Zero Trust Security Market Size to Grow USD 126.02 Billion by 2031 at a CAGR of 18.5% | Valuates Reports
BANGALORE, India, Dec. 13, 2023 /PRNewswire/ -- Zero Trust Security Market is Segmented by Component (Solution, Services), by Deployment Model (On-premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Authentication (Single-factor Authentication, Multi-factor Authentication), by Industry Vertical (BFSI, Government, IT and Telecom, Manufacturing, Healthcare, Retail, Energy and Utilities, Others): It is Published in Valuates Reports Under the Category of Networking.
The Global Zero Trust Security Market was valued at USD 23.61 Billion in 2021 and is projected to reach USD 126.02 Billion by 2031, growing at a CAGR of 18.5% from 2022 to 2031.
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Major Factors Driving the Growth of Zero Trust Security Market
Numerous important variables are responsible for the zero-trust security market's explosive rise. Organizations are seeing the limits of traditional security methods more and more as a result of the growing sophistication of cyber attacks and the widespread use of remote work. The necessity for zero-trust security solutions has grown as a result of the dynamic nature of contemporary cyberattacks and the requirement for strong defenses in the face of remote work trends.
In the context of the zero-trust security architecture, multi-factor authentication (MFA) is essential and greatly enhances the overall efficacy of this strategy. Along with usernames and passwords, MFA provides an extra layer of authentication that fits in perfectly with the zero-trust principles.
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TRENDS INFLUENCING THE GROWTH OF THE ZERO TRUST SECURITY MARKET
The constant development of cyber threats in today's digital environment has become a key factor propelling the zero-trust security market's explosive expansion. The intricacy and variety of contemporary cyberattacks sometimes outpace the capabilities of conventional protection solutions. This problem is addressed by zero trust, which operates on the premise of assuming zero trust even inside the network perimeter. It does this by authenticating each person and device regardless of where they are or where they enter the network.
Organizations are also realizing the shortcomings of conventional security methods. By adding adaptive risk assessment and ongoing monitoring, zero trust offers a dynamic defense system that changes with the times to meet evolving cyber threats. Organizations are able to keep ahead of possible security breaches by using this proactive strategy.
The conventional network architecture has changed due to the growing usage of cloud services, becoming more dispersed and flexible. This paradigm change is easily aligned with zero trust, which guarantees that security rules are implemented regardless of the user's location or the underlying infrastructure. Zero trust is the perfect security approach for the cloud era because of its versatility.
Organizations must implement strong security measures in order to comply with strict data protection rules and compliance requirements. By lowering the possibility of unauthorized access and data breaches, zero trust, with its emphasis on ongoing verification and stringent access restrictions, assists organizations in meeting regulatory obligations.
Zero-trust security is scalable, making it appropriate for a range of organizational sizes. The adaptable and flexible design of zero trust enables successful deployment without placing a heavy operational load on small or large businesses. A user-centric security strategy, which emphasizes the necessity of validating each person and device accessing organizational resources, is embodied by zero trust. This strategy guarantees that security measures are deployed without sacrificing user experience, which further contributes to the widespread adoption of zero-trust security solutions. It also corresponds with the flexible expectations of the modern workforce.
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ZERO TRUST SECURITY MARKET SHARE ANALYSIS
In terms of technical acceptance and improvements, North America is a fast-expanding market within the global zero-trust security business. It has reasonably priced Zero Trust Network security solutions and a well-equipped infrastructure. The expansion of the zero trust security market in North America is also driven by major companies offering better protection for data by guaranteeing rapid access and expanding the reach of their services to customers, a result of increased rivalry among cloud-based service providers in the area.
During the Zero Trust Security Market Forecast period, the multi-factor authentication sector is anticipated to expand at the fastest pace due to the need for users to submit two or more verification factors in order to access any online account, application, or VPN.
Over the course of the projection period, the services are anticipated to increase at the fastest rate. The increasing acceptance of zero-trust security services by small and medium-sized organizations (SMEs) and the escalation of security threats are contributing factors to the growth of this industry.
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Key Players:
- CISCO SYSTEMS INC
- IBM
- Akamai Technologies, Inc.
- Zscaler
- VMware Inc
- Microsoft Corporation
- Cloudflare
- Cyxtera Technologies
- SonicWALL
- Palo Alto Networks
- Check Point Software Technologies
- Trend Micro Inc.
- Symantec Corp
- FireEye
- McAfee Corp.
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Zero Trust Security Model market is projected to reach USD 51080 million in 2029, increasing from USD 23610 million in 2022, with the CAGR of 11.6% during the period of 2023 to 2029.
- Zero Trust Network Security Service market is projected to reach USD 1338.6 million in 2029, increasing from USD 835 million in 2022, with the CAGR of 7.2% during the period of 2023 to 2029.
- Zero Trust Security Solutions Market
- Zero Trust Security Vendor Market
- Zero Trust Enterprise Security market is projected to reach USD 17200 million in 2029, increasing from USD 5087 million in 2022, with the CAGR of 19.0% during the period of 2023 to 2029.
- Zero Trust Cloud Security Corporate Platform market is projected to reach USD 17200 million in 2029, increasing from USD 5087 million in 2022, with the CAGR of 19.0% during the period of 2023 to 2029.
- Zero Trust Access Control System Market
- Zero Trust Identity Security Service Platform Market
- Zero Trust Networking Software market is projected to reach USD 1473 million in 2029, increasing from USD 987 million in 2022, with the CAGR of 5.7% during the period of 2023 to 2029.
- Zero Trust for Saas Applications market is projected to reach USD 14650 million in 2029, increasing from USD 4275 million in 2022, with the CAGR of 19.2% during the period of 2023 to 2029.
- Zero Trust Cloud Security Platform market is projected to grow from USD 5087 million in 2023 to USD 14610 million by 2029, at a Compound Annual Growth Rate (CAGR) of 19.2% during the forecast period.
- Zero Trust Strategy Service Market
- Zero Trust Remote Browser Isolation market is projected to reach USD 3820.8 million in 2029, increasing from USD 582 million in 2022, with the CAGR of 31.0% during the period of 2023 to 2029.
- Zero Trust Network Access (ZTNA) Solution Market
- Zero Trust Maturity Model Market
- Zero Trust Architecture market is projected to reach USD 85190 million in 2029, increasing from USD 28900 million in 2022, with the CAGR of 16.7% during the period of 2023 to 2029.
- Zero Trust Data Loss Prevention (DLP) Solution Market
- Zero Trust Browsing Industry
- Call Center Workforce Optimization Software market is projected to reach USD 1783.1 million in 2029, increasing from USD 1161 million in 2022, with the CAGR of 6.2% during the period of 2023 to 2029.
- Marketing Resource Management Software market is projected to reach USD 10170 million in 2029, increasing from USD 6856 million in 2022, with the CAGR of 5.7% during the period of 2023 to 2029.
- Structured Data Archiving and Application Retirement Software market is projected to reach USD 135.6 million in 2029, increasing from USD 69 million in 2022, with the CAGR of 9.9% during the period of 2023 to 2029.
- Perimeter Security market size is estimated to be worth USD 124860 million in 2022 and is forecast to a readjusted size of USD 186330 million by 2028 with a CAGR of 6.9% during the review period.
- Deep Packet Inspection (DPI) market size is projected to reach USD 26390 million by 2028, from USD 5442.5 million in 2021, at a CAGR of 25.0% during 2022-2028.
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