Zero-Trust Security Market Growing at a CAGR 19.9% | Key Player Cisco, Akamai, Palo Alto Networks, Symantec, Okta

Zero-Trust Security Market Growing at a CAGR 19.9% | Key Player Cisco, Akamai, Palo Alto Networks, Symantec, Okta

“Cisco Systems Inc. (US), Akamai Technologies, Inc. (US), Palo Alto Networks, Inc. (US), Symantec Corporation (US), Okta, Inc. (US), Forcepoint, LLC (US), Centrify Corporation (US), Cyxtera Technologies (US), Illumio (US), Sophos Group Plc (UK), Google LLC (US), Microsoft, Inc. (US), VMware Inc. (US), Trend Micro Incorporated (Japan), Cloudflare (US), IBM”
Zero-Trust Security Market by Solution Type (Data Security, Endpoint Security, API Security, Security Analytics, Security Policy Management), Deployment Type, Authentication Type, Organization Size, Vertical, and Region – Global Forecast to 2024

The Zero-Trust Security Market is projected to grow from USD 15.6 billion in 2019 to USD 38.6 billion by 2024, at a CAGR of 19.9% during the forecast period. 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 the solution type, the data security segment is estimated to lead the market in 2019.

Data security solutions are responsible for securing the business database and information such as customer details, financial information, and employee database as well as other key business data of any organizations. A tremendous amount of data is generated every day across organizations in various industry verticals, and effective management and storage of business data become 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, Government & Defense sector is estimated to grow at the fastest rate during the forecasted period.

The government sector consists of the various federal government, central government, state government, local government, and various public sector entities. The government sector across various developed and emerging economies is embracing digital transformation by harnessing the power of mobility and cloud.

Various governments are already deploying cloud-based web and mobile applications to enhance the experience of its citizens. As a result, governments need to protect these applications, workloads, devices, and users from the rising number of advanced persistent threats.

Thus, government bodies are shifting towards zero trust security solutions to enhance government network security, data security, risk & security analytics, endpoint security, and application security. Furthermore, increasing complexities in the network and cyberattacks are fueling the adoption of zero-trust security solutions among the governments across the globe.

The vendors covered in the market report include Check Point Software Technologies (US), ON2IT (Netherlands), Cisco Systems Inc. (US), Pulse Secure (US), Akamai Technologies (US), Palo Alto Networks (US), Symantec Corporation (US), Okta Inc. (US), Forcepoint (US), Centrify (US), Cyxtera Technologies (US), Illumio (US), Sophos Group PLC (US), Microsoft Corporation (US), VMWare Inc. (US), Trend Micro Inc. (Japan), IBM Corporation (US) and Fortinet (US). 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 2019 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 three 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.

  • 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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Symantec Corporation (US) is another leading player in the zero-trust security market. Symantec’s zero trust solution provides information protection, threat protection, identity management, and compliance and other advanced services. Owing to the current market dynamic trends, ranging from mobile and cloud to IoT, Symantec has readjusted its security solution portfolio to expand its market reach.

The company acquired Luminate Security, in February 2019, to foray into zero trust security products and services. Over the years, the company has been working toward the strategy of innovating solutions to protect data centers and endpoint security.

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