Rising enterprise security concerns as a consequence of an increase in the frequency and volume of cyberattacks and data breaches are driving market revenue growth.
The global zero trust security market size was USD 25 Billion in 2022 and is expected to register a revenue CAGR of 15% over the forecast period, according to the latest report by Reports and Data.
Zero trust security, a method of information security, is based on the idea that all users, devices, and programmes cannot be trusted and must be verified before being granted access to a network or resource. Due to the requirement to address changing security threats and provide safe access to business resources from any location, at any time, and via any device, the introduction and adoption of zero trust security solutions are gaining speed.
With the proliferation of Internet of Things (IoT) devices, the threat of cyberattacks on enterprise networks has significantly increased. The zero trust security model has become increasingly popular in recent years as a result. The zero trust approach allows companies to protect their networks against potential cyberattacks by ensuring that every user and device is authenticated and authorized before being granted access to network resources.
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It suggests that within the multi-factor authentication segment, biometric authentication is the most popular technology. Biometric authentication uses unique physical or behavioral characteristics such as fingerprints, facial recognition, iris scans, or voice recognition to verify a user's identity. This technology has been increasingly adopted in various industries such as healthcare, banking, and retail for personal identity verification, transaction authentication, and access control.
Biometric authentication has several advantages over other authentication methods, such as higher precision, faster verification, and greater convenience. These advantages are expected to drive market growth as more and more organizations recognize the benefits of using biometric authentication systems.
Competitive Landscape:
This could be due to the need for stronger security measures to protect sensitive data and to prevent cyber-attacks, which have become more common in recent years.
Multi-factor authentication solutions require users to provide multiple forms of identification, which can include passwords, fingerprints, smart cards, and other forms of biometric or behavioral authentication. This added layer of security makes it more difficult for unauthorized individuals to gain access to secure systems or data, which is essential for organizations in a variety of industries. Some leading companies operating in the global Zero Trust Security Market:
Cisco Systems, Inc., Akamai Technologies, Inc., Okta, Inc., Forcepoint LLC, Palo Alto Networks, Inc., VMware, Inc., IBM Corporation, CyberArk Software Ltd., CenturyLink, Inc., Proofpoint, Inc., and Verizon Communications Inc.
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The global market is further segmented into type and application:
Security Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Network Security
- Data Security
- Endpoint Security
- Cloud Security
- Others
Authentication Outlook (Revenue, USD Billion; 2022 - 2032)
- Single-factor Authentication
- Multi-factor Authentication
Deployment Outlook (Revenue, USD Billion; 2022 - 2032)
- On-premise
- Cloud
Organization Size Outlook (Revenue, USD Billion; 2022 - 2032)
- SMEs
- Large Enterprise
Application Outlook (Revenue, USD Billion; 2022 - 2032)
- IT Telecom
- BFSI
- Healthcare
- Retail
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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