The global zero trust security market is estimated to be valued at $66,741.3 million by 2027, surging from $18,500.0 million in 2019 at a noteworthy CAGR of 17.6%.
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Impact Analysis of COVID-19 on the Zero Trust Security Market
The global market for zero trust security is estimated to experience a high growth amid the COVID-19 pandemic. This growth is projected to result owing to increasing usage of mobiles and smartphones during the pandemic due to work from home and remote services programs. The demand for security is also consequently projected to witness a rise. Due to the limited security analysis and security due to scattered information in the structure of work from home has resulted in attackers benefiting of weaknesses to gain internal access. The zero trust security developed in recent years uses identification provider to give access to the applications and find out the permission rights based on both the user and the device.
Furthermore, certain key vendors operating in zero trust security, such as Okta Inc., and Palo Alto Networks, are adopting certain strategies and innovations for staying put in the competitive environment. For instance, In June 2019, Palo Alto Networks, an American multinational cybersecurity company, captured PureSec, a visionary serverless security company, to enhance Prisma contribution. The addition of PureSec will further advance Palo Alto Networks in its ability to offer the most complete and comprehensive cloud security suite. With PureSec, Palo Alto Networks will be uniquely positioned to secure serverless applications throughout the entire life cycle, significantly reducing the attack surface.
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Also, the unimaginable surge in cyber-attacks such as online scams, data harvesting malware, phishing emails, and disruptive malware during the outbreak of the coronavirus virus, may increase the demand for zero trust security. These factors are anticipated to create lucrative investment opportunities during the forecast period.
Global Zero Trust Security Market Analysis
Zero trust security is a modern type of cybersecurity that works on the method of zero-accepted trust. The security mixture needs every single outsider and insider to give original confirmation before entering the secured network. The framework dictates that only authenticated and authorized users and devices can access applications and data. Moreover, it also guarantees a simple-to-use, profitable, and dependable security process.
Targeted attacks have observed to increase in the last few years, penetrating the target’s network framework and at the same time, controlling invisibility. Attackers that have a distinct target that involve on-premise tools, cloud-based implementations, endpoints, data, and numerous other IT infrastructure frameworks. The principle aim behind a target attack is to interrupt the targeted company or organization’s network framework and steal important information.
As a consequence of these targeted attacks, can lead to business interruptions, financial loss, intellectual property loss, and loss of sensitive consumer data. Firms dealing with crucial business and personal details are expected to increase the adoption of the zero trust security framework approach in the coming years, which will have a positive impact on market growth. This is mainly due to the fact that only zero trust security takes a micro level approach to authenticating and approving access request at every point within a network.
The challenge for organizations is balancing privacy, protection, and security with the available resources and the ability to perform tasks. Because there are more users, more devices, and more ways to access and store data than ever as achieving zero trust isn’t free from pitfalls. Moreover, cybersecurity requirements grow at a higher rate than the budgets planned to address them. These budgetary constraints might be a restraining factor for the market growth.
Moreover, the companies involved in the global zero trust security solutions are following effective strategies and launch of innovative products to grow in the market. For instance, in April 2020, Google, an American multinational technology company that specializes in Internet-related services and products, made accessible BeyondCorp Remote Access, stamping its first commercial product built on the zero-trust method to channel protection that was introduced by Google and has utilized internally for almost a decade. Such technological advancements may further lead to lucrative market opportunities in the global zero trust security market in the upcoming years.
Global Zero Trust Security Market, Segmentation
The global zero trust security market is segmented based on solution type, authentication type, deployment type, verticals, and region.
Solution Type:
The solution type segment is further segmented into network security, data security, endpoint security, security orchestration automation and response, API security, security analytics, security policy management, and others. Among these the endpoint security sub-segment is projected to generate the maximum revenue and data security sub-segment is predicted to show the fastest growth. The endpoint security segment was the highest contributor to the market, with $38,47.2 million in 2019, and is estimated to grow at a CAGR of 16.50% during the forecast period.
Endpoint security solutions project the network and the entry-points that bridge internal data with externally connected devices such as laptops, smartphones, and connected devices. It is seen as cybersecurity’s frontline solution to secure various enterprise networks. Moreover, increasing implementation of bring-your-own-device (BYOD) policy is expected to propel the growth of the market.
