USD 25.5 billion
Zero Trust Security Market Size, Share, Growth Analysis, By Authentication Type(Multi-Factor Authentication, and Single-Factor Authentication), By Application(Access Control (Inclusive of Data Access Control), API Security, User Behaviour Analytics (UBA), Security Analytics), By Vertical(BFSI, Healthcare, Government and Defence, Retail and ECommerce), By Security Type(Network Security, Application Security, Cloud Security, Data Security), By Offering(Solution (Identity and Access management, Micro Segmentation, Zero Trust Network Access, Zero Trust Data Access (ZTDA)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2059 |
Region:
Global |
Published Date: August, 2024
Pages:
197
|Tables:
120
|Figures:
77
Zero Trust Security Market Insights
Zero Trust Security Market size was valued at USD 25.5 Billion in 2022 and is poised to grow from USD 31.6 Billion in 2023 to USD 99.7 Billion by 2031, growing at a CAGR of 15.5% in the forecast period (2024-2031).
As cloud technology and endpoint devices become more prevalent, businesses are increasingly vulnerable to attacks and unauthorized access. To combat these threats, the implementation of a zero-trust security framework has become necessary. This has resulted in a growing demand for security solutions that can secure complex networks and increase network administration visibility, which is expected to drive market growth in the coming years. The threat of internal and external attacks has become more pronounced with the evolution of technologies and internet connectivity. Data breaches and records-exposed rates have increased over time, with attacks becoming more complex and disruptive. The cost of a data breach is also high, averaging around USD 4 million per incident, highlighting the need for vulnerability assessment tools to identify and scan vulnerabilities. To address this issue, investments in emerging technologies such as analytics and Artificial Intelligence (AI) have grown in the vulnerability assessment industry. These investments have resulted in a downward trend in malicious attacks, indicating that end-users are better prepared to tackle vulnerability attacks. The zero-trust security market Share is expected to register significant growth in the coming years, as organizations invest in innovative vulnerability management solutions to secure their networks. However, organizations may lack in-house skilled professionals to implement these security measures, leading to the outsourcing of security services. This allows professionals to deliver security protection as a Service (SaaS) model, without requiring additional staffing and hardware. The growing complexity of enterprise networks also drives the adoption of solutions to implement a zero-trust security model to ensure multi-layered security and protect enterprise networks from malicious attacks.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Multi-Factor Authentication
Fastest Growth
Multi-Factor Authentication
Growth Rate
15.5% CAGR
Global Zero Trust Security Market ($ Bn)
Country Share for North America Region (%)
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Zero Trust Security Market Segmental Analysis
The Global Zero Trust Security market is segmented by authentication type, vertical, application, security type, offering, and region. Based on authentication type, the market can be segmented into multi-factor authentication and single-factor authentication. Based on vertical, the market is segmented into BFSI, Healthcare, Government and Defence, Retail and ECommerce, Energy and Utilities, IT and ITEs, and Other Verticals (Telecom, Manufacturing, Travel and Hospitality, Transportation and Logistics, And Education). Based on application, the market is segmented into access control (inclusive of data access control), API security, user behaviour analytics (UBA), security analytics, and others. Based on security type, the market is segmented into Network Security, Application Security, Cloud Security, Data Security, Endpoint Security & IoT Security. Based on offering, the market is segmented into Solution (Identity and Access management, Micro Segmentation, Zero Trust Network Access, Zero Trust Data Access (ZTDA), Security Information and Event management, User and Entity Behaviour Analytics, Policy management, Others), Services (Professional Services {Design, Deployment, Integration, and Consulting, Training, and Education, Support and Maintenance}, Managed Services). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Authentication Type
By type, the market can be segmented into multi-factor authentication and single-factor authentication. The dominant segment in the zero-trust security market is multi-factor authentication. This is due to the increasing demand for more secure authentication methods to protect sensitive data and resources. With the rise in cyber threats and data breaches, organizations are looking for more robust authentication methods that provide a higher level of security than single-factor authentication.
However, single-factor authentication still has a fastest growing segment in the market, especially in smaller organizations or those that do not deal with highly sensitive data or resources. Additionally, some organizations may choose to use single-factor authentication for certain low-risk applications or resources to minimize the burden on users and simplify the authentication process.
Analysis by Application
The IT and telecom segment accounted for more than 45% of revenue share and was predicted to maintain the leading position throughout the forecast period. Increasing demand for cloud-based services and digital services to access information and streamline operations is increasing the need for integrated security and network solutions.
The healthcare segment is expected to register the fastest CAGR during 2024-2031. Routine innovation and the use of technologies such as telehealthcare analytics to facilitate efficient communication between end users and organizations creates a need for secure web design services. Furthermore, electronic the increasing number of attacks on healthcare IT systems has necessitated advanced security measures to protect sensitive information.
Global Zero Trust Security Market Size By Authentication Type (%)
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Zero Trust Security Market Regional Insights
North America is the dominating region in the global market revenue and is expected to register the highest CAGR from 2024 to 2031. The regional market is expected to be driven by government and state authorities. Furthermore, the growing adoption of Internet of Things (IoT), AI and digital technologies by SMEs and large enterprises and increasing stringent standards and regulations to ensure data privacy and security contribute to the growth of the regional market.
