Zero Trust Security Market Anticipated to Expand at a CAGR of 18.5% during the Forecast Period 2031
An in-depth analysis of the zero trust security market segmentation assists to determine the prevailing market opportunities.
PORTLAND, PORTLAND, OR, UNITED STATE, February 21, 2023 /EINPresswire.com/ — The ease of accessing the internet and the introduction of lowly prized smartphones have prompted organizations to effectively execute zero-trust security solutions driving the global zero-trust security market.
Strict execution of zero-trust security solutions during the COVID-19 pandemic made it possible for various firms to effectively handle security issues. North America contributed toward the highest market share in 2021.
According to the report published by Allied Market Research, the global zero trust security market accrued earnings worth $23.61 billion in 2021, and is predicted to hit $126.02 billion by 2031, registering a CAGR of 18.5% from 2022 to 2031. The market research study provides a detailed analysis of fluctuating market trends, top-most segments, value chain analysis, major investment business scenarios, regional space, and competitive landscape.
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Covid-19 Scenario:
• The COVID-19 pandemic led to the expansion of the global zero-trust security market due to the implementation of zero-trust security solutions and the offering of secured information access while performing remote functions.
• Strict execution of zero-trust security solutions during the COVID-19 pandemic made it possible for various firms to effectively handle security issues.
The report offers detailed segmentation of the global zero trust security market based on component, deployment model, enterprise size, authentication, industry vertical, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the upcoming years.
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Based on the component, the solution segment contributed the largest market share in 2021, accounting for nearly two-thirds of the overall share of the global zero trust security market. Moreover, this segment is predicted to retain its dominant status during the forecast timespan. However, the services segment is expected to register the highest CAGR of 19.8% during the forecast timeline.
Based on the enterprise size, the larger enterprises segment held the largest share in 2021, contributing more than three-fifths of the overall share of the global zero trust security market. Moreover, this segment is set to maintain its domination during the forecast timeframe. However, the SMEs segment is projected to register the highest CAGR of nearly 19.6% from 2022 to 2031.
Based on region, North America contributed towards the highest market share in 2021, accounting for nearly two-fifths of the global zero trust security market. The region is predicted to contribute majorly toward the global market share in 2031. Moreover, the Asia-Pacific zero trust security market is anticipated to register the highest CAGR of 20.0% during the forecast timespan. The research also analyzes regions including Europe and LAMEA.
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Based on the deployment model, the on-premise segment held the largest share in 2021, contributing more than half of the overall share of the global zero trust security market. Moreover, this segment is expected to contribute the highest market share by 2031. However, the cloud segment is also expected to record the fastest growth with a CAGR of 19.2% during the forecast period.
Leading players of the global zero trust security industry analyzed in the research include Cisco Systems Inc., Akamai Technologies Inc., IBM, ZScaler, Symantec Corp., VMware, Inc., FireEye, Inc., SonicWall, Microsoft Corporation, Cloudflare, Google, Cyxtera Technologies, SonicWall, Palo Alto Networks, Check Point Software Technologies, Trend Micro, Inc., FireEye, Inc., and McAfee Corp.
The report evaluates these major participants in the global zero trust security industry. These participants have executed a slew of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product lines in the global markets and extending the global market growth. The market research report aids the performance monitoring of each segment, positioning of each product in respective segments, and impact of new technology land product launches on the overall market size.
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