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.
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: ďZero trust is a cybersecurity paradigm focused on resource protection and the premise that trust is never granted implicitly but must be continually evaluated.Ē Zero trust security is, therefore, not only a product or an approach--itís a web of connected policies, practices, software, and hardware that create an entire zero-trust ecosystem.
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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. Ciscoís zero trust security ensures complete security across an organizationís 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. Akamaiís 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. Akamaiís zero-trust security provides protection against zero-day malware. It offers its products to both large enterprises and startups.
According to MnMís 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.
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
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