According to the report titled ‘Global Zero Trust Security Market Size study, by Type (Network Security, Data Security, Endpoint Security, Security Orchestration Automation and Response, API Security, Security Analytics, Security Policy Management, Others) by Deployment type (On-Premises, Cloud) by Authentication type (Single-factor Authentication, Multi-factor Authentication) by Organization size (SMEs, Large Enterprise) by Verticals (IT and ITES, Financial and Insurance, Healthcare and Social Assistance, Retail Trade, Utilities, Others) and Regional Forecasts 2021-2027’, available with Market Study Report,  global zero trust security market was worth USD 19.6 billion in 2020 and is anticipated to exhibit an annual growth rate of 17.4% during 2021-2027, thereby accumulating USD 60.25 billion by the end of analysis period.
 

Rise in number of cyber-attacks due to growing adoption of cloud-based services and increasing digitalization is boosting the expansion of global zero trust security market. Government initiatives like California Consumer Privacy Act (CCPA) in the U.S. and European Union’s General Data Protection Regulations are likely to create opportunities for introduction as well as incorporation of advanced security solutions.
 

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Additionally, several enterprises are opting for IoT services in order to improve operational efficiency, resulting in massive development of IoT traffic. This in turn has led to an increase in malicious hacker attacks, thereby aiding the demand for zero trust security solutions.
 

For the unversed, zero trust is a security model which enables organizations to control access to their data, networks, and applications. It requires all the users, either from inside or outside of the organization’s network, to be authorized, authenticated, and validated for security configuration before providing access to their applications and data. These systems leverage identity providers which enables them to gain permission and identify validation rights based on the users and gadgets.
 

On the contrary, limited capital funding available with small and medium sized businesses which are using these solutions might hamper the global zero trust security market development in the ensuing years.
 

Considering the geographical ambit, North America market is anticipated to amass notable gains during 2021-2027, due to the presence of major tech companies in the region who have availed advanced security technologies like AI, biometric security, and cloud-based service solutions.
 

Major players like McAfee Corp., FireEye, Inc., NortonLifeLock, Inc. (Symantec Corporation), International Business Machines Corporation, Trend Micro, Inc., Check Point Software Technologies, Ltd., Okta, Inc., Palo Alto Networks, Inc., Akamai Technologies, Inc., and Cisco Systems, Inc. are profiled in global zero trust security industry report.