Zero Trust Security Industry CAGR Shows Signs of Growth By 2030

Zero Trust Security Industry Overview

The global zero trust security market size was estimated to be USD 24.84 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 16.6% from 2023 to 2030.

The growth of the zero trust security industry can be attributed to various factors, such as the growing trend in CYOD and BYOD concepts, increasing the number of cyber attacks, and improving regulation concerning cybersecurity, among others. The popularity of Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends is increasing significantly across organizations. Major Advantage, such as cost reduction on the endpoint infrastructure procurement front, has been driving the growth of zero-trust security. Moreover, the improvements in employee productivity ensured by allowing them to work on familiar devices drive the popularity of such concepts. The BYOD concept attained a reputation during the COVID-19 pandemic as organizations embraced the remote working model.

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However, the BYOD and CYOD models allow employees to access business information and cloud applications using their dedicated endpoints, increasing the chances of data theft. Traditional cyber security measures fall short of preventing all forms of malware attacks or Advanced Persistent Threats (APT). Moreover, sophisticated cyber threat actors continuously monitor ways to penetrate through company networks, making it necessary for organizations to strengthen their cyber security infrastructure with zero trust methodologies. Zero trust methodologies help enterprises authenticate endpoints, users, and locations, allowing only trusted users to access organizational data. This can enhance the security of organizations that adopt the BYOD model.

The risk of cyberthreat is increasing considerably as cyber threat actors continue to explore vulnerabilities within an organization's IT infrastructure. Cyber threat actors gain access to critical information through vulnerabilities while maintaining anonymity. Cyber threat actors launch attacks such as persistent campaigns, advanced malware, spear-phishing, and watering holes to exploit organizational growth. For instance, according to research by Check Point Software Technologies Ltd., global cyberattacks increased by 28% in the third quarter of 2022 compared to 2021. Globally, the average number of weekly attacks per organization exceeded 1,100.

Over the years, targeted attacks on organizations across the globe have increased significantly. Attackers infiltrate a target organization's network infrastructure through endpoints, cloud-based applications, and other vulnerable networks. Such targeted attacks negatively impact a business's critical operations, leading to financial losses, loss of sensitive customer information, and loss of intellectual property. According to a sponsored study conducted by Trend Micro Incorporated with Quocirca, the most common objective of a targeted cyberattack is to impact organizational financial gains. Thus, a proactive detection layer is paramount to prevent the risk of losing regulated personal data, intellectual property, and financial loss. Through zero security principles, proactive detection and mitigation of cyber threats can be achieved by identifying the behavior of users infiltrating any network.

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Zero Trust Security Market Segmentation

Grand View Research has segmented the global zero trust security market based on security type, deployment, organization size, authentication, application, and region:

Zero Trust Security Security Type Outlook (Revenue, USD Billion, 2018 - 2030)