Zero Trust Security Market is set to grow by USD 2.87 billion from 2021 to 2026 | The growing frequency of target-based cyber-attacks to drive the market growth – Technavio

NEW YORK, Dec. 5, 2023 /PRNewswire/ — According to Technavio, the zero trust security market size is estimated to grow by USD 2.87 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 16.15% during the forecast. The growing frequency of target-based cyber-attacks is one of the major drivers supporting the zero trust security market growth. Existing and new infrastructure, including on-premise devices, data centres, cloud-based platforms, and other IT infrastructure, are often exposed to target-based cyber-attacks. For many organizations, digital ways of doing business became the new business continuity plan (BCP). However, employees made use of digital technologies such as cloud solutions to work remotely. This augmented traffic attacks and other security menaces, and the need for cloud and enterprise security expanded. In view of this, new vendors are penetrating into the market. Furthermore, vendors in the global zero-trust security market offer cloud and on-premise zero-trust security solutions designed to keep infrastructure, websites, applications, application programming interfaces (APIs), and users safe from a multitude of target-based cyberattacks and online threats while improving performance. Download a Sample Report now!

Information Services Market Insights –

Vendors: 15+, Including Akamai Technologies Inc., Alphabet Inc., Broadcom Inc., Centrify Corp., Check Point Software Technologies Ltd., Cisco Systems Inc., Citrix Systems Inc., Cloudflare Inc, Cyxtera Technologies Inc., Dell Inc., Forcepoint LLC, Fortinet Inc., Illumioa Inc., International Business Machines Corp., Microsoft Corp, Musarubra US LLC, Okta Inc., Palo Alto Networks Inc., Sophos Ltd., and VMware Inc., among othersCoverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendorsSegments: Deployment (On-premises and Cloud) and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

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Zero trust security market – Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors including Akamai Technologies Inc., Alphabet Inc., Broadcom Inc., Centrify Corp., Check Point Software Technologies Ltd., Cisco Systems Inc., Citrix Systems Inc., Cloudflare Inc, Cyxtera Technologies Inc., Dell Inc., Forcepoint LLC, Fortinet Inc., Illumioa Inc., International Business Machines Corp., Microsoft Corp, Musarubra US LLC, Okta Inc., Palo Alto Networks Inc., Sophos Ltd., and VMware Inc.

Zero Trust Security Market – Market Dynamics 

Significant Trends – 

The increasing need for network security is an emerging trend shaping the zero trust security market growth. Enterprises from various industries, such as BFSI, healthcare, retail, telecommunications, and manufacturing, are deploying technologies, such as IoT and big data analytics, to improve productivity and lower operational complexity.  The deployment of new advanced technologies, such as the cloud and IoT, is increasing the threat of cyberattacks. Many IoT devices are vulnerable to cyber-attacks and, thus, could function as a means for an attacker to hack into an enterprise’s IT infrastructure. Frequently these devices are mass-produced and identical, which enables the attacker to learn how to infiltrate them. However, a hacker could hack into an IoT device with default or ineffective passwords from a list of common default passwords. IoT devices that are not regularly updated could be compromised by a hacker exploiting a known flaw in the software. There is a rising demand for enhanced visibility in terms of users accessing the enterprise network from different locations, accessed applications, and the exact time of access. Therefore, the demand for IoT security solutions will fuel the growth of the market during the forecast period.

KEY challenges – 

Budgetary constraints among small and emerging startups in developing countries are one of the factors hindering the zero trust security market growth. Especially in developing countries, small firms, and emerging startups have budgetary constraints to deploy cybersecurity solutions due to the lack of capital. Enterprises have an advanced cybersecurity requirement to protect their network and IT infrastructure from different cyber-security threats. Moreover, the budget planned by these enterprises to manage these prerequisites is not adequate. In the current scenario, small and medium-sized companies and startups in developing countries such as India, China, and others are using digital technologies such as cloud solutions to work remotely. There is a strong need for emerging startups to adopt zero-trust security and take cybersecurity measures to guarantee the safety of their databases from cyber-attacks. Due to budgetary constraints, many of these small-scale startups are incapable to take these preventive measures, which may become a challenge to the market growth in the forecasted period.

Drivers, & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The zero trust security market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this Zero Trust Security Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of zero trust security market between 2022 and 2026Precise estimation of the size of the zero trust security market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Zero Trust Security Market industry across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of zero trust security market vendors

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The cloud access security brokers market share is expected to increase by USD 8.2 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 15.46%. 

TOC

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by DeploymentCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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SOURCE Technavio