With the increased use of digitization across industries, the security systems are now more complex. Hence, the zero-trust security market will reach $51.6 billion by 2026, claims the latest MarketsandMarkets report.
With the increased digitization and rapid usage of digital payments, IoT, cloud-centric applications, and the overall security ecosystem has become more critical. As a result, businesses are welcoming disruptive work culture with zero trust security solutions like never before, due to the rising cyber-attacks.
The worldwide zero trust security market is projected to develop from $19.6 billion in 2020 to $51.6 billion by 2026. This will record a compound annual growth rate of 17.4% for the forecasted period, according to a recent MarketsandMarkets study.
Read Interviews : Leveraging Data for Tackling Today’s Enterprise Challenges
Some of the significant growth drivers for this market comprise the growing need for compliance for networks, data from unauthorized access, user devices, etc. – in order to obtain a centralized view on cyber threats in the enterprise landscape.
Hence, the data security sector is most likely to lead the market in this digital era. With a massive amount of data being generated daily across various industry verticals, IT and data security professionals require effective management and business data storage.
And indeed, data security solutions are in control for securing business databases and data. This is valid for information like customer details, employee database, financial information, and other strategic business data of an organization.
For obvious reasons, databases become a prime target for the threat actor, and victims of cyber-attacks lead to data breaches and loss of information (business and personal). In this context, experts believe that the zero-trust data security tools strengthen a company’s data security.
This is possible by confining the risks from user privileges as well as access restricting the lateral effort of the enterprise infrastructure.
Furthermore, the IT and ITES sector is anticipated to lead in 2020. These verticals will grow at an unprecedented rate in APAC, Europe, and North America. They are also the primary targets for cybercriminals since IT and ITES companies deal with storing and transferring a huge amount of critical business data.
In fact, North America is most likely to dominate the zero-trust security market for the predicted period. Given the current scenario, the rise in penetration of IoT devices, mobile and web applications, cloud computing, and BYOD has broadened the surface of cyber-attacks across different sectors.
Moreover, businesses controlling and operating critical infrastructure that is used to communicate as well as store complex data are prone to more complex attacks. This involves DDoS attacks and ransomware attacks while posing a high risk for confidential data privacy.
The study also found that the increase in the sophisticated cyber-attacks is estimated to drive zero-trust security in various industries – including banking, government, finance, and healthcare. With the widespread custom of online operations, innovative technology has been implemented across the business ecosystem – making the security systems critical.
For more such updates follow us on Google News ITsecuritywire News.