Zero Trust Security Market Size to See Stunning Growth: $126.02 Billion by 2031

Zero trust security is increasingly being used worldwide. For instance, according to a recent survey, over 105 billion applications were downloaded in 2018. There are a variety of application security risks that both users and app developers need to be aware of and handle. Due to rise in usage and demand for applications for distant learning, teleconferencing, online gaming, healthcare, e-commerce, and entertainment, the COVID-19 pandemic has also greatly accelerated the growth rate of the zero trust security market.

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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.

Ease of accessing the internet and the introduction of lowly prized smartphones has prompted organizations to effectively execute zero trust security solutions driving the global zero trust security market. Strict execution of zero trust security solutions during the COVID-19 pandemic made it possible for various firms to effectively handle security issues.

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On the basis of component, the solution segment dominated the zero trust security market in 2021, and is expected to maintain the dominance in the upcoming years. The zero trust security solutions include advanced persistent threat protection, cybersecurity risk management, compliance management, security operations, identity & access management, and other zero trust security solutions. However, the services is expected to witness the highest growth rate during the forecast period. The growth of this market is also fueled by the rise in zero trust security services adoption among small and medium-sized businesses (SMEs) and the rise in security threat.

On the basis of 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.

On the basis of 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 are contribute 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 a slew of key business strategies such as the expansion of 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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Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for zero trust security solution among countries such as China, Japan, India, Australia, South Korea, and rest of Asia-Pacific fuel growth of the market. Moreover, the major factor contributing toward the adoption of zero trust security solutions in Asia-Pacific is increase in usage of mobile data for various applications such as mobile banking and social media. In addition, surge in penetration of smartphones and internet in countries such as India and China has fueled the adoption of zero trust security in this region. Additionally, rise in need to support secure enterprise mobility practices within organizations is expected to boost the demand for zero trust security solutions. Furthermore, the ease of accessing internet for general population along with the launch of low-cost smartphones is encouraging organizations to implement effective zero trust security solutions.

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