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Zero Trust Security Market to Reach $51.6 Billion by 2026, Growing at 17.4% CAGR

Strategic Insights

— 2 min read

The global zero trust security market is poised to experience significant growth, driven by the increasing frequency of target-based cyberattacks and the need for enhanced data protection and information security. The market, which was valued at $19.6 billion in 2020, is expected to reach $51.6 billion by 2026, recording a compound annual growth rate (CAGR) of 17.4% during the forecast period.

The zero trust security market is characterized by the presence of a diverse range of solution types, including data security, endpoint security, API security, security analytics, and security policy management. Among these, data security solutions are expected to lead the market, driven by the growing need for secure management and storage of business data. The data security segment is estimated to account for a significant share of the market, driven by the rising demand for solutions that can fortify an organization's data security by confining risks from user privileges and access.

Based on vertical, the IT & ITES segment is expected to dominate the market, driven by the growth of the IT and ITES industry in North America, Europe, and APAC. The rise of cloud computing, IoT devices, BYOD, and mobile and web applications has widened the surface of cyberattacks in the IT and ITES vertical, making zero trust security solutions a critical necessity.

Major players in the zero trust security market include Cisco Systems Inc., Akamai Technologies, Palo Alto Networks, Okta, IBM, and Trend Micro, among others. 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 market. Palo Alto Networks, in particular, has been recognized as a leading vendor of zero trust security solutions, offering a broad range of solutions to SMEs and large enterprises across various verticals.

Key Takeaways:

  • The global zero trust security market is expected to reach $51.6 billion by 2026, growing at a CAGR of 17.4% from 2020 to 2026.
  • Data security solutions are expected to lead the market, driven by the growing need for secure management and storage of business data.
  • The IT & ITES segment is expected to dominate the market, driven by the growth of the IT and ITES industry in North America, Europe, and APAC.
  • Major players in the market include Cisco Systems Inc., Akamai Technologies, Palo Alto Networks, Okta, IBM, and Trend Micro.
  • The players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the market.
  • Palo Alto Networks has been recognized as a leading vendor of zero trust security solutions, offering a broad range of solutions to SMEs and large enterprises across various verticals.

Statistics:

  • The global zero trust security market is expected to reach $51.6 billion by 2026.
  • The market is expected to grow at a CAGR of 17.4% from 2020 to 2026.
  • The data security segment is expected to account for a significant share of the market.
  • The IT & ITES segment is expected to dominate the market, driven by the growth of the IT and ITES industry in North America, Europe, and APAC.
  • The major players in the market have adopted various growth strategies to expand their presence.

Sources:

  • M2 PRESSWIRE-March 9, 2021
  • MarketsandMarkets report: "Zero Trust Security Market by Solution Type, Deployment Type, Authentication Type, Organization Size, Vertical, and Region - Global Forecast to 2026"
  • www.abnewswire.com ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.m2.com on the world wide web. Inquiries to info@m2.com))

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