The global zero trust security market was valued at approximately USD 24.84 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 16.6% from 2023 to 2030. This growth in the zero trust security industry can be attributed to several key factors, including the rising trends of Choose Your Own Device (CYOD) and Bring Your Own Device (BYOD), an increasing frequency of cyber attacks, and improvements in regulations surrounding cybersecurity.
The adoption of BYOD and CYOD practices is becoming increasingly popular among organizations. A major advantage of these models is the reduction in costs associated with endpoint infrastructure procurement, which has been a significant driver of zero trust security growth. Additionally, allowing employees to use devices they are familiar with can lead to improvements in productivity. The BYOD trend gained significant traction during the COVID-19 pandemic as organizations shifted to remote working arrangements.
Gather more insights about the market drivers, restrains and growth of the Zero Trust Security Market
However, while the BYOD and CYOD models offer flexibility, they also pose risks, as employees can access sensitive business information and cloud applications through their personal devices. This accessibility raises the potential for data theft. Traditional cybersecurity measures often fail to prevent various types of malware attacks and Advanced Persistent Threats (APTs). Furthermore, sophisticated cyber threat actors are constantly seeking ways to infiltrate company networks, making it essential for organizations to enhance their cybersecurity frameworks with zero trust principles.
Zero trust methodologies enable enterprises to authenticate endpoints, users, and locations, granting access only to trusted individuals. This approach can significantly bolster the security posture of organizations implementing the BYOD model, ensuring that sensitive data remains protected from unauthorized access.
Security Type Segmentation Insights
The endpoint security segment of the market, categorized by security type, is projected to hold the largest share, with over 25% in 2022. The growth of this segment can be attributed to several key benefits it offers, including enhanced patch management, prevention of insider threats, web content filtering, reduction of AI-related threats, and streamlining of overall cybersecurity measures. In response to the increasing demand, companies in this sector are actively developing improved solutions to gain better traction in the market. Many of these organizations are engaging in strategic initiatives such as partnerships, acquisitions, and mergers. For example, in January 2023, Xcitium, a cybersecurity provider, announced a partnership with Carrier SI, a communication solution provider. This collaboration aims to deliver enhanced and cost-effective endpoint security solutions, allowing Carrier SI's customers to access advanced endpoint cybersecurity technologies capable of addressing both known and unknown cyberattacks.
On the other hand, the network security segment is expected to experience the highest growth from 2023 to 2030. This anticipated growth is largely due to the numerous benefits that network security provides, which include risk mitigation, protection of proprietary information, and facilitation of a modern workplace environment. Additionally, the emergence of 5G technology has spurred increased activity in the network security market, prompting various companies to innovate. For instance, in January 2023, Trend Micro Incorporated announced the establishment of a new subsidiary called “CTOne,” which is dedicated to offering end-to-end security solutions for 5G networks. CTOne aims to enhance the digital resilience of various vertical applications and provide security for applications operating within a private 5G network environment.
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