Zero Trust Security Market is expected to reach US$ 109.59 billion by 2030

Cost Benefits Offered by Zero Trust Security Drive Zero Trust Security Market Growth

According to our latest study on "Zero Trust Security Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Authentication, Deployment, Enterprise Size, Application, and End Use," the zero trust security market size was valued at US$ 28.89 billion in 2022 and is expected to reach US$ 109.59 billion by 2030; it is estimated to record a CAGR of 18.1% from 2022 to 2030.

The zero trust framework depicts a stringent approach to cybersecurity in which every device or individual seeking access to a private network, whether from inside or outside the enterprise, must be recognized and authorized. In contrast to other security models, which automatically trust individuals and devices already within the enterprise’s network, the zero trust approach promotes trusting no one at any time without proper authorization. It admits that traditional IT security models are flawed since they protect networks from outside threats only and inherently trust individuals or devices already within the network. However, there might be internal threats within the network in the form of a device that an outside attack has compromised, an employee who wants to compromise corporate data, or a set of user security credentials stolen by cyberattackers from outside the organization. A zero trust security system proposes that organizations assume that their network has already been compromised and execute strategies or technologies to minimize further risk.

Rising Number of Security Breaches to Offer Lucrative Opportunities for Zero Trust Security Market Growth During Forecast Period

A security breach can be defined as any incident that results in illicit access to applications, computer data, networks, or devices. IBM Security X-Force Threat Intelligence Index 2023 reported that 17% of attacks in 2022 were ransomware, 21% of incidents saw backdoors deployed, and 6% of attacks were due to business email compromise. Furthermore, 27% of attacks were extortion-related as cybercriminals focused their attempts on manufacturing more than any other industry, recognizing the industry's short tolerance for downtime. Phishing was the leading infection vector, identified in 41% of incidents, while 26% of attacks exploited public-facing apps. Such trends are strongly expected to promote the adoption of zero trust architecture.

Zero Trust Security Market Regional Overview:

North America holds a major share of the zero trust security market. The zero trust security market in North America is segmented into the US, Canada, and Mexico. BFSI organizations in North American countries are increasingly deploying zero trust security software to secure their business process. In addition, the demand for zero trust security solutions has increased in the healthcare and pharmaceutical industries. It was positively impacted during the COVID-19 pandemic, as demand for automation and digital transformation grew in the sector. It led to a wider concern for safeguarding sensitive data in the industry. Thus, all the above factors are fueling the growth of the North America zero trust security market.

Zero Trust Security Market Segmental Overview

The zero trust security market is categorized on the basis of component, authentication, deployment, organization size, application, and end use. Based on component, the zero trust security market is bifurcated into solution and service. In terms of authentication, the market is divided into single-factor authentication and multi-factor authentication. Based on deployment, the market is bifurcated into on-premise and cloud. Based on organization size, the market is bifurcated into SMEs and large enterprises. In terms of application, the market is segmented into endpoint, network, and others. Based on end use, the market is segmented into BFSI, e-commerce & retail, healthcare, IT & telecom, and others. By geography, the zero trust security market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Zero Trust Security Market Competitive Landscape and Key Developments  

Akamai Technologies Inc, Cato Networks Ltd, Check Point Software Technologies Ltd, Cisco Systems Inc, Fortinet Inc, Microsoft Corporation, Okta Inc, Palo Alto Networks Inc, VMWare Inc, and Zscaler Inc are among the key zero trust security market players that are profiled during the study. Various other companies are introducing new product offerings to contribute to the zero trust security market size proliferation. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading zero trust security market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.

• In September 2023, BD Soft, a value-added IT security distributor, entered into a strategic partnership with Zaperon, a pioneering cybersecurity start-up. Zaperon enables Zero Trust Security for organizations through advanced identity and access control, passwordless single sign-on for fortified logins, and continuous risk analysis to proactively identify threats. Through the alliance, Zaperon plans to utilize BD Soft’s extensive channel network within the small and medium-sized business sector and make its cybersecurity technology more accessible to a broader audience.
• In September 2023, Zscaler Inc, a leading cloud security company, announced a partnership with CrowdStrike and Imprivata to deliver a zero trust cybersecurity solution from devices to the cloud tailored for medical institutions.  

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