Asia Pacific is expected to exhibit the fastest CAGR from 2024 to 2031. The need to control access to secure networks from inappropriate data breaches in the public, financial, health, and e-commerce industry is at risk due to numerous data breach issues and consequences associated with it prompting regional market growth. The demand for zero trust services has increased.
Global Zero Trust Security Market By Geography
- Largest
- Fastest
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Zero Trust Security Market Dynamics
Drivers
Increasing Cyber Threats: Consolidating Advanced Attacks
- The increasing sophistication of cyberattacks is increasingly leading organizations to adopt security measures without any guarantees. Traditional perimeter-based security mechanisms are insufficient to protect against advanced threats, making mistrust the primary means of protecting critical data and systems.
Compliance: Meeting Strict Safety Standards
- Strict data protection regulations such as GDPR, CCPA, and HIPAA are forcing organizations to upgrade their security strategy. Zero trust security helps ensure compliance by ensuring continuous authentication and strict access controls, thus reducing the risk of data breaches and penalties in non-compliance decreases.
Restraints
Implementation Complexity: Navigating Complex Change
- Adopting a zero-trust security model requires a significant overhaul of existing IT infrastructure and security infrastructure. The complexity of the implementation, coupled with the need for extensive planning and skilled personnel, poses challenges for organizations transitioning to this security model.
High Initial Cost
- The initial investment required to implement a trust-free security solution can be substantial. Organizations must invest in new technology, training and ongoing operations, which can be a barrier, especially for small and medium-sized businesses with limited budgets.
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Zero Trust Security Market Competitive Landscape
The global zero trust security market Growth is highly fragmented, with numerous players operating in the market. Key firms operating in the zero trust security market is expanding their product offerings, and employing many inorganic growth strategies such as mergers, partnerships, acquisitions etc. For example, in May 2021 Cisco Systems, Inc. acquired Slido, a polling and Q&A platform for virtual, live, hybrid events and meetings. This acquisition will provide significant features and robust capabilities for the Webex experience.
Top Player’s Company Profiles in Zero Trust Security Market
- Cisco Systems, Inc. (US)
- Akamai Technologies, Inc. (US)
- Palo Alto Networks, Inc. (US)
- Microsoft Corporation (US)
- Okta, Inc. (US)
- Fortinet, Inc. (US)
- Google LLC (US)
- Illumio, Inc. (US)
- CyberArk Software Ltd. (Israel)
- Broadcom Inc. (US)
- Check Point Software Technologies Ltd. (Israel)
- F5 Networks, Inc. (US)
- Trend Micro, Inc. (Japan)
- Zscaler, Inc. (US)
- Cloudflare, Inc. (US)
- Tenable, Inc. (US)
- One Identity LLC (US)
- Ping Identity Corporation (US)
- CrowdStrike Holdings, Inc. (US)
- Netskope, Inc. (US)
- Radware Ltd. (Israel)
- Thales Group (France)
Global Zero Trust Security Market Recent Developments
- In March 2023, F5 Networks announced the acquisition of Volterra, a provider of cloud-native networking and security solutions, to enhance its SASE platform and zero trust security capabilities.
- In February 2023, Crowdstrike announced the acquisition of Nightfall AI, a provider of data loss prevention (DLP) solutions, to expand its zero trust security offerings.
- In January 2023, Broadcom announced the acquisition of ShieldX Networks, a provider of cloud-native zero trust security solutions, to enhance its cybersecurity portfolio.
- In September 2022, Amazon Web Services (AWS) announced the launch of AWS Network Firewall, a new zero trust security solution that provides advanced threat detection and response capabilities.
Zero Trust Security Key Market Trends
- Increasing Adoption of Cloud-based Solutions: One of the key market trends in the global zero trust security market is the increasing adoption of cloud-based solutions. Cloud-based zero trust security solutions offer numerous benefits, including reduced costs, scalability, and flexibility, compared to on-premises solutions. With the growing trend of remote work and the increasing use of cloud technology, organizations are shifting towards cloud-based zero trust security solutions to ensure secure access to their networks and data. In addition, the integration of artificial intelligence and machine learning technologies in zero trust security solutions is also emerging as a key trend, enabling organizations to automate security processes and improve threat detection capabilities.
Zero Trust Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
AS per SkyQuest Analysis, the global zero trust security market is expected to grow significantly over the forecast period, driven by the increasing adoption of cloud technology and the proliferation of endpoint devices. The need to secure complex networks, combat internal and external threats, and increase network administration visibility is driving the demand for security solutions. The lack of skilled professionals is also propelling organizations to outsource security services, with Security-as-a-Service (SaaS) models becoming increasingly popular. However, the high cost of implementing zero trust security solutions and the lack of standardization and awareness among end-users are restraining market growth. The market is highly fragmented, with numerous players competing based on product innovation, quality, and pricing strategies. Key market trends include the increasing adoption of cloud-based solutions and the integration of AI and machine learning technologies in zero trust security solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 25.5 Billion |
| Market size value in 2031 | USD 99.7 Billion |
| Growth Rate | 15.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Zero Trust Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Zero Trust Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Zero Trust Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Zero Trust Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Zero Trust Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Zero Trust Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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