Zero Trust Security Market Growing at a CAGR 17.3% | Key Player Cisco, Akamai, Palo Alto Networks, OKTA, IBM

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Zero Trust Security Market Growing at a CAGR 17.3% | Key Player Cisco, Akamai, Palo Alto Networks, OKTA, IBM

June 28
19:36 2022
Zero Trust Security Market Growing at a CAGR 17.3% | Key Player Cisco, Akamai, Palo Alto Networks, OKTA, IBM
Cisco (US), Akamai (US), Palo Alto Networks (US), OKTA (US), IBM (US), ZScaler (US), Citrix (US), Trend Micro (Japan), Check Pont (US; Israel), Broadcom (US), Trellix (US), RSA (US), Forcepoint (US), Centrify (US), Illumio (US), Sophos (UK), Qnext Corporation (Canada), VMware (US), Microsoft (US), Cloudflare (US), Google (US), Fortinet (US).
Zero Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, and Security Policy Management), Deployment Mode, Authentication Type, Organization Size, Vertical and Region – Global Forecast to 2027

MarketsandMarkets forecasts the global Zero trust security market size is expected to grow from an estimated value of USD 27.4  billion in 2022 to USD 60.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2022 to 2027Surge in security regulations, government policies in large companies, and the increased number of data breaches across the globe, particularly in North America and Europe are some of the factors that are driving the market growth.

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By authentication type, multi-factor authentication segment to grow at higher CAGR during the forecast period

Multi-factor authentication (MFA) is becoming the most effective identity verification and authentication method that requires persons and software or machines to present multiple identifiers for identity verification. MFA is a critical part of the zero trust model because even if an attacker is able to compromise a particular component, the challenge of breaching an MFA would still prevent them from gaining access. Persistence and lateral movement attacks can also be mitigated through MFA as successful verification is generally not valid for longer than a single session. Organizations that deal with sensitive payments, as well as user and financial data and information, are bound to adopt MFA solutions according to the PCI DSS guidelines for the payments industry. Furthermore, the rise in demand for enhanced identification and authentication to access sensitive information is a key factor that is projected to encourage the adoption of MFA across industries, such as BFSI, government and defense, IT and telecom, healthcare, retail and e-commerce, energy and power, and manufacturing. Key market players operating in the zero trust security market focus on offering advanced MFA, with the help of vein recognition, thermal image recognition, and hand geometry, further encouraging market growth across countries.

By organization size, SMEs to grow at a higher CAGR during the forecast period

The SMEs in various industries are witnessing digital transformations and leveraging cloud computing to reduce complexities, increase mobility, eliminate on-premises infrastructure, and lower operating costs. According to the Data Breach Investigations Report published by Verizon in 2019, 43% of the cyberattacks are targeted at SMEs, mainly hacking and malware attacks. As SMEs are increasingly adopting digitalization, they are being exposed to new security risks. This leads the IT teams in SMEs to invest in incorporating improved digital security measures through the adoption of zero trust security solutions. The SMEs operating in verticals, such as retail and e-commerce, manufacturing, healthcare, IT and telecom, food and beverage processing, travel and tourism, and education, are implementing zero trust security solutions, driving market growth.

What is Zero Trust?

The US National Institute of Standards and Technology (NIST), in its current draft of standards for zero trust architecture, defines zero trust in the following manner: “Zero trust is a cybersecurity paradigm focused on resource protection and the premise that trust is never granted implicitly but must be continually evaluated.” Zero trust security is, therefore, not only a product or an approach–it’s a web of connected policies, practices, software, and hardware that create an entire zero-trust ecosystem.

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Competitive Overview:

The zero trust security market is led by some of the globally established players such as Cisco, Akamai, Palo Alto Network, Okta, IBM, Trend Micro, Symantec, Forcepoint, Centrify, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.

Cisco holds a prominent position in the zero trust security market space. CISCO is a global provider of networking equipment. The company has designed, manufactured, verified, and sold integrated products and services since 1984. It also offers Internet Protocol (IP)-based networking, security, cybersecurity products, and services. Cisco’s zero trust security ensures complete security across an organization’s networks, applications, and environment. This approach helps secure access from users, end-user devices, APIs, IoT, microservices, and containers, among others. It protects the workforce, workloads, and workplace. The strong presence across the globe is one of the key factors leading to a good market share in the zero trust security market.

Apart from large and SME players, start-ups such as Cyxtera Technologies, Sonicwall, Varonis, Pulse Secure, ON2IT, among others are also evolving in the zero trust security market space.

Another important player in the zero trust security market space is Akamai which offers various solutions, including security solutions, web performance, media delivery solutions, and network operator solutions. It provides web performance solutions to increase business processes online. The company is a global player in the zero-trust security market. Akamai’s zero trust protection and mitigation portfolios include Enterprise Application Access, Enterprise Threat Protector, Kona Site Defender, Bot Manager, Web Application Protector, Ion, and Dynamic Site Accelerator. The Kona Site Defender offers features such as site shield, adaptive caching, site failover, access control, net storage, log delivery service, SIEM integration, and ISO 27002 compliance management module. Akamai’s zero-trust security provides protection against zero-day malware. It offers its products to both large enterprises and startups.

According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide zero trust security solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.

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