Zero trust security is a strategic cybersecurity technique that protects an organization from getting rid of implicit trust and regularly confirming every digital contact. The policy is based on ‘never trust, always verify’ and uses strong network segmentation, threat prevention, reliable authentication techniques, etc. The lack of zero trust security and other granular security restrictions allows tech-savvy attackers to conduct malicious activities and access sensitive corporate information. The policy also emphasizes on never trusting devices by default, even if they’re connected to a corporate LAN or any other permissioned network.
Forecast Analysis of the Zero Trust Security Market
Organizations’ growing demand for better data security solutions, availability of high-speed internet connectivity, and the rising adoption of cloud-based models for better scalability, profitability, accessibility, and efficiency are some factors to drive the growth of the global zero trust security market during the analysis years. Moreover, the potential for security vulnerabilities in some sections of the infrastructure and the increasing demand for better data communication are some more factors predicted to offer ample growth opportunities for the global zero trust security market by 2030. In addition, the implementation of well-organized and time-saving data security policies by businesses is also estimated to augment the market development during the analysis years. However, high implementation cost of zero trust security is the major hampering factor for the market growth.
Regionally, the zero trust security market in the Europe region is projected to be the most dominant and grow at 15.1% CAGR by 2030 due to widespread adoption of mobile devices and cloud-based technologies in the region. Moreover, government’s strict regulations regarding data protection in corporates is also estimated to augment the market growth in the Europe region during the forecast period.
According to the report published by Research Dive, the global zero trust security market is expected to garner a revenue of $87,162.8 million and grow at 14.7% CAGR during the 2021-2030 analysis timeframe. Some significant zero trust security market players are Fireeye, Akamai Technologies, Okta, Broadcom Inc., Fortinet Inc., Cisco Systems Inc., Palo Alto Networks, IBM Corporation, Check Point Software Technologies Ltd., Mcafee LLC, among others.
Covid-19 Impact on the Market
The onset of the covid-19 pandemic has positively impacted the global zero trust security market mainly due to increased adoption of digital technologies like cloud computing during the catastrophic chaos. Governments worldwide have imposed strict travel restrictions and social distancing norms that has forced employees to work from home. This has led to the growing demand for high-speed internet connectivity and well-established data security solutions especially in the corporate industry. And due to vulnerable networking infrastructure, tech-savvy hackers can easily conduct phishing attacks against unprotected systems. These factors are anticipated to augment the market growth during the pandemic chaos.
Prominent Zero Trust Security Market Trends & Developments
Some prominent organizations operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the market to flourish during the 2021-2030 analysis period. For instance:
In October 2021, Vectra AI, an AI-driven threat detection solutions provider, announced its collaboration with Microsoft at GITEX Technology Week 2021, to actively mitigate threats emerging from distributed and hybrid-remote workforces. The strategic collaboration brought its Threat Detection and Response platform’s zero trust capabilities to Microsoft platforms for Office 365 and Azure AD.
In December 2021, Tech Data India, a world-class software company, announced its partnership with Zscaler, a cloud services provider, to boost and purchase security solutions as part of the latter’s zero trust security platform directly from Tech Data India.
In February 2022, IBM (International Business Machines), an American multinational technology company, announced its acquisition of Neudesic, a renowned U.S. cloud services consultant, to develop its hybrid multi-cloud services portfolio and enhance its hybrid cloud and AI strategy with the help of the latter’s expertise in the cloud domain.