Global Zero Trust Security Market Report and Forecast 2024-2032

Global Zero Trust Security Market Outlook

The global zero trust security market size reached a value of about USD 31.63 billion by 2023. The industry is further expected to grow at a CAGR of 17.30% in the forecast period of 2024-2032 to reach a value of nearly USD 133 billion by 2032.

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North America Represents a Considerable Share of the Market for Zero Trust Security

North America holds a significant share of the overall zero trust security industry and is expected to do so in the forecast period. The market growth can be attributed to the rising demand for innovative solutions of zero trust security models due to the increasing spending on security by the government and public entities. The increasing adoption of the Internet of things (IoT), artificial intelligence (AI), and digital technology by SMEs and large enterprises and the surging stringency in standards and policies for maintaining data privacy and security are significantly contributing to the regional market growth. Moreover, the increasing investments in research and development (R&D) activities of zero trust security are fuelling the market growth. Various start-ups in the region are delivering expanded zero trust security solutions and services to meet the growing demands of clients, which is expected to propel the market growth in the forecast period.

The Asia Pacific is predicted to grow robustly in the coming years due to the rising necessity to protect secure networks from unintentional data breaches across public, financial, healthcare, and e-commerce organisations. With the growing data breaches and their implications, the demand for threat hunting services is significantly increasing. The increasing demand for solutions that provide zero-trust security implementation owing to the rising threats of breaches across servers and data networks is predicted to augment the market growth in the region, which is estimated to significantly contribute to the growth of the overall market in upcoming years.

Zero Trust Security Industry Segmentation

Zero trust security is a type of security model that is based on the principle of maintaining strict access controls and not trusting anyone by default, even those already inside the perimeter of the network. The model is designed to require strict identity verification for every person and device attempting to access resources on a private network, irrespective of whether they are sitting within or outside of the network perimeter. It is a holistic approach to network security, and it integrates numerous technologies.

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By solution type, the market is divided into:

• Network Security 
• Data Security 
• Endpoint Security 
• API Security 
• Cloud Security 
• Others

On the basis of deployment type, the market includes:

• Cloud
• On-Premises

The major types of authentication types of zero trust security are:

• Single-factor Authentication
• Multi-factor Authentication

Based on organisation size, the market is divided into:

• SMEs
• Large Enterprise

The significant verticals of zero trust security are:

• IT and Telecom
• BFSI
• Healthcare and Social Assistance
• Retail
• Utilities
• Others

The EMR report looks into the regional markets of zero trust security like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Frequency of Target-Based Cyberattacks Augmenting the Market Growth

The market expansion of zero trust security can be ascribed to an increase in the frequency of targeted cyberattacks, more digitisation in developing countries, and the rising implementation of government regulations regarding information security. With the intensifying demand for enhanced visibility and transparency in organisations for enabling users to access network from multiple locations, the deployment of zero trust security is surging, thereby propelling the market growth. The surging IoT traffic is leading to an increase in the demand for zero-trust security services, which is positively impacting the growth of the market.

The growing demand for cloud-based security services among small and medium enterprises (SMEs) is assessed to drive growth to this market segment. The constant development of internet connectivity and major technological improvements such as 5G, blockchain, cloud services, Internet of Things (IoT), and artificial intelligence (AI), are estimated to bolster the market for zero trust security. The growth of the information and communication technology (ICT) sector is projected to provide further impetus to the growth of the zero trust security industry.

Key Industry Players in the Global Zero Trust Security Market

The report gives a detailed analysis of the following key players in the global zero trust security market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Cisco Systems, Inc.
• Akamai Technologies
• IBM Corporation
• Broadcom Inc.
• McAfee Enterprise
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

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