The global zero trust security market is projected to surpass $66,741.3 million, increasing from $18,500.0 million in 2019, at a CAGR of 17.6% from 2020 to 2027 timeframe, according to Research Dive.
COVID-19 impact on the zero trust security market
The global zero trust security market is expected to witness a positive growth in the estimated timeframe. This growth is attributed to the vast usage of digital technologies such as cloud services, due to work from home trend, internet connectivity, and utilization of BYOD device amid pandemic.
Furthermore, VPN security measures and the increase in the demand for cybersecurity is also estimated to surge the growth of the market during the forecasted period.
Factors affecting the zero trust security market growth
The global zero trust security market is estimated to augment due to the rise in cybercriminals who are successful in breaching security of organizations systems. Threats and targets on network systems are on the rise in the recent years, for stealing vital information. These aspects are predicted to drive the global market in the forecasted period. However, high cost regarding the incorporation of zero trust security solutions is stipulated to hinder the market growth.
On the other hand, increase in the demand for high quality visibility of users accessing network from various places is expected to create opportunities in the market during the forecasted period.
End-point security sub-division to hold the largest share
From the solution type division, the end-point security sub-division was accounted for $38,47.2 million in the year 2019, enhancing at a CAGR of 16.50% during the timeframe. The sub-division market surge is attributed towards the usage of technologies such as artificial intelligence, cloud, connected devices, and internet of things by company organizations.
On-premise sub-division to be the most profitable
From the deployment division, the on-premises sub-division is estimated to garner a revenue of $29,914.1 million by the end of 2027, from a market size of $10,511.4 million in 2019.
Augmentation in the desire to build trust, support local, changing work patters, and community spirit is expected to drive the sub-division market during the timeframe.
Large enterprise sub-division to grow rapidly
Among organization type, the large enterprise sub-division is predicted to generate a revenue of $34,498.3 million by 2027, from a market size of $12,152 million in 2019. The sub-division growth is due to higher salaries provided by the large enterprises as compared to the small and medium enterprises.
Multi-factor authentic type sub-division to achieve maximum revenues
The multi-factor authentic type sub-division is predicted to cross $38,629.0 million by 2027, rising from a market share of $9,781.4 million in 2019 during the forecasted timeframe. Rise in the amount of online transactions is considered as the main reason for the growth of the sub-division market in 2020-2027.
Retail type sub-division to gain massive profits
Among the vertical, the retail type sub-segment is estimated to cross $15,642.9 million by 2027, rising from $4,520.8 million in the year 2019 during the timeframe. Expansion of marketing channels and sales like mobile & social commerce is expected to boost the sub-division market growth from 2020 to 2027.
Regional analysis: North America zero trust security market
The North American market of zero trust security, was held at $5864.5 million in 2019 and is expected to reach $19,955.6 million by 2027. The market is on the rise due to escalation in the internet users, stringent rules by government for businesses, and surge in the adoption of IoT devices.