Increase in investments for zero trust security solution among countries such as China, Japan, India, Australia, South Korea & rest of Asia-Pacific fuel growth.
WILMINGTON, DE, UNITED STATES, November 20, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Zero Trust Security Market, by Component (Solution, Services), by Deployment Model (On-premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Authentication (Single-factor Authentication, Multi-factor Authentication), by Industry Vertical (BFSI, Government, IT and Telecom, Manufacturing, Healthcare, Retail, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
The zero trust security market was valued at $23.61 billion in 2021, and is estimated to reach $126.02 billion by 2031, growing at a CAGR of 18.5% from 2022 to 2031.
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The global zero trust security market is influenced by a number of factors, including use of big data platform, measures to cut down on office paper usage, and strengthened information security. However, the restraints include recurring expense.
Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for zero trust security solution among countries such as China, Japan, India, Australia, South Korea, and rest of Asia-Pacific fuel growth of the market. Moreover, the major factor contributing toward the adoption of zero trust security solutions in Asia-Pacific is increase in usage of mobile data for various applications such as mobile banking and social media. In addition, surge in penetration of smartphones and internet in countries such as India and China has fueled the adoption of zero trust security in this region. Additionally, rise in need to support secure enterprise mobility practices within organizations is expected to boost the demand for zero trust security solutions. Furthermore, the ease of accessing internet for general population along with the launch of low-cost smartphones is encouraging organizations to implement effective zero trust security solutions.
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The competitive environment of Zero Trust Security Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Zero Trust Security Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Palo Alto Networks
Check Point Software Technologies
Trend Micro, Inc.
forcepoint and Many More
Region-wise, North America is the leading region, in terms of technological advancements and adoption. It possesses well-equipped Zero Trust Network infrastructure and the ability to afford zero trust security solutions. Furthermore, owing to rise in competition between cloud-based service providers in North America, key players are providing more security for data by ensuring quick access and greater outreach of their services to the clients, which drives the growth of the zero trust security market in this region. In addition, the major factors that are contribute toward the growth of zero trust security in North America are increase in usage of mobile & web. In addition, increase in dependency on internet and social media platforms is another major factor fueling the Zero Trust Security Industry growth in this region.
Post COVID-19, the zero trust security market size is estimated to grow from $23.61 billion in 2021 to reach $126.02 billion by 2031, at a CAGR of 18.5%. It is projected that the COVID-19 outbreak will benefit the development of the zero trust security business. This is due to the fact that the implementation of zero trust security during COVID-19 will make it possible for businesses to handle security concerns and provide secured information access when conducting remote operations. In addition, due to an increase in internet traffic, the risk of cyberattacks has grown significantly in a number of enterprises, driving the demand for Zero Trust Architecture solutions. Cloud security, AI-integrated solutions, and an increase in cyberattacks following the advent of this pandemic have all contributed to innovations and advancements in cybersecurity solutions that have further supported market growth.
For instance, as per a survey by Information Systems Security Association (ISSA) & ESG conducted in April 2020, the cybersecurity industry witnessed almost 63% increase in cyberattacks related to the pandemic. Thus, increase in risk of cyberattacks augments the demand for zero trust security solution & services, thereby fueling the growth of the Zero Trust Security Industry market.
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