DUBLIN--(BUSINESS WIRE)--The "Zero-Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, Security Policy Management), Deployment Type, Authentication Type, Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The zero-trust security market is projected to grow from USD 15.6 billion in 2019 to USD 38.6 billion by 2024, at a CAGR of 19.9% from 2019 to 2024
A growing number of high-profile cyber-attack cases faced by the organizations is driving the overall growth of the Zero-Trust Security.
The market growth is driven by various factors, such as increasing cyber-threats, growing mandates from government & compliance regulations, and modernization in networking infrastructure through a variety of end-devices, have contributed the considerable share in the zero-trust security ecosystem.
By deployment, the cloud segment is estimated to hold a larger market size than the on-premise segment in 2019.
Unlike traditional on-premises deployment mode, cloud-based zero-trust security solutions provide a cost-effective approach for enterprises across various industry verticals to enhance security. Pricing is one of the major differentiating factors in the adoption of cloud-based security solution over on-premises security solutions.
Growing virtualization across industries and the adoption of cloud computing is promoting the demand for cloud-based zero-trust security solutions in various countries. Moreover, cloud-based deployment of zero-trust security solutions can help organizations to reduce costs associated with expensive hardware equipment for storage, power, cooling as well as lowers the IT personnel required to monitor the network further eliminating the IT maintenance costs. Cloud deployments are suitable for small and medium businesses that usually have a limited budget allocated for securing critical assets from cyberattacks.
By authentication type, multi-factor authentication is expected to register a higher growth rate than the single-factor authentication segment during the forecast period.
Multi-factor authentication (MFA) is becoming one of the most effective type of identity verification and authentication method that requires a person, software, or a machine to present multiple identifiers for identity verification. The various categories of multiple identifiers include something that they know such as a password or PIN, something that they have such as passport, tokens, access-card or software certificate, and something they are such as biometric data, fingerprints or facial geometry and recognition.
Most commonly used MFA identifiers are user passwords/PINs, cryptographic hardware security tokens, smartcards, software-based certificates, and biometrics that may include verification of any individual through retina scans, fingerprint scans, facial recognition and voice recognition.
The Asia Pacific zero-trust security market is expected to register the highest growth rate during the forecast period.
APAC comprises of few largest economies in the world such as China, Singapore, Japan, Australia. The increasing economic importance of these countries has prevailed a vast amount of data transmitted across networks that are prone to security breaches. The threat landscape is driven by necessary measures required to aid support to several industry verticals at an alarming rate.
Increased number of alerts and threats combined with a comparative shortage in staffs is resulting in 50% of threats going undetected. Zero-trust security solutions are expected to surge the efficiency of security solutions by preventing low-level incidents, considering each user as a hostile network. Owing to the high digital connectivity, contrasted with the low cybersecurity awareness, growing cross-border data transfers, and weak regulations, Asia Pacific is anticipated to boost the demand for zero-trust security solution over the forecast period.
- Growing Frequency of Target-Based Cyberattacks
- Increasing Regulations for Data Protection and Information Security
- Budgetary Constraints Among Small and Emerging Start-Ups in Developing Economies
- High Demand for Better Visibility Due to the Rising IoT Traffic Among Enterprises
- Increasing Need for Cloud-Based Zero-Trust Security Solutions Among SMEs
- Design and Implementation Challenges to Deploy Zero-Trust Security Solutions
- Check Point Software Technologies
- Cyxtera Technologies
- Palo Alto Networks
- Pulse Secure
- Sophos Group PLC
- Trend Micro
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