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(IT-NEWSWIRE.COM, October 10, 2023 ) Zero Trust Security Market size is projected to grow from USD 31.1 billion in 2023 to USD 67.9 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.9% during the forecast period. The expansion of the zero trust security market is propelled by the relentless evolution of cyber threats, necessitating advanced security measures.
The surge in digital transformation and cloud adoption has also created a complex IT landscape, demanding robust security solutions. Moreover, rising regulatory compliance demands are compelling businesses to embrace zero trust security, enhancing overall cybersecurity resilience. Furthermore, the diminishing effectiveness of traditional perimeter security in the face of modern challenges is paving the way for the widespread adoption of zero trust security, further contributing to market growth.
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Zero Trust Security Market Dynamics:
By Security Type:
Network Security
Application Security
Cloud Security
Endpoint Security and IoT Security
Based on the Security type, the Application security is to grow at the highest CAGR during the forecasted period.
The exponential growth of application security in the zero trust security market can be attributed to its pivotal role as an organization's most critical asset. Applications house sensitive data, including customer information, intellectual property, and financial data, granting access to vital systems. Zero trust security's foundational principle of never inherently trusting any user or device aligns perfectly with application security. This approach fortifies applications against external threats like SQL injection, cross-site scripting, and insider risks from disgruntled employees. Additionally, it safeguards against supply chain attacks that target third-party vendors. With increasingly complex and distributed applications, zero trust security becomes indispensable in safeguarding them, especially as they migrate to the cloud, accessible globally.
By offering, Solution accounts for the highest market size during the forecast period.
The solution segment has the largest market share in the zero trust security market due to its all-encompassing approach, which includes crucial elements such as identity and access management (IAM), multi-factor authentication (MFA), micro-segmentation, and security analytics. This extensive coverage caters to the diverse security requirements of various industries and organizations. Additionally, its remarkable adaptability allows for seamless deployment in on-premises, cloud, and hybrid environments, effortlessly scaling to meet any organization's needs. Furthermore, its proven effectiveness against a wide range of cyber threats is indisputable. By prioritizing user and device verification regardless of location, zero trust security creates formidable barriers that thwart malicious actors, solidifying its substantial market share.
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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.
The Asia Pacific (APAC) region is growing at the highest rate in the zero trust security market due to several key factors like rapid digital transformation within the region, characterized by the widespread adoption of technologies like cloud computing, big data, and artificial intelligence, has opened new avenues for businesses but also intensified the threat of cyberattacks. With its substantial and expanding internet user base and swiftly developing economies, APAC is an attractive target for cybercriminals, resulting in a surge in cyberattacks. Moreover, government regulations mandating enhanced cybersecurity measures and a growing awareness of the benefits of zero trust security further drive the market's growth in this dynamic region.
Palo Alto Networks (US), VMware (US), Zscaler (US), Akamai (US), Microsoft (US), Cisco (US), IBM (US), Citrix (US), Check Point (US), Trellix (US), Forcepoint (US), CrowdStrike (US), Cloudflare (US), Fortinet (US), Google (US), Qnext (Canada), Illumio (US), ON2IT (Netherlands), Perimeter 81 (US), ThreatLocker (US), Twingate (US), Appgate (US), Zero Networks (Israel), Zentera (US), Xage (US), and Skyhigh Security (US). are the key players and other players in the zero-trust security market.
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