The global zero-trust security market is estimated to grow at a significant CAGR during the forecast period. The market growth is attributed to the increasing incidences of the data breaches across the globe. The zero-trust security model requires strict identity verification for every person and device including those within the network. Data security and privacy have a significant role in enterprises that aids in preventing unauthorized access to computers, websites, and databases. However, the concerns regarding data security and privacy have been rising significantly owing to the abundant amount of unprotected data and poor security infrastructure.
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Data loss is a major concern for businesses of all sizes as it results in losing money and time to recover information which is vital for every business. It can disrupt the everyday operations of any business. Zero trust security signifies that no one on the network will be trusted by default whether it is accessing the content from inside or outside of the network. This added layer of security has been demonstrating properly in preventing data breaches by completely blocking access of the individual to the content.
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According to Identity Theft Resource Center (ITRC), data breaches are an ever-increasing threat to every industry, with the number of the US data breach incidents tracked in 2017 hitting a new record of 1,579 breaches. It is a 44.7% increase over 2016’s record-breaking numbers. Of the data breaches reported in 2017, 8.5% involved the financial sector, such as banks, credit unions, financial services, credit card companies, investment firms, mortgage and loan brokers, payday lenders and pension funds. According to the recent study done by IBM Corp, the average cost of a single data breach is over $3 million. Owing to such factors, various industry verticals such as BFSI, manufacturing, IT & telecomm, energy & utilities, retail, and so on are adopting zero-trust security solutions; thereby, propelling the growth of the global zero-trust security model market.
Global Zero-Trust Security Market Segmentation
By Deployment Type
- Cloud-Based
- On-Premises
By Industry
- Banking, Financial Services, and Insurance (BFSI)
- Government and Defense
- IT and Telecommunications
- Retail and Ecommerce
- Energy and Utilities
- Healthcare
- Others
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