The global Zero Trust Security Market size is expected to grow from an estimated value of USD
27.4 billion in 2022 to USD 60.7 billion
by 2027, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2022 to 2027, according
to report published by MarketsandMarkets.
Increased
frequency of target-based cyber-attacks are driving the market growth along
with growth in regulations for data protection and information security and
greater need to reduce business and organizational risks. Key market players
operating in the zero trust security market focus on offering advanced MFA,
with the help of vein recognition, thermal image recognition, and hand
geometry, further encouraging market growth across countries.
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By
authentication type, multi-factor authentication segment to grow at higher CAGR
during the forecast period
Multi-factor authentication (MFA) is becoming the most
effective identity verification and authentication method that requires persons
and software or machines to present multiple identifiers for identity
verification. MFA is a critical part of the zero trust model because even if an
attacker is able to compromise a particular component, the challenge of
breaching an MFA would still prevent them from gaining access. Persistence and
lateral movement attacks can also be mitigated through MFA as successful
verification is generally not valid for longer than a single session.
Organizations that deal with sensitive payments, as well as user and financial data
and information, are bound to adopt MFA solutions according to the PCI DSS
guidelines for the payments industry. Furthermore, the rise in demand for
enhanced identification and authentication to access sensitive information is a
key factor that is projected to encourage the adoption of MFA across
industries, such as BFSI, government and defense, IT and telecom, healthcare,
retail and e-commerce, energy and power, and manufacturing.
By
organization size, SMEs to grow at a higher CAGR during the forecast period
The
SMEs in various industries are witnessing digital transformations and
leveraging cloud computing to reduce complexities, increase mobility, eliminate
on-premises infrastructure, and lower operating costs. According to the Data
Breach Investigations Report published by Verizon in 2019, 43% of the
cyberattacks are targeted at SMEs, mainly hacking and malware attacks. As SMEs
are increasingly adopting digitalization, they are being exposed to new
security risks. This leads the IT teams in SMEs to invest in incorporating
improved digital security measures through the adoption of zero trust security
solutions. The SMEs operating in verticals, such as retail and e-commerce,
manufacturing, healthcare, IT and telecom, food and beverage processing, travel
and tourism, and education, are implementing zero trust security solutions,
driving market growth.
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By
region, Asia Pacific to grow at a higher CAGR during the forecast period.
According to a Cloudflare study involving 1,000 IT and
cyber security decision-makers across Australia, India, Japan, Malaysia, and
Singapore, awareness of zero-trust security is growing in Asia Pacific, with
two-thirds of organizations in the region having already implemented a
zero-trust strategy. Among the remaining organizations, 58% stated they would
implement a zero-trust strategy in 12 months.
Key
Players
Major
vendors in the global Zero trust security market include Cisco (US), Akamai
(US), Palo Alto Networks (US), OKTA (US), IBM (US), ZScaler (US), Citrix (US),
Trend Micro (Japan), Check Pont (US; Israel), Broadcom (US), Trellix (US), RSA
(US), Forcepoint (US), Centrify (US), Illumio (US), Sophos (UK), Qnext
Corporation (Canada), VMware (US), Microsoft (US), Cloudflare (US), Google
(US), Fortinet (US), Cyxtera Technologies (US), SonicWall (US), Varonis (US),
Pulse Secure (US), ON2IT (Netherland).
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