Dublin, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The "Zero Trust Security Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Solution Type, By Authentication Type, By Organization Size, By Deployment Type, By Vertical, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global zero trust security market is expected to grow at an impressive CAGR in the forecast period, 2023-2027. Increasing concerns about data privacy and security, the digitalization of prominent industry verticals, and untapped growth potential in developing countries are the primary factors influencing the demand for the global zero trust security market in the next five years.
The Rise in Adoption of IoT Devices Drives the Market Growth
The expected roll-out of 5G technology and the growing internet penetration in developing countries accelerate the demand for smart devices among consumers. Enterprises belonging to different industry verticals are adopting IoT devices to improve data connectivity and increasing stringency in standards and policies to maintain data security and privacy is bolstering the adoption of advanced data security solutions.
IoT devices establish a real-time connection between users, and the growing adoption of IoT devices is increasing the chances of cyberattacks on the devices. Zero trust security solution helps organizations deal with critical information and personal information by increasing the visibility of users accessing the network from different locations, times, and various applications.
With the growing amount of data generated, the need to secure the data to prevent unauthorized access influences the demand for advanced security solutions. Ongoing digital transformation and increased adoption of cloud-based infrastructure by enterprises to optimize and streamline business operations are expected to be significant drivers for the global zero-trust security market in the forecast period.
Growing Frequency of Cyber-Attacks is Boosting the Market Demand
The adoption of digital platforms by major industry verticals and the growing number of internet users generate large volumes of confidential data. Access to this information may result in substantial financial losses. The ever-increasing cases of target cyber-attacks in which the attacker attack device, network, endpoint, data, and other IT infrastructure to steal critical information raise security concerns. Organizations prefer to invest in advanced security solutions that would prevent the loss of intellectual property, critical and personal information, and financial losses. The growing focus on safeguarding the IT infrastructure of organizations is expected to fuel the demand for the global zero-trust security market in the forecast period.