Authentication type:
The authentication type segment is further divided into single-factor authentication and multi-factor authentication. The multi-factor authentication sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $38,629.0 million during the analysis timeframe.
The increase in the volume of online transactions is notably driving the multi-factor authentication market growth, although factors such as an increase in the cost of OTP tokens may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the multi-factor authentication industry. Cyber-attacks are becoming more purposeful, sophisticated, and costly. The healthcare industry is having to come to terms with its exposure to cyber risks.
Deployment Type:
The deployment segment is further categorized into cloud and on-premise. The cloud application security sub-segment is predicted to have rapid growth and generate a revenue of $36,826.1 million by 2027.
Increasing deployment of cloud computing in zero trust security will consequently increase the risk of threats over networking, and therefore the demand for application security will also massively increase. Moreover, industry players are significantly focusing on the development of innovative cloud application security platforms may fuel the growth of the market. For instance, Cisco Systems Inc., an American multinational technology conglomerate, in October 2020, announced the launch of cloud native apps designed for secure and efficient transactions from anywhere. These types of key factors may create massive opportunities for the segment over the forecast timeframe.
Organization Type:
Based on organization size the analysis has been divided into small & medium enterprises and large enterprises. Out of these, the large enterprises sub-segment is predicted to have the fastest growth. The large enterprise sub-segment of the global zero trust security market is predicted to have a rapid growth and it is expected to surpass $34,498.3 million by 2027.
The major driver of large enterprises is its economy of scale. Through economy of scale, large companies are able to reduce the cost of doing business, while also maximizing their profit margins. Moreover, due to the purchase of raw materials in large quantities, there is a chance for vendors and suppliers to provide discounts for such organizations. Additionally, large enterprises generally offer higher salaries than compared to small & medium enterprises.
Vertical Type:
Based on vertical type, the global market for zero trust security platform is segmented into BFSI, IT & telecommunications, government & defense, healthcare, retail and others. The retail sub-segment is estimated to grow significantly and is projected to reach $15,642.9 million during the forecast period.
With rising consumer demand and greater disposable income has given opportunity of retail industry to grow and prosper. In addition to this, increase in the middle class consumers and increase in the number of working women globally are driving the growth of the retail sector. Despite the slight fall of retail industry due to COVID-19, the retail industry growth rate is expected to experience a rapid growth in the upcoming years.
Region:
The zero trust security market for the Asia-Pacific region is projected to witness rapid growth. This market is projected to reach up to $17,032.4 million by 2027.
The growth shall be a result of increasing adoption of zero trust security solutions among SMEs and large businesses that will extensively raise cyber threats. Moreover, increasing number of internet users, increasing adoption of IoT devices, and strict government & industry regulations for the security of business processes will accelerate the growth of the zero trust security market.
Key Players in the Global Zero Trust Security Market
- McAfee Corporation
- IBM Corporation
- Fortinet
- Symantec Corporation
- FireEye Inc.
- Cisco Systems Inc.
- Akamai Technologies
- Check Point Software Technologies
- Palo Alto Networks
- Okta Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Zero Trust Security Market:
- Bargaining Power of Suppliers: Zero trust security market contains huge concentration of distributors/suppliers and hence, their control is expected to be moderate, resulting in moderate bargaining power of dealers.
Hence, the bargaining power of the supplier is moderate. - Bargaining Power of Buyers: Buyers will have a low bargaining power, significantly because of low players operating in the zero trust security market.
Hence, the bargaining power of the buyer is low. - Threat of New Entrants: In the modern world, new entrants may face multiple new barriers, like legal and government policies.
Hence, the threat of the new entrants is moderate. - Threat of Substitutes: There are fewer alternate products for zero trust security such as Twingate and AppGateSDP.
Thus, the threat of substitutes is low. - Competitive Rivalry in the Market: Robust presence of key players such as IBM corporation, Fortinet, Symantec Corporation, Fireeye Inc., and Cisco Systems Inc., is creating massive rivalry in the local as well as international market. Also, high spending on research, business expansion, and strategic tie-ups are some of the main factors rising competitive rivalry among the companies.
Competitive rivalry in the market is high.
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