Global Zero Trust Security Market Report 2021-2025: Market Dynamics, Value Chain Analysis, Use Cases, Ecosystem,Technology, Pricing Model, Patent Analysis
DUBLIN, March 1, 2021 /PRNewswire/ -- The "Global Zero Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, Security Policy Management), Deployment Type, Authentication Type, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global zero trust security market is projected to grow from USD 19.6 billion in 2020 to USD 51.6 billion by 2026, recording a compound annual growth rate (CAGR) of 17.4% from 2020 to 2026.
The market growth is driven by various factors, such as increasing cyber-threats, growing mandates from government & compliance regulations, and modernization in networking infrastructure through variety of end-devices, have contributed considerable share in the Zero Trust Security ecosystem.
By deployment, the cloud segment is estimated to hold a larger market size than the on-premises segment in 2020
Unlike traditional on-premises deployment mode, cloud-based zero trust security solutions provide with a cost effective approach for the enterprises across various industry verticals to enhance security. Pricing is one of the major differentiating factors in the adoption of cloud-based security solution over on-premises security solutions. Growing virtualization across industries and adoption of cloud computing is promoting the demand for cloud-based zero trust security solutions in various countries.
Moreover, cloud-based deployment of zero trust security solutions can help organizations to reduce costs associated with expensive hardware equipment for storage, power, cooling as well as lowers the IT personnel required to monitor the network further eliminating the IT maintenance costs. Cloud deployments are suitable for small and medium businesses that usually have a limited budget allocated for securing critical assets from cyberattacks.
By authentication type, multi-factor authentication is expected to register a higher growth rate than the single-factor authentication segment during the forecast period
Multi-factor authentication (MFA) is becoming one of the most effective type of identity verification and authentication method that requires a peron, software or a machine to present multiple identifiers for identity verification. The various categories of multiple identifiers include something that they know such as a password or PIN, something that they have such as passport, tokens, access-card or software certificate, and something they are such as biometric data, fingerprints or facial geometry and recognition.
Most commonly used MFA identifiers are user passwords/PINs, cryptographic hardware security tokens, smartcards, software-based certificates, and biometrics that may include verification of any individual through retina scans, fingerprint scans, facial recognition and voice recognition.
The Asia-Pacific market is expected to register the highest growth rate during the forecast period
APAC comprises of few largest economies in the world such as China, Singapore, Japan, Australia. The increasing economic importance of these countries has prevailed vast amount of data transmitted across networks that are prone to security breaches. The threat landscape is driven by necessary measures required to aid support to several industry verticals at an alarming rate. Increased number of alerts and threats combined with comparatively shortage in staffs is resulting in 50% of threats going undetected.
Zero Trust Security solutions is expected to surge the efficiency of security solutions by preventing low-level incidents, considering each user as a hostile network. Owing to the high digital connectivity, contrasted with the low cybersecurity awareness, growing cross-border data transfers, and weak regulations, Asia-Pacific region is anticipated to boost the demand for zero trust security solution over the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
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