Zero trust is a cybersecurity approach in which security policy is enforced based on context supplied by least-privileged access constraints and tight user authentication—rather than presumed trust. A well-tuned zero trust architecture results in simpler network infrastructure, a better user experience, and better cyber threat prevention. According to NIST 800-207 standard for Zero Trust, the Zero Trust Security Model works on three principles, which are continuous verification, limiting the ‘blast radius, and automating context collection and response.
According to a market report published by Bizwit Research & Consulting, LLP, Global Zero Trust Security market is valued at approximately USD 19.77 Billion in 2020 and is anticipated to grow with a healthy growth rate of nearly 18.45% over the forecast period 2021-2027.
The key factors driving the demand for a global zero trust security market during the forecasted period are Increasing IT Security Concerns, rising awareness about cybercrimes, and increased remote working policies. However, the High cost of deployment and budget constraints is likely to impede the market growth. Whereas, the Adoption of cloud-based technologies and Growing government support for the adoption of a zero-trust security framework would create a lucrative growth opportunity for the global consumer IoT market for the forecasted period.
The boom in the IT sector has also opened the doors for cyber-theft and online predators. Since the IT sector cannot run without computer devices and the internet, it is at high risk to get cyber attacked. A cyberattack can disrupt the functioning of the company, which can cost huge time and money, cybercriminals can distort the data and technologies for the company and can also deteriorate the company’s full control from its business which opens it up ample risks. According to Statista, the United States had encountered 1,257 cases of a data breach in 2018, which was increased to 1,473 cases in 2019. Also, in September 2021, the Government of Norway reported a series of cyberattacks against private and state IT infrastructure. The investigation reported that hacking was sponsored by China and was done to hack classified information of Norway’s national defense and security intelligence. Thus, the increasing IT Security concerns are likely to boost the demand for zero-trust security solution during the forecasted period.
Global Zero Trust SecurityMarket Size study, by Type (Network Security, Data Security, Endpoint Security, Security Orchestration Automation and Response, API Security, Security Analytics, Security Policy Management, Others) by Deployment Type (On-Premises, Cloud) by Authentication type (Single-factor Authentication, Multi-factor Authentication) by Organization Size (SMEs, Large Enterprise) by Verticals (IT and ITES, Financial and Insurance, Healthcare and Social Assistance, Retail Trade, Utilities, Others) and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through the sales of zero-trust security solutions and services. However, sales generated through the sales of any hardware used for the deployment of zero-trust security solution is excluded from the report. Major companies covered under the report include Cisco Systems Inc., Akamai Technologies, Palo Alto Networks, Okta Inc., Check Point Software Technologies, Trend Micro Inc., IBM Corporation, Trillex, Forcepoint, RSA Security and other popular regional players across various countries are also considered for revenue calculation.
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Bizwit Research & Consulting LLP