WESTFORD, Mass., July 8, 2024 /PRNewswire/ -- According to SkyQuest, the global Zero Trust Security Market size was valued at USD 25.5 billion in 2022 and is poised to grow from USD 31.6 billion in 2023 to USD 99.7 billion by 2031, growing at a CAGR of 15.5% during the forecast period (2024-2031).
Zero trust facilities provide secure access to cloud-based apps and data. Organizations need to develop robust data protection mechanisms to comply with stringent data privacy regulations such as the GDPR and CCPA. Companies using the mistrust policy are playing an increasing role in industries as a primary security system. The traditional range-based model is being abandoned. Large tech companies are buying security services without guarantees to improve security services.
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Zero Trust Security Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | USD 31.6 billion |
Estimated Value by 2031 | USD 99.7 billion |
Growth Rate | Poised to grow at a CAGR of 15.5% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Offering, Deployment, Authentication Type and End-User |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing Adoption of Cloud Technology |
Key Market Drivers | Increasing Number of Cyber Threats and Data Breaches |
Segments covered in Zero Trust Security Market are as follows:
- Offering
- Software, Service
- Deployment
- Cloud, On-premise, Multi-Cloud/Hybrid
- Authentication Type
- Multi-Factor Authentication, and Single-Factor Authentication
- End-User
- IT and Telecom, BFSI, Manufacturing, Healthcare, Energy and Power, Retail, Government, Other Industries
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BFSI Sector: Verifying Endpoints with Confidence
The BFSI sector is optimal for implementing zero trust security solutions, as being the segment most susceptible to such threats and subjected to strict legal restraints. BFSIs have identified key factors to explain why who must invest in cybersecurity, such as the increasing number of ransomware attacks, regulations and forced labor. In short, remote employees and third parties also have additional information as it is difficult to express themselves. The introduction of zero trust security market is accelerating in this sector due to widespread adoption.
Healthcare organizations are now rapidly adopting trustless security, as the need for improved access control and protection of patient data is essential. Lack of trust through a minimum privilege policy make it possible for doctors to access all patient records simultaneously. This access is the important one as it is often the target of cybersecurity threats so issues with patient data being breached security and industry compliance makes healthcare one of the fastest growing markets for trust-free security solutions.
Empowering Multifactor Authentication Segment: Zero Trust Security for Every Role
A key segment in the zero trust security market is multifactor authentication. Companies such as Microsoft, Google and the industry identified the most reliable way to deal with security attacks as Multi-Factor Authentication (MFA) with a ranking of 99. It also found that 9% of automated bot threats have been blocked for therefore it established its trust to enhance security. This great success rate of zero trust security encourages the use of MFA as an important prospective means of constantly obtaining and verifying its authorization. MFA is gaining popularity among organizations for mitigating new and improved threats as its adoption helps expand the zero security market among organizations to protect their valuable assets.
The single-factor approach uses only one credential for authentication, such as a password or OTP as opposed to a username. In this authentication mode, it is important to use a combination of letters, cases, numeric values and symbols to ensure that a strong password is created because this creates difficulties and time for hackers to use permutations and combinations.
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Fortifying the Future: The Impact and Promise of the Zero Trust Security Market
The future of the uncertainty-free security market is promising, driven by continued technological advancement and increased awareness of cyber threats. Emerging technologies such as artificial intelligence, machine learning and behavioral analytics enhance the power of trustless solutions, making them more flexible and intelligent.
As cyber threats evolve, reliance on imperfect modeling will play an important role in future proofing and cybersecurity measures, all firmly designed to ensure that organizations are protected. The zero trust security market is poised to redefine the cybersecurity landscape.
Related Report:
Cyber Security Market
Network Security Market
Endpoint Security Market
Managed Security Services Market
Application Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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