The global market for zero trust security is estimated to experience a high growth amid the COVID-19 pandemic. This growth is projected to result owing to increasing usage of mobiles and smartphones during the pandemic due to work from home and remote services programs. The demand for security is also consequently projected to witness a rise. Due to the limited security analysis and security due to scattered information in the structure of work from home has resulted in attackers benefiting of weaknesses to gain internal access. The zero trust security developed in recent years uses identification provider to give access to the applications and find out the permission rights based on both the user and the device.
Furthermore, certain key vendors operating in zero trust security, such as Okta Inc., and Palo Alto Networks, are adopting certain strategies and innovations for staying put in the competitive environment. For instance, In June 2019, Palo Alto Networks, an American multinational cybersecurity company, captured PureSec, a visionary serverless security company, to enhance Prisma contribution. The addition of PureSec will further advance Palo Alto Networks in its ability to offer the most complete and comprehensive cloud security suite. With PureSec, Palo Alto Networks will be uniquely positioned to secure serverless applications throughout the entire life cycle, significantly reducing the attack surface.
Also, the unimaginable surge in cyber-attacks such as online scams, data harvesting malware, phishing emails, and disruptive malware during the outbreak of the coronavirus virus, may increase the demand for zero trust security. These factors are anticipated to create lucrative investment opportunities during the forecast period.
Global Zero Trust Security Market Analysis
Zero trust security is a modern type of cybersecurity that works on the method of zero-accepted trust. The security mixture needs every single outsider and insider to give original confirmation before entering the secured network. The framework dictates that only authenticated and authorized users and devices can access applications and data. Moreover, it also guarantees a simple-to-use, profitable, and dependable security process.
Targeted attacks have observed to increase in the last few years, penetrating the target's network framework and at the same time, controlling invisibility. Attackers that have a distinct target that involve on-premise tools, cloud-based implementations, endpoints, data, and numerous other IT infrastructure frameworks. The principle aim behind a target attack is to interrupt the targeted company or organization's network framework and steal important information.
As a consequence of these targeted attacks, can lead to business interruptions, financial loss, intellectual property loss, and loss of sensitive consumer data. Firms dealing with crucial business and personal details are expected to increase the adoption of the zero trust security framework approach in the coming years, which will have a positive impact on market growth. This is mainly due to the fact that only zero trust security takes a micro level approach to authenticating and approving access request at every point within a network.
The challenge for organizations is balancing privacy, protection, and security with the available resources and the ability to perform tasks. Because there are more users, more devices, and more ways to access and store data than ever as achieving zero trust isn't free from pitfalls. Moreover, cybersecurity requirements grow at a higher rate than the budgets planned to address them. These budgetary constraints might be a restraining factor for the market growth.
Moreover, the companies involved in the global zero trust security solutions are following effective strategies and launch of innovative products to grow in the market. For instance, in April 2020, Google, an American multinational technology company that specializes in Internet-related services and products, made accessible BeyondCorp Remote Access, stamping its first commercial product built on the zero-trust method to channel protection that was introduced by Google and has utilized internally for almost a decade. Such technological advancements may further lead to lucrative market opportunities in the global zero trust security market in the upcoming years.