Yahoo Finance 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 2027. Some of the factors that are driving the market growth includes increase in the frequency of target-based cyber-attacks. However, design and implementation challenges to deploying zero trust security solutions is expected to hinder the market growth.
New York, June 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Zero Trust Security Market by Solution Type, Deployment Mode, Authentication Type, Organization Size, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05824468/?utm_source=GNW
By deployment mode, cloud-based zero trust security solutions to account for a higher market share during the forecast period
cloud-based zero trust security solutions provide a cost-effective approach for enterprises across verticals to enhance security. Pricing is a major differentiating factor encouraging the adoption of cloud-based security solutions over on-premises security solutions. The growing virtualization across industries and increasing adoption of cloud computing solutions are the major factors leading to the rise in demand for cloud-based zero trust security solutions in various countries. Moreover, the cloud-based deployment of zero trust security solutions can help organizations reduce the costs associated with expensive hardware equipment required for storage, power, and cooling. Apart from operational benefits, cloud-based security solutions offer technical expertise, eliminating the cost incurred for IT maintenance by any organization. Cloud deployments are suitable for SMEs that usually have a limited budget for securing critical assets from cyberattacks. Furthermore, deploying security solutions in the cloud can help businesses focus on their core operational functionalities rather than increasingly investing in capital infrastructure for IT security. Cloud-based zero trust security solutions help secure access control management (ACM) in a physical and virtualized cloud data center environment. Enterprises that have completely migrated their IT capabilities to the cloud are increasingly deploying cloud-based zero-trust security solutions, driving market growth.
• By vertical, healthcare and social assistance to grow at the highest CAGR during the forecast period
The healthcare vertical is becoming a prime target for cybercriminals.Healthcare enterprises have a large repository of patient information, such as names, phone numbers, social security numbers, insurance details, biometric data, email addresses, and medical records.
Furthermore, healthcare firms also store the payment data of customers, which also becomes a target for hackers to exploit.According to the Protected Health Information Data Breach Report (PHIDBR) conducted by Verizon in 2018, the prime focus of data breaches in the healthcare vertical was healthcare medical records comprising patient identities and medical history.
PHIDBR also revealed that 70% of the incidents were ransomware attacks with malicious code, and 58% of the security incidents involved insiders leaving sensitive data open for misuse.Moreover, these types of security breaches and unauthorized access to the personal information of patients result in various fraudulent attacks.
Healthcare firms are shifting toward digitally driven processes and rapidly adopting zero trust security solutions for the digital security of internal and external endpoints.
Breakdown of primary participants:
• By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
• By Designation: C-Level Executives = 60%, Directors = 25%, and Others = 15%
• By Region: North America = 35%, Europe = 25%, APAC = 15%, and RoW = 25%
Major vendors in the global Zero trust security market market include Cisco (US), Akamai (US), Palo Alto Networks (US), OKTA (US), IBM (US), ZScaler (US), Citrix (US), Trend Micro (Japan), Check Pont (US; Israel), Broadcom (US), Trellix (US), RSA (US), Forcepoint (US), Centrify (US), Illumio (US), Sophos (UK), Qnext Corporation (Canada), VMware (US), Microsoft (US), Cloudflare (US), Google (US), Fortinet (US), Cyxtera Technologies (US), SonicWall (US), Varonis (US), Pulse Secure (US), ON2IT (Netherland).
The study includes an in-depth competitive analysis of the key players in the Zero trust security market market, with their company profiles, recent developments, and key market strategies.
Research coverage
The report segment the Zero trust security market market and forecast its size, by solution type (data security, endpoint security, API security, security analytics, and security policy management), deployment mode (on-premise, cloud), authentication type (single-factor authentication, multi-factor authentication), organization size (SME, large enterprises), vertical (IT & IteS, finance & insurance, healthcare & social assistance, retail trade, utilities, other vertical) and by region (North America, Europe, Asia Pacific, MEA, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Zero trust security market market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05824468/?utm_source=GNW
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