Zero Trust Security Market Is Expected To See a growth of 15.1% CAGR with Rising Demand by 2032

According to Future Market Insights report on zero trust security platform, the market for is expected to grow with a CAGR of 28.1% during the forecast period 2022 to 2032.

According to this report, market is set to reach the valuation ~US$ 29,006.2 Mn by the end of the year 2022. The purpose of the zero trust security platform is to provide protection against data breaches from all directions, specifically from within organizations, i.e., through browsers, email, VPN connections and other means. The zero trust security term suggests that nothing should be trusted and always be verified.

With this concept, several technologies and best practises are adopted. The security platform is based on the principles of verify explicitly, continuous monitoring and validation, use least privileged access, device access control, micro-segmentation, preventing lateral movement, and multi-factor authentication (MFA).

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Key Takeaways: Zero Trust Security Platform Market

By solution, the standalone software segment had the largest shares in 2021 with a value of ~US$ 25,432.0 Mn. Services are estimated to be the most in-demand service for the forecast period 2022-2032 which is estimated to grow with a CAGR of 1%.

By deployment mode, cloud based holds the largest market share for 2021 and CAGR of 2% is expected to be witnessed in forecast period.

By authentication type, multi factor authentication holds largest market share for 2021 and the highest CAGR of 8% is expected to be witnessed during forecast period.

By enterprise size, large enterprise had the largest market share in 2021 and SMEs will witness the fastest growth with a CAGR of 9%.

By industry, BFSI had the largest market share for 2021 and the highest CAGR of 3% is expected to be witnessed from the healthcare industry for the forecast period.

North America had the largest market share in 2021 and the fastest growing market for Zero Trust Security Platform is estimated to be the South Asia and Pacific region for the forecast period 2022-2032.

According to FMI Analyst, "Zero Trust Security Platforms have great potential in various fields as the platform helps to prevent data loss from within the systems. They are available with many solutions such as Identity Security, Data Security, and many more, which can be deployed in a cloud, whereas traditional security platforms involve perimeter security models and can only be deployed on-premises, which also helps the end users to prioritise the product easily."

Rise in Cyberattacks within the Organisation

In recent times, the cyberattacks within the organisations has increased zero trust security platforms provide to secure data in and outside the organisation, by continuously monitoring and validation, micro segmentation, preventing lateral movement such features makes the framework unique from other traditional security.

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More valuable insights on Zero Trust Security Platform

In this report by Future Market Insights, zero trust security platform has been segmented into four sections, by solution, integrated zero trust security platform, standalone software (next generation firewall, identity & access management, data loss prevention, others), services (professional services (security consulting, integration & implementation, support & maintenance) and managed services), deployment mode (cloud-based and on-premises), authentication type (single authentication, multi authentication), enterprise size (small and medium enterprises (SMEs), and large enterprises), industry (BFSI, IT & telecom, retail, healthcare, government & defence, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the zero trust security platform demand outlook.

Competitive Landscape

Zero trust security provide security solutions to various industries which have shifted the company data to storage systems as a result this, it tends to increase in cyber threats for the stored data. To resolve these several companies have launched their zero trust security for multiple/specific purposes.

In Feb 2021, Akamai acquired Montreal-based firm Inverse to improve Akamai's enterprise security potential and would expand its product portfolio of zero trusts and secure access service edge solutions for Internet of Things.
In Oct 2022, Conceal a leader in ransomware prevention technology and Zero Trust isolation signed a strategic partner agreement with Spire Solutions a leading distributor at GITEX 2022 to serve as the distributor for ConcealBrowse solution and Conceal's platform in the Middle East and Africa regions.

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Zero Trust Security by Category

By Solution:

Integrated Zero Trust Security Platform
Standalone Software
Next Generation Firewall
Identity & Access Management
Data Loss Prevention
Others
Services
Professional Services
Security Consulting
Integration & Implementation
Support & Maintenance
Managed Services

By Deployment:

Cloud Based
On-premises

By Authentication Type:

Single Authentication
Multi Authentication

By Enterprise Size:

Small and Mid-Sized Enterprises (SMEs)
Large Enterprises

By Industry:

BFSI
Retail and eCommerce
Healthcare
IT & Telecom
Government and Defense
Others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.