowned U.S. cloud services consultant, to develop its hybrid multi-cloud services portfolio and enhance its hybrid cloud and AI strategy with the help of the latter's expertise in the cloud domain.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Zero Trust Security Market:
- Strategic Acquisitions Like That of Neudesic by IBM to Drive the Global Zero Trust Security Market by 2030
- Top 5 Reasons Why Enterprises Should Implement Zero Trust Security
- A Walk Through the Importance and Benefits of Zero Trust Security
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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