The global Zero Trust Security Market size is
expected to reach USD 59.43 billion by 2028, registering a CAGR of 15.2% from
2021 to 2028, according to a new study conducted by Grand View Research, Inc.
The market is driven by the need to protect enterprise digital environments by
averting lateral movement, leveraging network segmentation, simplifying
granular user-access control, and implementing layer 7 threat prevention. The
robust solutions for implementing a zero-trust security environment ensure the
protection of computers, programs, and networks from unauthorized access.
Moreover, preventing unwarranted access to critical data, as the adoption of
technologies, such as cloud computing, Wi-Fi, and Internet of
Things (IoT), coupled with outsourcing service, is increasing, is driving
the growth of the market. The COVID-19 pandemic has further acted as a catalyst
for market growth with enterprises investing in securing their networks,
endpoints, and IT infrastructure with a zero-trust security framework.
The threat to digitally stored information from
unauthorized access is also driven by changing technological landscape. While
technology revolutionizes a business process, it also creates vulnerabilities
in online protected data. In addition, while internet connectivity improves the
operational task of the business by speeding up the process and improving
accessibility, the risk of cyber attacks also increases rapidly. Moreover, the
rapid expansion of operational data exposed to cyber adversaries through
mobile, other edge devices, and IOT and the dependence of companies on
third-party vendors and service providers are some of the prevailing supply
chain trends increasing the risk of cyberattacks to access information.
Therefore, the implementation of a security solution ensures a zero-trust
security environment in the organization to mitigate the risks arising from
various business activities and internet connectivity.
The application of the zero trust model is parallel to
the concept of cybersecurity as it focuses on preventing intrusion by securing
the digital network. Several countries across the world introduced laws to
prevent cybercrime and data theft, which is vital for safeguarding the BFSI,
IT, telecom, defense, and healthcare, other major sectors. The increasing
internal and external threat of unauthorized data accessibility and cybercrime
due to the political and personal interest of hackers or intruders for earning
easy money further pressurizes governments to update their policies regularly.
For instance, China updated its cyber policy on December 1, 2019, which
instructs both Chinese and foreign public as well as private companies and
organizations to secure their networks. The cyber law in the U.S. varies based
on the business sector and includes Health Insurance Portability and
Accountability Act, 2002 (HIPAA); Homeland Security Act that also includes
Federal Information Security Management Act (FISMA), and 1996
Gramm-Leach-Billey Act. Such cyber laws further necessitate the need to secure
networking structure and boost the demand for authentication and cyber-solution
that ensures a zero-trust security environment.
Related Press Release@ Zero Trust Security Market Report
Zero Trust Security Market Report
Highlights
- The Small and Medium Enterprises (SMEs) segment is anticipated to
witness the fastest CAGR over the forecast period owing to increasing
awareness and threat of unauthorized access during cyber attacks
- The multi-factor authentication segment led the global market in
2020 and will expand further at the fastest CAGR from 2021 to 2028
- The growth can be attributed to the need to overcome the challenges
of revenue loss and data loss risks in the era of confidential and
vulnerable data, as multi-factor authentication presents multiple layers
of identity verification to grant access to an authorized individual
- North America led the global market in 2020 and will remain
dominant even during the forecast years
- The growth is credited to the high-security investment from the
large enterprises across the regional industries, such as BFSI, that are
at constant risk of cyber attacks as well as internal fraudsters
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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