Global Zero Trust Security Market Highlights 2022 – 2030
The global zero trust security market is estimated to garner a sizeable revenue by recording a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing number of target-based cyberattacks, growing digitization across developing nations and rising implementation of government regulations regarding information security. Spear phishing or targeted emails, is used for almost 94% of successful data breaches around the world. Approximately 27% of companies are calculated to experience a data breach in the following two years. In addition, there is an intensifying demand for enhanced visibility among organizations in order to keep up with the users accessing a network from multiple locations. With the increase in IoT traffic since the last few years, the demand for zero trust security services is also projected to increase in the future. Furthermore, owing to the widespread trend of work from home since the inception of COVID-19 pandemic, the need for zero trust security solutions has witnessed a major hike, which in turn is expected to drive significant market growth.
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The market is segmented by solution type into data security, API security, security analytics, endpoint security, and security policy management, out of which, the data security segment is anticipated to hold the largest share in the zero trust security market on account of the growing requirement to safeguard huge amount of data generated on a daily basis across different business domains. Additionally, on the basis of deployment, the segment for cloud is evaluated to grow at the highest CAGR over the forecast period, which can be credited to its benefits such as high speed, improved IT security and scalability. Along with this, growing demand for cloud-based security services among small & medium sized enterprises (SMEs) is also assessed to drive growth to this market segment. About 95% of enterprises have deployed cloud service till now. Out of these, more than 65% of companies already have a central cloud team.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Zero Trust Security Market Regional Synopsis
On the basis of geographical analysis, the global zero trust security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of digital payments and internet banking services and growing penetration of internet in emerging economies. For instance, as of 2020, China has the highest internet penetration in the Asia Pacific. Approximately 940 million people in the nation are internet users, followed by India where the number is more than 620 million. Moreover, the market in North America is projected to grab the largest share during the forecast period, which can be ascribed to the rising research & development activities regarding zero trust security services, early adoption of technological advancements in the IT industry. Apart from these, increasing investments and strategic partnerships by the major industry players in the region is also expected to fuel the expansion of North America’s market in the upcoming years.
The global zero trust security market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global zero trust security market includes the following segments:
By Solution Type
- Data Security
- API Security
- Security Analytics
- Endpoint Security
- Security Policy Management
By Deployment
- Cloud
- On-Premise
Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
Growth Drivers
- Growing Incidences of Target-Based Cyberattacks
- Rapid Digitization in Developing Nations
Challenges
- Lack of Budget to Deploy Zero Trust Security Services in Startups in Developing Countries
Top Featured Companies Dominating the Market
- Cisco Systems Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Palo Alto Networks
- Trend Micro Inc.
- Akamai Technologies
- IBM Corporation
- Symantec Corporation
- Microsoft Corporation
- McAfee Corporation
- RSA Security
- Okta Inc.
