CHICAGO, Oct. 21, 2019 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarketstm, the Zero-Trust Security Market size 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.
The major growth drivers for the market include the rising need for compliance for networks, user devices, and data from unauthorized access and to get a centralized view on threats.
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Based on the solution type, the data security segment is estimated to lead the market in 2019.
Data security solutions are responsible for securing the business database and information such as customer details, financial information, and employee database as well as other key business data of any organizations. A tremendous amount of data is generated every day across organizations in various industry verticals, and effective management and storage of business data become critical for the IT and data security professionals.
An organizations database comprises of sensitive data such as Personally Identifiable Information (PII), Personal Health Information (PHI), Intellectual Property (IP), as well as Payment Card and Financial Information. Databases often become a target for cybercriminals and victim of cyberattacks, causing data breaches and loss of business and personal information. Zero trust data security solutions fortify an organization's data security by confining the risks from user privileges and access, restricting the lateral movement of threats within a company's infrastructure.
Based on Vertical, Government & Defense sector is estimated to grow at the fastest rate during the forecasted period.
The government sector consists of the various federal government, central government, state government, local government, and various public sector entities. The government sector across various developed and emerging economies is embracing digital transformation by harnessing the power of mobility and cloud.
Various governments are already deploying cloud-based web and mobile applications to enhance the experience of its citizens. As a result, governments need to protect these applications, workloads, devices, and users from the rising number of advanced persistent threats.
Thus, government bodies are shifting towards zero trust security solutions to enhance government network security, data security, risk & security analytics, endpoint security, and application security. Furthermore, increasing complexities in the network and cyberattacks are fueling the adoption of zero-trust security solutions among the governments across the globe.
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North America is expected to hold the largest market share during the forecast period.
Most of the security vendors are based in North America, which makes the region to be among the early adopter of new and advanced security technologies. As a result, North America is expected to dominate the Zero-Trust Security Market during the forecast period.
Moreover, increase in the sophisticated cyber-attacks is anticipated to drive the implementation of zero-trust security in several verticals such as banking, finance, government, and healthcare sectors. With the widespread use of digital payments, cloud-based applications, IoT, security ecosystem has become more complex. Besides, various SMBs are welcoming disruptive work culture through services such as BYOD and work-from-home, exposing the enterprise data prone to a number of cyber-attacks.
The major vendors covered in the Zero-Trust Security Market include Cisco Systems Inc. (US), Akamai Technologies, Inc. (US), Palo Alto Networks, Inc. (US), Symantec Corporation (US), Okta, Inc. (US), Forcepoint, LLC (US), Centrify Corporation (US), Cyxtera Technologies (US), Illumio (US), Sophos Group Plc (UK), Google LLC (US), Microsoft, Inc. (US), VMware Inc. (US), Trend Micro Incorporated (Japan), Cloudflare (US), IBM Corporation (US), Fortinet (US), Check Point Software Technologies Ltd. (US), Pulse Secure, LLC (US), and ON2IT (Netherlands).
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