According to the Zero Trust Security Industry report, the market is set to reach a valuation of $30 billion by the end of the year 2023. The purpose of “zero trust” security is to provide protection against data breaches from all directions, specifically from within organizations, i.e., through browsers, email, VPN connections, and other means. The “zero trust security” term suggests that nothing should be trusted and always be verified.
Zero trust network access (ZTNA) is expected to have the fastest rate of growth in terms of network security, with 31% of organizations expected to be employing it by the end of 2023. ZTNA is increasingly being used by businesses for office workers as well as remote workers as they get more comfortable with it.
With this concept, several technologies and best practices are being adopted. The security platform is based on the principles of verifying explicitly, continuous monitoring and validation, using least privileged access, device access control, micro-segmentation, preventing lateral movement, and multifactor authentication (MFA).
- By solution, the standalone software segment had the largest shares in 2021 with a value of $2.54 billion. Services are estimated to be the most in-demand service for the forecast period 2022-2032, which is estimated to grow with a compound annual growth rate (CAGR) of 15.1%.
- By deployment mode, cloud-based holds the largest market share for 2021, and a CAGR of 16.2% is expected to be witnessed in the forecast period.
- By authentication type, multifactor authentication holds the largest market share for 2021, and the highest CAGR of 16.8% is expected to be witnessed during the forecast period.
- By enterprise size, large enterprises had the largest market share in 2021, and SMEs will witness the fastest growth with a CAGR of 18.9%.
- By industry, banking, financial services, and insurance (BFSI) had the largest market share for 2021, and the highest CAGR of 22.3% is expected to be witnessed from the health care industry for the forecast period.
- North America had the largest market share in 2021 and the fastest growing market for zero trust security platform is estimated to be the South Asia and Pacific region for the forecast period 2022-2032.
“Zero trust security has great potential in various fields, as the platform helps to prevent data loss from within the systems,” said an FMI analyst. “They are available with many solutions such as identity security, data security, and many more, which can be deployed in a cloud, whereas traditional security platforms involve perimeter security models and can only be deployed on-premises, which also helps the end users to prioritize the product easily.”
Rise in cyberattacks
In recent times, cyberattacks within organizations have increased zero trust security provided to secure data in and outside the organization through continuous monitoring and validation, micro-segmentation, and preventing lateral movement, which make the framework unique from other traditional security.
Zero trust security offers security solutions to a variety of businesses that have moved their firm data to storage systems, which has led to an increase in cyber risks to the data that has been kept in such systems. To address this, a number of businesses have introduced zero trust security for various/specific uses.
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