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Zero Trust Architecture Market Size, Share Analysis And Trends By 2033
Zero Trust Architecture Market Size
According to The Business Research Company's, the zero trust architecture market size has grown rapidly in recent years. It will grow from $18.54 billion in 2023 to $21.84 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to data breaches and cyber attacks, digital transformation, remote access requirements, zero trust frameworks and standards, regulatory compliance requirements.
The zero trust architecture market size is expected to see rapid growth in the next few years. It will grow to $41.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to cloud adoption and migration, vendor and supply chain risk management, security threat landscape, internal and external threat intelligence, incident response preparedness. Major trends in the forecast period include zero trust as a service (ZTAAS), zero trust for devsecops, zero trust for remote workforce, convergence with identity-centric security, zero trust analytics and behavioral monitoring.
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Market Drivers and Trends:
Increasing cyber security threats are expected to propel the growth of the zero-trust architecture market going forward. Cyber security refers to the practice of protecting computer systems, networks, devices, and data from unauthorized access, cyber-attacks, theft, damage, or other malicious activities. Zero-trust architecture enhances cybersecurity resilience by adopting a proactive and comprehensive approach to identity verification, access control, and risk management, effectively mitigating cyber threats and protecting critical assets and data from unauthorized access and exploitation. For instance, in January 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security operations center, 38% increase in global cyber-attacks in 2022, compared to 2021. In 2022, 83% of the organizations experienced multiple data breaches and 60% of data breaches resulted in price increases that were passed on to customers. Therefore, increasing cyber security threats are driving the zero-trust architecture market.
Major companies operating in the zero-trust architecture market are focused on developing innovative products with advanced technological solutions such as the updated version of zerpo trust security to increase demand in the market. It helps companies create implementation plans and zero-trust strategies. It is predicated on the principles of zero trust and offers particular instances of initial, progressive, ideal, and conventional zero trust architectures. For instance, in April 2023, Cyber security and Infrastructure Security Agency, a US-based government agency, released an updated Zero Trust Maturity Model Version 2. The model seeks to offer the transparency required to aid in the creation, application, upholding, and modification of security policies. For companies aiming to shift to a zero-trust architecture, it is an invaluable tool that provides direction and illustrations to evaluate their progress and schedule the necessary expenditures to move closer to a zero-trust setting..
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, International Business Machines Corporation, Cisco Systems Inc, Broadcom Inc, VMware Inc, Palo Alto Networks Inc, Fortinet Inc, Akamai Technologies Inc, Citrix Systems Inc., Check Point Software Technologies Ltd, Trellix, Proofpoint Inc, CrowdStrike Holdings Inc, Netskope Inc, Okta Inc, Zscaler Inc, Cloudflare Inc, Cyxtera Technologies Inc, Forcepoint LLC, Ivanti, Nord Security, Musarubra US LLC (Skyhigh Security), Versa Networks Inc, Perimeter 81 Ltd, Appgate Inc, Axis Cyber Security Ltd, Twingate Inc, Zero Networks, GoodAccess, Cloud Software Group Inc
Zero Trust Architecture Market 2024 Key Insights:
• The zero trust architecture market is expected to grow to $41.62 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
• Increasing Cyber Security Threats Growth In Zero Trust Architecture
• Innovative Solutions Driving Growth in the Zero-Trust Architecture Market
• North America was the largest region in the zero trust architecture market in 2023
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