A new report from Research Dive predicts the global zero trust security market will gain $66,741.3 million with a CAGR of 17.6% over the next seven years.
The increase of the global zero trust security market from about $18,500.0 million in 2019 to more than $66 million by 2027 at a CAGR of 17.6% is the new estimation from the current report released by Research Dive. With this type of positive growth being attributed to the explosion of digital technologies being used, such as cloud hosting services. The prediction is certainly due to how COVID-19 is impacting the market with more people working from home and a need for more internet connectivity for businesses.
VPN or Virtual Private Network security measures have also grown in demand when it comes to cybersecurity. The report estimates the growth of the VPN market during the same forecasted period.
What’s Affecting the Market Growth?
Of course, COVID-19 has impacted the market growth, and the global zero trust security market is estimated to grow because of the changes in how technology is being used. Another factor is the rise in cybercriminals breaching the security of systems for businesses. With more threats on network systems and the potential for the loss of vital information, the global zero trust security market is expected to grow according to this Research Dive report.
While the growth may be predicted due to the pandemic and due to a rise in cybercriminals, the cost to incorporate zero trust security solutions may hinder market growth some. However, the increase in demand for high-quality visibility may create new market opportunities over the next several years.
Largest Share Belongs to End-Point Security Sub-Division
End-point security sub-division is responsible for more than $38 million in 2019 enhancing at a CAGR of 16.5% during this time. This market sub-division is surging due to new technologies being used by companies, such as AI, connected devices, the cloud, and the internet of things.
On-premise sub-division is the most profitable and is estimated to provide revenue of nearly $30 million by the end of 2027. The current market size for on-premise sub-division is just over $10 million in 2019. Due to the desire to build trust, change work patterns, and support local, this sub-division market is expected to grow.
Other Sub-Divisions Expected to Grow
Along with the market sub-divisions mentioned above, the report expects the large enterprise sub-division to grow rapidly with revenue of more than $34 million by 2027 compared to about $12 million in 2019. higher salaries are a driving factor for the large enterprise sub-division.
The multi-factor authentic type sub-division is also expected to grow from just under 410 million in 2019 to more than $38 million by 2027, With more online transactions, the report expects this sub-division market to grow considerably as online transactions grow.
The retail type sub-division market will also gain profits. It was just over $4,500.0 million in 2019 and the report expects this sub-segment to pass the $15,600.0 million mark by 2027. With marketing channels and sales, such as social commerce and mobile are expected to cause growth in this area.