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Zero Trust Security Market to Gain 15.5% CAGR, due to Rise in Data Security

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Zero Trust Security Market to Gain 15.5% CAGR, due to Rise in Data Security

June 17
17:30 2024
Zero Trust Security Market to Gain 15.5% CAGR, due to Rise in Data Security
Skyquest Technology
Zero Trust Security Market Size, Share, Growth Analysis, By Offering(Software, Service), By Deployment(Cloud, On-premise, Multi-Cloud/Hybrid), By Authentication Type(Multi-Factor Authentication, and Single-Factor Authentication), By End-User(IT and Telecom, BFSI, Manufacturing, Healthcare), By Region – Industry Forecast 2024-2031

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).

The global zero trust security market has expanded dramatically in the past several years because ofnumerous crucial considerations. First, there is a clear need for better security measures due to the rise in the frequency and sophistication of cyberattacks. Traditional security measures, which depend on traditional security measures and have proven unable against modern threats, have led to organizations adopting a zero-trust paradigm. The rise in cloud-based services and digital transformation initiatives has increased the number of potential targets to cybercriminals. Securing access to these resources becomes essential as businesses migrate their data and apps to the cloud.

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Convergence of Business Verticals Shaping the Market

The rivalry is getting fiercer in several different industry verticals within the dynamic global zero-trust security market. Companies in the IT and telecom sectors are leading the way since it is imperative to protect infrastructure and sensitive data. The BFSI industry follows their strict compliance laws carefully due to the need for robust security measures following them. Key investors in zero-trust technologies for preserving national security interests consist of defence sectors as well as governments. This has also led to patient data security concern essentially vital energy infrastructure security belonged to both energy/electricity as well as healthcare sectors. In this diverse environment, renowned security vendors such as Palo Alto Networks and CrowdStrike compete with specialized application offering, custom solutions based on zero-trust principles for individual sectors, boosting creativity.

Established Players and Niche Specialists Driving Innovation

In the global marketplace, dominant established corporations and innovative small entrants are still engaged in a competitive war for zero-trust security. Such dominant companies as Palo Alto Networks, together with start-ups like Crowdstrike have embraced all-round solutions in zero trust security as part of their massive resources base and renowned brand names. Consequently, such giants pour huge investments into R&D projects to discover new identity confirmation schemes and levels of access management.

Newcomers are also interesting to watch as they focus on a specific aspect of zero-trust security e.g., micro-segmentation or secure access service edge (SASE). In this regard, Zscaler and Illumio have set their sights on them. They typically have a strong back from venture capitalists- this helps them develop new products faster and capture more share points in smaller markets.

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Decoding the Strategies of Top Zero-Trust Approach

Prisma SASE, a comprehensive zero-trust platform from Palo Alto Networks, combines secure web gateway (SWG) and cloud access security broker (CASB) features. This makes it possible for businesses to impose strict data security guidelines and access controls on all cloud resources and apps. Zscaler is known for its innovative trends in offering security as a service; some of that includes ZPA (zscalerprivate access) to provide secure entry into private applications without having to rely on legacy backhauls. A need fulfilled by establishments with large mobile staff or are situated within the cloud. it is easily discerning the two companies’ primary choices by examining their product portfolios; Zscaler leads in one zero-trust field, while Palo Alto Networks provides a wider range of applications.

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Zero-Trust Strategies Adapt to the Evolving Digital Landscape

The market for zero-trust security has grown because of the increase in cyberattacks and the shortcomings of conventional protection. It is extremely important to make sure for organizations that are embracing these practices have access to cloud services and digital transformation. Through this, industrial convergence has been enhanced, which has seen the sectors of energy, healthcare, telecommunications, BFSI prioritizing robust zero-trust solutions and others. Leading big names such as Palo Alto Networks and niche players such as Zscaler, each employing their unique approaches, are driving this transformation. One glance at their products reveals a preference for complete packages instead of specialized products, indicating that there are varied requirements in the market. According to estimates, investment in blockchain technology will increase at compound annual growth rate of 15.5% up to 2031, thereby implying that its advancement in terms of safety will be ongoing through creation.

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