The Global Zero Trust Security Market Projected to Grow at a CAGR of 14.7% and Generate a Revenue of $87,162.8 million by 2030

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The global zero trust security market share is predicted to be valued at $87,162.8 million by 2030, surging from $24,942.6 million in 2021, at a noteworthy CAGR of 14.7%.

Impact Analysis of COVID-19 Impact on Zero Trust Security Market

The COVID-19 pandemic resulted into the rapid shift of employees in remote working mode. The use of an identity provider to gain access to apps and identify the validation privileges based on the user and devices has allowed zero-trust security trend to grow significantly during the COVID-19 pandemic. To check if the business is using these devices, basic authorization permissions may include user and device identification validation. Given remote connectivity, to a newly trained workforce, there is the possibility of limited security inspections, and cybercriminals are likely to take advantage of weak network security in order to gain access to internal networks and data. To maintain strong security practices and policies during the COVID-19 pandemic, there is a significant increase in the demand for endpoint and Virtual Private Network (VPN) protection measures. The global market for zero trust security market trends is expected to develop significantly and is expected to do so even after the end of COVID-19 wave. Various companies were investing more to bridge the gap between demand and supply for the services during the COVID-19 pandemic. For instance, in October 2021, Akamai the leading CDN provider for media and software delivery and cloud security solutions company acquired Guardicore. With this acquisition Akamai's extensive range of zero trust solutions will now include Guardicore's industry-leading micro-segmentation technologies for protecting the vital assets at the network's core.

Global Zero Trust Security Market Analysis

The market for zero trust security market value is anticipated to develop significantly as a result of increased acceptance of zero-trust security solutions, rising digitalization, and an increase in cyber vulnerabilities brought on by the use of cloud-based services. Zero trust is a security strategy based on stringent access rules and the idea that nobody should be trusted by default, not even those who are already inside the network's perimeter. Regardless of whether they are inside or outside the network perimeter, every person and device trying to access resources on a private network must pass rigorous identity verification. It uses a range of technologies in a comprehensive manner to address network security. Many public and private businesses have adopted cloud-based and mobile apps as a result of rising digitalization initiatives in developing nations, which is anticipated to fuel the expansion of the global zero trust security market opportunity. Factors such as rising Internet of Things (IoT) technology penetration, rising frequency of target-based cyber-attacks, rising awareness and investment in zero trust security solutions, rising number of cyber risks, and rising regulations for data protection and information security will all further propel the growth of the zero trust security market price.

However, the increasing budgetary restraints faced by small and developing start-ups in developing nations have a negative impact on the market's ability to flourish. During the anticipated period, market growth is anticipated to be constrained by the high implementation costs associated with zero trust security market value.

The global zero trust security market is anticipated to increase as a result of rising 5G technology adoption, expanding Internet usage globally, and increasing consumer demand for smart devices. Rising cloud-based zero trust security solutions demand among SMEs, increased demand for better visibility due to increased IoT traffic, and technological advancements and modernization of existing techniques are all predicted to create lucrative opportunities for the zero trust security market growth over the course of the forecast period.

Global Zero Trust Security Market, Segmentation

The global zero trust security market is segmented based on solution type, deployment type, authentication type, organization size, end-user, and region.

Solution Type:

The solution type segment is further classified into network security, data security, endpoint security, security orchestration automation and response, API security, security analytics, security policy management, and others. The data security sub-segment is anticipated to have a dominant market share and shall surpass $10,966.6 million by 2030, with an increase from $2,938.6 million in 2021. Data security solutions assist in protecting a company's database and information, including financial data, customer information, employee data, and certain crucial business data. An enormous quantity of data is produced every day in a company across different business sectors, making it a huge task for IT and data security specialists to handle and store the business information effectively. These factors are anticipated to boost zero trust security market price.

Deployment Type:

The deployment type segment is further classified into on premises and cloud. The cloud sub-segment is anticipated to have a dominant market share and shall surpass $50,837.2 million by 2030, with an increase from $11,180.5 million in 2021. According to the needs of the business, cloud zero trust security solutions can supply cloud capabilities on both on-premises and remote devices. Intrusion detection systems and next-generation firewalls are only two examples of zero-trust security solutions that may be effectively managed by businesses due to the cloud deployment mode. The demand for application security will increase as cloud computing is used more frequently in settings with zero trust security market share.

Authentication Type:

The authentication type segment is further classified into single-factor authentication and multi-factor authentication. The multi-factor authentication sub-segment is anticipated to have the largest market share and fastest growth as well. The multi-factor sub-segment is anticipated to have a dominant market share and shall surpass $51,553.7 million by 2030, with an increase from $13,350.9 million in 2021. Multi-factor authentication is crucial to the zero trust model's implementation of strong security. Hackers may find it easy to isolate a single credential factor, but maintaining the zero-trust security paradigm requires several stages of verification and real-time access monitoring. Hence the multi-factor authentication sub-segment is expected to grow rapidly during the forecast period.

Organization Size:

The organization size segment is further classified into small & medium enterprises and large enterprises. The large enterprises sub-segment is anticipated to have a dominant market share and shall surpass $41,714.3 million by 2030, with an increase from $15,867.4 million in 2021. The development of the global zero trust security market is projected to be fueled by large enterprises shifting from on-premises models to hybrid and cloud environments to create cutting-edge security solutions that are simple to adapt. These are the factors which are expected to drive growth of the large enterprises sub-segment.

End-user:

The end-user segment is further classified into BFSI, IT & telecommunications, government and defense, healthcare, retail, and others. The retail sub-segment is anticipated to have the largest market share and fastest growth as well. The retail type sub-segment is anticipated to have a dominant market share and shall surpass $20,010.2 million by 2030, with an increase from $6,002.7 million in 2021. The expansion of the retail sub-segment is also being driven by the rising demand for better data connectivity and an increase in the number of companies providing sophisticated data security solutions.

Region:

The global zero trust security market in the North America region is projected to be the most dominating. This region’s market generated a revenue of $7,827 million in 2021 and is projected to reach up to $25,582.3 million by 2030. The North America zero trust security market is being driven by the rising need for zero-trust security model solutions as a result of increased security expenditures by the government and public entities. Additionally, the increasing stringency of standards and policies for maintaining data privacy and security as well as increased adoption of the IoT, Artificial Intelligence (AI), and digital technology by SMEs and large enterprises are driving revenue growth of the regional market.

The Asia-Pacific zero trust security market is projected to be the fastest growing in the forecast period and generate revenue of $22,592.6 million by 2030 from $6,128.4 million in 2021. The demand for the zero trust security has increased as a result of numerous data breaches and their related effects.

Key Players in the Global Zero Trust Security Market

Some of the leading zero trust security market players are

1. Fortinet Inc.
2. Broadcom Inc.
3. Check Point Software Technologies Ltd.
4. Fireeye
5. Cisco Systems Inc.
6. Akamai Technologies
7. Palo Alto Networks
8. Mcafee LLC
9. IBM Corporation
10. Okta.

In April 2020, Google pioneered the BeyondCorp Remote Access, based on the zero-trust approach to network security and used internally for almost a decade, BeyondCorp is the company's first commercial offering. The cloud-based service eliminates the need for a conventional remote-access virtual private network so that employees can access internal web apps from most devices and from anywhere by using VPN.