Zero Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, and Security Policy Management), Deployment Mode, Authentication Type, Organization Size, Vertical and Region – Global Forecast to 2027
Northbrook, IL 60062 — (SBWIRE) — 11/23/2022 — The global Zero Trust Security Market size is expected to grow from an estimated value of USD 27.4 Billion in 2022 to USD 60.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2022 to 2027. Increased cyber threats, the introduction of mandates from government and compliance regulations, and modernization in networking infrastructure through a variety of end devices are driving the market growth.
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By Solution Type, API Security segment to grow at higher CAGR during the forecast period
By Organization Size, Large Enterprises to hold a larger market size during the forecast period
Large enterprises are reshaping their security policies and architecture to incorporate zero trust for protecting critical assets from various cyberattacks. Due to the increase in focus of large enterprises to secure the constant movement and storage of data, zero trust security providers in the market are projected to witness immense growth opportunities in the coming years. Large budgets implement world-class security solutions and witness a high demand for real-time auditing and monitoring of the rising IoT traffic, encouraging the adoption of zero trust security solutions among large companies. Government initiatives through data protection laws and regulations in various countries encourage large enterprises to deploy secure and resilient zero trust security solutions, driving the global market growth.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
In Asia Pacific, the number of SMEs is higher than in large enterprises. These SMEs provide employment to nearly 70% of the population in the region. The region has several established SMEs growing at an exponential rate to cater to their broad customer base. For SMEs, security is much of a cost rather than a necessity as they have a limited budget for cybersecurity. Hence, they are more vulnerable to cyberattacks. With rapid digitization and the increase in the use of smartphones, mobile applications, and cloud storage for smooth business functioning, Asian organizations prefer investing in zero-trust solutions. Due to the increase in complex attacks and the rise in costs associated with each attack, enterprises are projected to witness a rise in the need for robust security solutions, which would be fulfilled by zero trust security infrastructure. According to the global DNS threat report 2019, 48% of organizations in Asia Pacific are planning to use zero trust security architecture.
Major vendors in the global zero trust security market include Cisco (US), Akamai (US), Palo Alto Networks (US), OKTA (US), IBM (US), ZScaler (US), Citrix (US), Trend Micro (Japan), Check Point (US; Israel), Broadcom (US), Trellix (US), RSA (US), Forcepoint (US), Centrify (US), Illumio (US), Sophos (UK), Qnext Corporation (Canada), VMware (US), Microsoft (US), Cloudflare (US), Google (US), Fortinet (US), Cyxtera Technologies (US), SonicWall (US), Varonis (US), Pulse Secure (US), ON2IT (Netherland).
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