In the post-COVID-19 scenario, the global Zero Trust Security Market size is projected to grow from USD 19.6 billion in 2020 to USD 51.6 billion by 2026, recording a compound annual growth rate (CAGR) of 17.4% from 2020 to 2026. The major factors driving the market include the growing frequency of target-based cyberattacks and increasing regulations for data protection and information security.
Based on solution type, the data security segment is estimated to lead the market in 2020.
Data security solutions are responsible for securing business database and information such as customer details, financial information, and employee database as well as other key business data of any organizations. Huge amount of data is generated everyday across organizations in various industry verticals and effective management and storage of business data becomes 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.
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Based on Vertical, IT & ITES is estimated to lead the market in 2020.
The IT and ITES vertical is growing at an unprecedented rate in North America, Europe, and APAC. However, it is one of the major targets for cyberattacks as IT and ITES companies are dealing with storage and transfer of large volumes of critical business data and the employee data, such as names, addresses, and financial transactions. The rise in penetration of cloud computing, IoT devices, BYOD, and mobile and web applications has widened the surface of cyberattacks in the IT and ITES vertical. Moreover, companies controlling and operating critical infrastructure used to communicate and store sensitive data prone to complex attacks, such as DDoS attacks and ransomware attacks. These attacks would pose a high risk for privacy of confidential data.
The vendors covered in the market report include Cisco Systems Inc. (US), Akamai Technologies (US), Palo Alto Networks (US), Okta Inc. (US), Check Point Software Technologies (US), Trend Micro Inc. (Japan), IBM Corporation (US), Symantec Corporation (US), FireEye Inc. (US), McAfee Corporation (US), Forcepoint (US), RSA Security (US), Centrify (US), Cyxtera Technologies (US), , Illumio (US), Sophos Group PLC (US), QNext Corporation (US), Google LLC (US), Microsoft Corporation (US), VMWare Inc. (US), Fortinet (US), Cloudflare Inc. (US), SonicWall (US), Varonis Systems (US), Pulse Secure (US) and ON2IT (Netherland). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the zero trust security market. Partnerships, agreements & collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
Palo Alto Networks (US) has been acknowledged as one of the leading vendors of zero trust security solutions. The company’s broad range of solutions provides security across network, endpoint, and cloud. Its next-generation security platform consists of 3 major elements, namely, Next-Generation Firewall (NGFW), Advanced Endpoint Protection, and Threat Intelligence Cloud. Palo Alto supports the zero trust movement and understands the importance of it for organizations. The company offers support and maintenance and professional services, which include planning, designing, and deploying effective security solutions. Palo Alto delivers its solutions to SMEs and large enterprises across verticals, such as government, BFSI, healthcare, retail, electric utilities, oil and gas, and education.
The company is mostly focused on inorganic growth strategies, such as new partnerships and acquisition, to strengthen its innovative product portfolio. For instance, in June 2019, it partnered with PureSec to improve Prisma offering. PureSec is one of the players in serverless architecture security and supports all the serverless vendors, including AWS Lambda, Google Cloud Functions, Azure Functions, and IBM BlueMix. In March 2019, Palo Alto Networks announced the acquisition of Demisto. Demisto is a leading vendor in security orchestration, automation, and response. This acquisition would help Palo Alto’s Cortex, an AI-based security platform, to avoid threats.
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Okta (US) is one of the key providers of zero trust security solutions. Its zero trust security is based on the “never trust, always verify” methodology. This methodology enables the right people to have the exact level of access to the appropriate resources in the right context, and that access is continuously monitored and assessed. The company partners with leading cyber vendors, such as McAfee, Carbon Black, IBM, and Splunk, who provides integration across all components of the extended zero trust ecosystem. Recently, Okta released a new solution that is powered with Machine Learning (ML) capabilities and would help users improve multi-factor authentication and sign sign-on products. It is a risk-based authentication solution that would offer enhanced security, ease of use, and automated detection and response to identity-based attacks.
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