Zero Trust Security Market Size, Share & Trend Report | 2031

Report Description

The global zero trust security market size was valued at USD 25.36 Billion in 2022 and is projected to reach USD 89.21 Billion by 2031 , expanding at a CAGR of around 15% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increase in the frequency of target-based cyberattacks, and rising need to mitigate organizational and commercial risks. 

A security framework known as "Zero Trust" mandates that all users, outside or inside the organization's network, must be approved, verified, and continually checked for security configuration and posture before being given or maintaining access to applications and data.

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In the Zero Trust model, there is no conventional network edge; instead, networks can be local, cloud-based, hybrid, or a combination of the three, with workers and resources at remote locations. The current digital transformation uses the Zero Trust framework to secure data and infrastructure.

It specifically covers the contemporary issues faced by businesses today, such as protecting ransomware threats, hybrid cloud infrastructures, and remote workers. Implementing a zero-trust security architecture has become necessary as a result of growth in usage of endpoint device and increasing use of cloud computing.

Businesses these days rely heavily on computerized systems and networking technology, which makes them attackable and open to unwanted access. The potential impact of internal and external threats has increased as a result of the ongoing development of technology and internet connectivity over time.

The analysis of reported intrusions and attacks indicates that the frequency of records being exposed to outsiders and data breaches have increased over time. Additionally, assaults like the disruptive and complicated WannaCry ransomware enable unauthorized access and cause data loss as well as lost revenue.

Investments in cutting-edge technologies such as analytics and Artificial Intelligence (AI), are increasing in the vulnerability assessment sector due to the evolving nature of cyberattacks and their associated effects. In addition, a decline in malicious assaults has been seen as a result of ongoing investments in cutting-edge vulnerability management technologies.

With the advent of COVID-19 pandemic in 2020, the adoption of zero trust security to block several cyber attacks and threats had increased. Digital transformation in IT & ITeS, healthcare, retail, and utilities has accelerated during the pandemic. The adoption of remote work trend increased web and cloud traffic, which is why the demand for zero trust security is exploding in every industry.

The remote working restrictions due to COVID-19 pandemic have also increased the demand for a secure architectural framework that would impose multi-factor authentication for access to critical data. As a result, the need for security solutions is being fueled by the need to protect complex networks, improve network administration visibility, and counter the internal and external threat posed by illegal access.

Zero Trust Security Market Trends, Drivers, Restraints, and Opportunities

• The market is anticipated to be driven by an increase in the number of target-based cyberattacks.

• Insecure endpoints, networks, on-premise devices, and cloud-based applications are estimated to fuel the market in the coming years.

• Rising awareness among companies and features like stringent access control that doesn't trust the devices, are expected to boost the market.

• High cost of installation is projected to hinder the market growth.

• Lack of in-house professionals is anticipated to impede the market growth during the forecast period.

• There is a high desire for better visibility due to increase in IoT traffic among businesses which is estimated to create immense opportunities for the market players during the forecast period.

Scope of Zero Trust Security Market Report

The report on the global zero trust security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Zero Trust Security Market Segment Insights

Authentication Segment Analysis

Based on authentications, the market is segregated into multi-factor authentication and single-factor authentication. The multi-factor authentication segment accounted for a major market share in 2021. Due to the high level of security provided by multi-level authorization, multi-factor authentication was widely used in the business.

Multi-factor authentication is the essential element of the zero trust architecture that provides strong security. Hackers may find it easy to isolate a single credential factor, but maintaining the zero-trust security paradigm requires many stages of verification and real-time access monitoring. Users have become mobile and are subject to online risks from hackers due to the growing BYOD trend and the adoption of the remote work policy.

These skilled hackers are constantly looking for a network that has low security credentials so that they can compromise the digital device. As businesses add additional endpoints to their networks to expand their cloud architecture, the necessity of multi-factor authentication under the zero-trust security model grows.

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Security Types Segment Analysis

On the basis of security types, the market is fragmented into cloud security, endpoint security, data security, network security, and others. The endpoint security segment held a market share of around 26% in 2021. Growth of the segment is attributed to the rising use of devices like smartphones, laptops, desktop computers, servers, and routers brought on by enterprises' digital transformation.

For endpoint security, Virtual Private Network (VPN) features must be invisible to users and require no manual effort for signing in or connecting. Enterprises have implemented zero-trust endpoint security more frequently as the same strict security standards are imposed whether the device is company-owned or personal through Bring Your Own Device (BYOD).

Furthermore, even if devices are only monitored or secured by apps or IT, security policies still apply to them. The cloud security segment is projected to expand at a high CAGR during the forecast period. Growing industry adoption of cloud technology is driving the demand for zero-trust cloud security.

As cloud infrastructure offers greater agility and scalability and is less expensive to maintain, it is progressively being used by the manufacturing, retail, IT & telecom, healthcare, and healthcare industries.

Organization Size Segment Analysis

In terms of organization size, the market is bifurcated into large enterprise and SMEs. The SMEs segment is estimated to expand at high CAGR during the forecast period. Large- and small-scale vendors were equally impacted by the COVID-19 epidemic as incidences of data breaches rose and staff turned to remote working arrangements.

Small and medium-sized financial institutions, manufacturing, telecom, retail, and information technology enterprises are targeted due to their lack of effective security measures.

Zero trust security ensures that anyone with the right login credentials is an internal, trusted user and not a hacker using phishing or other techniques to get unauthorized access to login credentials. In order to achieve multi-level permission verification, SMEs are increasingly adopting a zero-trust security approach.

Deployments Segment Analysis

Based on deployments, the market is segregated into cloud and on-premises. The on-premises segment held a major market share in 2021 and is anticipated to expand at a rapid pace during the forecast period since this kind of deployment is highly preferred.

Instead of entrusting it to a cloud service, businesses choose to keep sensitive data on-site. Additionally, on-premises solutions enable direct ownership and management of security monitoring, providing a versatile and adaptable security program. Enterprises are switching from on-premises to cloud-based solutions, though, because of advantages like cost-effectiveness.

Therefore, the cloud-based segment is estimated to expand at a high CAGR during the forecast period. Additionally, businesses are concentrating on cloud transformation to give staff members access to information for internal and international business operations.

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Applications Segment Analysis

On the basis of applications, the market is fragmented into retail, healthcare, BFSI, IT & telecom, and others. The healthcare segment is projected to expand at a robust CAGR during the forecast period. The growth of the segment is being driven by the ongoing development and application of technologies, such as telehealth services and analytics, to enable efficient communication between end users and entities.

Additionally, the rise in cyberattacks on healthcare IT infrastructures prompted the demand for improved security system to safeguard sensitive data. The IT & telecom segment accounted for a major market share in 2021.

The demand for unified, secure access, and network solutions is being driven by an increase in desire for cloud-based infrastructure and digital apps to obtain information and facilitate business. Additionally, the dominant players in the telecom sector focus on offering data transfer services and investing in a number of security-related technologies.

Regional Analysis

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Asia Pacific consists of developing countries such as Singapore, Japan, Australia, and China.

Asia Pacific is one of the areas most exposed to cyberattacks, due to the rapid increase in the sharing of sensitive data. Zero trust security solutions are in high demand in the region as a result of growing awareness of security breaches and their effects on consumer trust and brand reputation. SMEs are more prevalent than large businesses in Asia Pacific.

Many well-established SMEs in the area are expanding exponentially to serve their wide consumer base. Due to their limited financial resources, SMEs view security as more of a cost than a need. Therefore, they are more exposed to cyberattacks. Due to increase in complicated assaults and rise in expenses associated with each attack the demand for zero security market is projected to boost.

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