Zero Trust Security Market worth $67.9 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 27, 2023 /PRNewswire/ -- The ability of the Zero Trust Security Market to change with emerging threats and technology will define it in the future. It will still be a crucial strategy for businesses trying to safeguard their networks, data, and digital assets in a threat environment that is always shifting.

The global Zero Trust Security Market size is projected to grow from USD 31.1 billion in 2023 to USD 67.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of the Zero Trust Security Market is propelled by the relentless evolution of cyber threats, necessitating advanced security measures. The surge in digital transformation and cloud adoption has also created a complex IT landscape, demanding robust security solutions. Moreover, rising regulatory compliance demands are compelling businesses to embrace zero trust security, enhancing overall cybersecurity resilience. Furthermore, the diminishing effectiveness of traditional perimeter security in the face of modern challenges is paving the way for the widespread adoption of zero trust security, further contributing to market growth.

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Scope of the Report

Based on the Security type, the Application security is to grow at the highest CAGR during the forecasted period.

The exponential growth of application security in the Zero Trust Security Market can be attributed to its pivotal role as an organization's most critical asset. Applications house sensitive data, including customer information, intellectual property, and financial data, granting access to vital systems. Zero trust security's foundational principle of never inherently trusting any user or device aligns perfectly with application security. This approach fortifies applications against external threats like SQL injection, cross-site scripting, and insider risks from disgruntled employees. Additionally, it safeguards against supply chain attacks that target third-party vendors. With increasingly complex and distributed applications, zero trust security becomes indispensable in safeguarding them, especially as they migrate to the cloud, accessible globally.

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By offering, Solution accounts for the highest market size during the forecast period.

The solution segment has the largest market share in the Zero Trust Security Market due to its all-encompassing approach, which includes crucial elements such as identity and access management (IAM), multi-factor authentication (MFA), micro-segmentation, and security analytics. This extensive coverage caters to the diverse security requirements of various industries and organizations. Additionally, its remarkable adaptability allows for seamless deployment in on-premises, cloud, and hybrid environments, effortlessly scaling to meet any organization's needs. Furthermore, its proven effectiveness against a wide range of cyber threats is indisputable. By prioritizing user and device verification regardless of location, zero trust security creates formidable barriers that thwart malicious actors, solidifying its substantial market share.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The Asia Pacific (APAC) region is growing at the highest rate in the Zero Trust Security Market due to several key factors like rapid digital transformation within the region, characterized by the widespread adoption of technologies like cloud computing, big data, and artificial intelligence, has opened new avenues for businesses but also intensified the threat of cyberattacks. With its substantial and expanding internet user base and swiftly developing economies, APAC is an attractive target for cybercriminals, resulting in a surge in cyberattacks. Moreover, government regulations mandating enhanced cybersecurity measures and a growing awareness of the benefits of zero trust security further drive the market's growth in this dynamic region.

Top Key Companies in Zero Trust Security Market:

Palo Alto Networks (US), VMware (US), Zscaler (US), Akamai (US), Microsoft (US), Cisco (US), IBM (US), Citrix (US), Check Point (US), Trellix (US), Forcepoint (US), CrowdStrike (US), Cloudflare (US), Fortinet (US), Google (US), Qnext (Canada), Illumio (US), ON2IT (Netherlands), Perimeter 81 (US), ThreatLocker (US), Twingate (US), Appgate (US), Zero Networks (Israel), Zentera (US), Xage (US), and Skyhigh Security (US).  are the key players and other players in the zero-trust security market.

Recent Developments

• In August 2023, Secureworks and Akamai partnered to fortify modern workplace cybersecurity, combining Akamai's zero trust and web security with Secureworks' Taegis XDR for seamless access management and threat response.
• In July 2023, Samsung and Microsoft partnered to bolster mobile device security for enterprises. This partnership enables hardware-backed device attestation via Microsoft Intune on Samsung Galaxy devices, fortifying Zero Trust security and supporting BYOD initiatives.
• In May 2023, Zscaler forged a strategic partnership with the Center for Internet Security (CIS) to bolster cybersecurity for state, local, tribal, and territorial governments by leveraging the CIS CyberMarket. Through this partnership, Zscaler's Zero Trust Exchange brings forth budget-friendly, cutting-edge zero trust solutions aimed at safeguarding against the ever-evolving landscape of cyber threats.
• In April 2023, Palo Alto Networks and Accenture partnered to bolster cyber resilience with integrated Prisma SASE solutions. This partnership streamlines zero trust network access for enhanced security in distributed work environments.
• In September 2022, VMware and Nvidia joined forces to forge an advanced data center platform that seamlessly melds AI capabilities with a robust zero-trust security approach. This strategic collaboration is aimed at elevating the security of workloads by deploying state-of-the-art firewalls on each server, harnessing the power of GPUs for peak performance, and fortifying the zero-trust model.

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Zero Trust Security Market Advantages:

• Since attacks can originate from both internal and external sources, zero trust security adopts a proactive approach to cybersecurity. This thorough strategy improves safety in general.
• By limiting access to only that which is required for users and devices to carry out their respective tasks, zero trust principles minimise the options for attackers and lower the attack surface.
• In order to reduce the danger of unauthorised access, zero trust focuses on identity verification, guaranteeing that only authenticated and authorised individuals or devices can access resources.
• Real-time threat identification and response are made possible by ongoing monitoring of user behaviour and device activities, boosting security against ever-evolving threats.
• Zero trust security dynamically adjusts access controls in real time based on the context, risk level, and user and device behaviour.
• Zero trust places an emphasis on data protection by limiting access to sensitive information to those who are authorised, regardless of their location or network.
• Zero trust reduces the danger of insider attacks and credential compromise by closely examining both internal and external entities.
• Zero trust security enables secure communication from everywhere and supports remote work by securing access to corporate resources regardless of the user's location.
• Zero trust principles help safeguard cloud environments and offer uniform security policies across on-premises and cloud resources when organisations migrate to the cloud.

Report Objectives

• To define, describe, and forecast the Zero Trust Security Market based on - offering, security type, authentication type, vertical, and region.
• To define, describe, and forecast the Zero Trust Security Market by - offering, security type, authentication type, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Zero Trust Security Market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Zero Trust Security Market
• To profile the key players of the Zero Trust Security Market and comprehensively analyze their market size and core competencies in the market
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global Zero Trust Security Market.

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