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Zero Trust Security Market size was valued at USD 31.64 billion in 2023 and is set to cross USD 238.23 billion by 2036, registering more than 16.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of zero trust security is evaluated at USD 35.89 billion.
The growth of the market can be attributed to the increasing number of target-based cyberattacks, growing digitization across developing nations and rising implementation of government regulations regarding information security. Spear phishing or targeted emails, is used for almost 94% of successful data breaches around the world. Approximately 27% of companies are calculated to experience a data breach in the following two years. In addition, there is an intensifying demand for enhanced visibility among organizations in order to keep up with the users accessing a network from multiple locations. With the increase in IoT traffic since the last few years, the demand for zero trust security services is also projected to increase in the future. Furthermore, owing to the widespread trend of work from home since the inception of COVID-19 pandemic, the need for zero trust security solutions has witnessed a major hike, which in turn is expected to drive significant market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.8% |
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Base Year Market Size (2023) |
USD 31.64 billion |
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Forecast Year Market Size (2036) |
USD 238.23 billion |
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Regional Scope |
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The market is segmented by solution type into data security, API security, security analytics, endpoint security, and security policy management, out of which, the data security segment is anticipated to hold the largest share in the zero trust security market on account of the growing requirement to safeguard huge amount of data generated on a daily basis across different business domains. Additionally, on the basis of deployment, the segment for cloud is evaluated to grow at the highest CAGR over the forecast period, which can be credited to its benefits such as high speed, improved IT security and scalability. Along with this, growing demand for cloud-based security services among small & medium sized enterprises (SMEs) is also assessed to drive growth to this market segment. About 95% of enterprises have deployed cloud service till now. Out of these, more than 65% of companies already have a central cloud team.
Our in-depth analysis of the global market includes the following segments:
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Solution Type |
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Deployment |
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Enterprise Size |
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On the basis of geographical analysis, the global zero trust security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific is poised to account for largest revenue share by 2036, on the back of increasing adoption of digital payments and internet banking services and growing penetration of internet in emerging economies. For instance, as of 2020, China has the highest internet penetration in the Asia Pacific. Approximately 940 million people in the nation are internet users, followed by India where the number is more than 620 million. Moreover, the market in North America is projected to grab the largest share during the forecast period, which can be ascribed to the rising research & development activities regarding zero trust security services, early adoption of technological advancements in the IT industry. Apart from these, increasing investments and strategic partnerships by the major industry players in the region is also expected to fuel the expansion of North America’s market in the upcoming years.
March 16, 2021: McAfee announced the addition of Appgate, Axis Security, and TransientX to its Security Innovation Alliance (SIA) program for zero-trust network access. The aim of this alliance is to provide the building blocks for a Secure Access Service Edge (SASE) architecture coupled with MVISION Unified Cloud Edge.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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