Worldwide Zero Trust Security Industry to 2025 - Increasing Number of Data Breaches are Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Zero Trust Security Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The zero trust security market is expected to register a CAGR of 18% during the forecast period (2020 - 2025).

Companies Mentioned

• Cisco Systems Inc.
• Palo Alto Networks Inc.
• Vmware Inc.
• Broadcom Inc. (Symantec Corporation)
• Microsoft Corporation
• IBM Corporation
• Google Inc.
• Check Point Software Technologies Ltd
• Blackberry Limited
• Akamai Technologies Inc.
• Centrify Corporation
• Okta Inc.
• Fortinet Inc.
• Sophos Group PLC
• Cyxtera Technologies Inc.

Key Market Trends

BFSI is Expected to Hold Significant Share

The BFSI industry is frequently faced with sophisticated and persistent attacks, including malware, ransomware, social engineering and phishing attacks, fileless malware, rootkits, and injection attacks. Accenture estimates an average loss of USD 18 million per year at financial services institutions. Both zero-day attacks and ransomware are on the rise. Ransomware especially can negatively affect financial workflows, inflicting costly downtime, and further damaging business reputations. However, financial institutions are moving from zero trust security solutions to strengthen their security posture.

In July 2019, a former Amazon employee was arrested and accused of carrying out a massive theft of 106 million Capital One records, one of the top ten banks of the United States. This included 140,000 Social Security numbers, one million Canadian Social Insurance numbers, and 80,000 bank account numbers, in addition to an undisclosed amount of information, such as people's names, addresses, credit scores, credit limits, and balances. It is forecasted that as the threats attacking financial services institutions become more complex and iterative, zero trust security solutions must evolve to meet these threats and also take advantage of the increased data and insights at hand.

North America is Expected to Hold Major Share

North America is a primary hub for all the major organizations across the world. The expansion of the various end-user industries and the increasing security perimeter are driving the demand for zero-trust security in the region. The risks of attacks that can impact the market vary from individuals and corporates to the governments. Thus, securing the data has become a priority in the region. Moreover, cyberattacks in the North American region, especially in the United States, are rising rapidly. They have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region.

Now more than ever, the US government has focused on proactive cybersecurity measures. The country's proposed budget for the fiscal year 2020, the federal cybersecurity budget would increase to USD 17.4 billion, up from USD 16.6 billion in 2019. Within cybersecurity spending, one of the areas the federal government is eyeing is the concept of zero trust security due in part to recent reports from the Defense Innovation Board and the American Council for Technology-Industry Advisory Council. Federal IT environments are complicated, and as the government takes a closer look, they will see in many cases they're already notionally on a path to zero trust security.

Moreover, according to a survey by FedScoop, nearly half of US federal government agencies, including the Agriculture Department and the Marine Corps, are adopting zero trust security. While the adoption is increasing, consistent implementation and monitoring are critical for zero trust security to succeed, which will lead to an increase in the approval of the solutions. Many municipalities in the United States have recorded ransomware attacks, which have cost these companies a substantial recovery. For instance, Baltimore spent over USD 18.2 million in regaining its access to its connected systems. Also, 23 towns in Texas and two towns in Florida faced system lockdown due to ransomware, which provides a need to use zero trust security solutions.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview (Includes the impact of COVID-19)

4.2 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Number of Data Breaches

5.1.2 Security Perimeter of an Organization not Being Limited to Workplace

5.2 Market Restraints

5.2.1 Legacy applications, infrastructure, and operating systems not likely to adopt zero trust model

6 TECHNOLOGY SNAPSHOT

6.1 Zero Trust Networks

6.2 Zero Trust Devices

6.3 Zero Trust Data

6.4 Zero Trust Identities

6.5 Zero Trust Applications (Visibility and Analytics)

7 MARKET SEGMENTATION

7.1 Type of Deployment

7.1.1 On-premise

7.1.2 Cloud

7.2 Enterprise Size

7.2.1 Small and medium Enterprises

7.2.2 Large Enterprises

7.3 End-user Industry

7.3.1 IT and Telecom

7.3.2 BFSI

7.3.3 Manufacturing

7.3.4 Healthcare

7.3.5 Energy and Power

7.3.6 Retail

7.3.7 Other End-user Industries

7.4 Geography

7.4.1 North America

7.4.2 Europe

7.4.3 Asia-Pacific

7.4.4 Rest of the World

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/vahcdl