Zero Trust Security Market to Grow at a CAGR of 18.5% and will Reach $126.02 billion by 2031

According to the report published by Allied Market Research, the global zero trust security market accrued earnings worth $23.61 billion in 2021, and is predicted to hit $126.02 billion by 2031, registering a CAGR of 18.5% from 2022 to 2031. The market research study provides a detailed analysis of fluctuating market trends, top-most segments, value chain analysis, major investment business scenarios, regional space, and competitive landscape.

The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to improve their market position. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.

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The report offers detailed segmentation of the global zero trust security market based on component, deployment model, enterprise size, authentication, industry vertical, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the upcoming years.

Based on the component, the solution segment contributed the largest market share in 2021, accounting for nearly two-thirds of the overall share of the global zero trust security market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. However, the services segment is expected to register the highest CAGR of 19.8% during the forecast timeline.

Based on the deployment model, the on-premise segment held the largest share in 2021, contributing more than half of the overall share of the global zero trust security market. Moreover, this segment is expected to contribute the highest market share by 2031. However, the cloud segment is also expected to record the fastest growth with a CAGR of 19.2% during the forecast period.

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Based on the enterprise size, the larger enterprises segment held the largest share in 2021, contributing more than three-fifths of the overall share of the global zero trust security market. Moreover, this segment is set to maintain its domination during the forecast timeframe. However, the SMEs segment is projected to register the highest CAGR of nearly 19.6% from 2022 to 2031.

Based on authentication, the single-factor authentication segment dominated the zero trust security market in 2021. Single-Factor Authentication (SFA) is a method of logging users into resources by having them present only one way of verifying their identity. However, the multi-factor authentication segment is expected to witness the highest growth rate during the Zero Trust Security Market Forecast period, as the user is required to provide two or more verification factors to access any online account, an application, or a VPN.

Based on industry vertical, the BFSI segment dominated the zero trust security market in 2021, and is expected to maintain its dominance in the upcoming years. Moreover, financial institutions must also provide tight security and digital privacy, as banks and other financial institutions are utilizing mobile, cloud, and social technologies to assure optimal financial management. The BFSI sector's market for zero trust security solutions is consequently being driven by this. For instance, one of the driving forces behind the BFSI industry is the need to increase compliance and regulation of government authorities over financial security. In addition, the COVID-19 shutdown situation's use of online banking services enhances the use of zero trust security solutions in the BFSI sector, thus, supporting the expansion of the market.

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North America is the leading region, in terms of technological advancements and adoption. It possesses well-equipped Zero Trust Network infrastructure and the ability to afford zero trust security solutions. Furthermore, owing to rise in competition between cloud-based service providers in North America, key players are providing more security for data by ensuring quick access and greater outreach of their services to the clients, which drives the growth of the zero trust security market in this region. In addition, the major factors that contributes toward the growth of zero trust security in North America are increase in usage of mobile & web. In addition, increase in dependency on internet and social media platforms is another major factor fueling the Zero Trust Security Industry growth in this region.

Leading players of the global zero trust security industry analyzed in the research include Cisco Systems Inc., Akamai Technologies Inc., IBM, ZScaler, Symantec Corp., VMware, Inc., FireEye, Inc., SonicWall, Microsoft Corporation, Cloudflare, Google, Cyxtera Technologies, SonicWall, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Inc., FireEye, Inc., and McAfee Corp.

The report evaluates these major participants in the global zero-trust security industry. These participants have executed key business strategies such as expanding regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth. The market research report aids the performance monitoring of each segment, positioning of each product in respective segments, and impact of new technology land product launches on the overall market size.

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