According to a new research
report "Zero-Trust Security Market by Solution
Type (Data Security, Endpoint Security, API Security, Security Analytics,
Security Policy Management), Deployment Type, Authentication Type, Organization
Size, Vertical, and Region - Global Forecast to 2024",
published by MarketsandMarkets, the zero-trust security market size is
projected to grow from USD 15.6 billion in 2019 to USD 38.6 billion by 2024, at
a CAGR of 19.9% from 2019 to 2024.
The major growth drivers
for the market include the rising need for compliance for networks, user
devices, and data from unauthorized access and to get a centralized view on
threats.
Browse and
in-depth TOC on “Zero-Trust Security
Market”
101
- Tables
48
- Figures
177
- Pages
Based on the solution
type, the data security segment is estimated to lead the market in 2019.
Data security solutions are responsible for securing the
business database and information such as customer details, financial
information, and employee database as well as other key business data of any
organizations. A tremendous amount of data is generated every day across
organizations in various industry verticals, and effective management and
storage of business data become critical for the IT and data security
professionals.
An organizations database comprises of sensitive data such as
Personally Identifiable Information (PII), Personal Health Information (PHI),
Intellectual Property (IP), as well as Payment Card and Financial Information.
Databases often become a target for cybercriminals and victim of cyberattacks,
causing data breaches and loss of business and personal information. Zero trust
data security solutions fortify an organization’s data security by confining
the risks from user privileges and access, restricting the lateral movement of
threats within a company’s infrastructure.
Based on Vertical,
Government & Defense sector is estimated to grow at the fastest rate during
the forecasted period.
The government sector consists of the various federal government,
central government, state government, local government, and various public
sector entities. The government sector across various developed and emerging
economies is embracing digital transformation by harnessing the power of
mobility and cloud.
Various governments are already deploying cloud-based web and
mobile applications to enhance the experience of its citizens. As a result,
governments need to protect these applications, workloads, devices, and users
from the rising number of advanced persistent threats.
Thus, government bodies are shifting towards zero trust security
solutions to enhance government network security, data security, risk &
security analytics, endpoint security, and application security. Furthermore,
increasing complexities in the network and cyberattacks are fueling the
adoption of zero-trust security solutions among the governments across the
globe.
North America is expected
to hold the largest market share during the forecast period.
Most of the security vendors are based in North America, which
makes the region to be among the early adopter of new and advanced security
technologies. As a result, North America is expected to dominate the zero-trust
security market during the forecast period.
Moreover, increase in the sophisticated cyber-attacks is
anticipated to drive the implementation of zero-trust security in several
verticals such as banking, finance, government, and healthcare sectors. With
the widespread use of digital payments, cloud-based applications, IoT, security
ecosystem has become more complex. Besides, various SMBs are welcoming
disruptive work culture through services such as BYOD and work-from-home,
exposing the enterprise data prone to a number of cyber-attacks.
Market Players
The major vendors covered in the zero-trust security market
include Cisco Systems Inc. (US), Akamai Technologies, Inc. (US), Palo Alto
Networks, Inc. (US), Symantec Corporation (US), Okta, Inc. (US), Forcepoint,
LLC (US), Centrify Corporation (US), Cyxtera Technologies (US), Illumio (US),
Sophos Group Plc (UK), Google LLC (US), Microsoft, Inc. (US), VMware Inc. (US),
Trend Micro Incorporated (Japan), Cloudflare (US), IBM Corporation (US),
Fortinet (US), Check Point Software Technologies Ltd. (US), Pulse Secure, LLC
(US), and ON2IT (Netherlands).
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