Zero Trust Security Market to be dominated by IT and ITES industry through 2027
Rapid adoption of cloud technology by financial institutions
and surge in regulations focusing on data security are driving the growth of global
zero trust security market in the forecast period, 2023-2027.
According
to TechSci Research report, “Zero Trust Security Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027”,
the global zero trust
security market is anticipated to grow at an impressive CAGR in the forecast
period, 2023-2027. The rapid adoption of cloud-based technology by enterprises,
proliferation of smart devices, and the remote working policies provided by organizations
are the major factors driving the demand for the global zero trust security
market. Businesses provide remote access to employees, thereby creating a
secure architecture framework to enable multi-factor authentication to access
critical data. The rise in the need to secure complex data and continued
evolution in technologies is driving the demand for security solutions, which
is expected to accelerate the global zero trust security market growth in the
forecast period.
However, high initial costs of purchasing zero
trust security solutions and budget constraints of small and medium enterprises
and start-ups may restrain market growth in the forecast period.
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The global zero trust security market is
segmented by solution type, authentication type, organization size, deployment
type, vertical, company, and regional distribution.
Based on the organization size, the
market is divided into large enterprises and small & medium enterprises.
Large enterprises are expected to capture the largest market share in the
forecast period. The ability to invest hefty amounts by the large enterprises
to adopt advanced zero trust security solutions to protect confidential information
from malicious cyber-attacks plays a crucial role in accelerating the growth of
the global zero trust security market. The high need to secure devices, data
centers, networks, endpoints, users, and applications from unauthorized access
and loss of critical data is fueling the demand for secure and affordable
solutions. To restrict the entry of unwanted users and provide access to web
applications and servers is bolstering the need for multi-factor authentication
to provide special access to authorized users.
Based on the deployment mode, the market
is divided into cloud and on-premises. The cloud segment is expected to witness
the fastest incremental growth in the forecast period. The adoption of
cloud-based security solutions offers several benefits over the on-premises
deployment model, such as higher scalability, flexibility, adaptability, and
enhanced IT security. They are affordable and eliminate the need to invest in
hardware and other maintenance costs.
On the basis of regional analysis, the
North American region is expected to dominate the global zero trust security
market in the forecast period. The presence of several key market players in
the region providing enhanced solutions to prominent industry verticals is
driving the demand for a zero-trust security market in the region.
Well-developed technological infrastructure and high-end investments in
research and development activities to find innovative solutions by the market
players are expected to create growth opportunities for the global zero trust
security market.
Major market players operating in the global
zero trust security market are:
- ·
Cisco
Systems Inc.
- ·
Akamai
Technologies
- ·
Check
Point Software Technologies Ltd.
- ·
Palo
Alto Networks
- ·
McAfee
Corporation
- ·
Cloudflare
Inc.
- ·
Trend
Micro, Inc.
- ·
Symantec
Corporation, Inc.
- ·
IBM
Corporation
- ·
Microsoft
Corporation
- ·
Google
Inc.
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“The Healthcare industry is expected to
witness the fastest incremental growth in the forecast period, 2023-2027.
Ongoing advancements in technology, growing demand for quality healthcare services,
and digital transformation are revolutionizing the healthcare sector.
Penetration of telehealth services and analytics use of connected devices for
continuous monitoring of patients generates large volumes of data. The rise in
concerns towards protecting patients' critical information due to growing
cyberattacks on the healthcare system is expected to accelerate the demand for
zero trust security solutions. The surge in investments by the healthcare
industry to adopt advanced security solutions and offering of custom-based
security by market players is expected to propel the growth of the global zero
trust security market till 2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Zero Trust Security
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027 Segmented By Solution
Type (Network Security, Data Security, End Point Security, Security
Orchestration Automation & Response, API Security, Others), By
Authentication Type (Single-factor Authentication and Multi-factor
Authentication), By Organization Size (Large Enterprises and Small & Medium
Enterprises), By Deployment Type (Cloud and On-premises), By Vertical (IT and
ITES, BFSI, Healthcare & Social Assistance, Retail Trade, Utilities and
Others), and By Region”, has evaluated the future
growth potential of global zero trust security market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global zero trust security market.
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