MarketsandMarkets is predicting that the demand for Zero Trust Security solutions will more than double in the next five years. The firm specifically believes that the Zero Trust Security Market will jump from $27.4 billion in 2022 to a robust $60.7 billion in 2027, which corresponds to a CAGR of 17.3 percent for the forecast period.
Organizations are expected to adopt Zero Trust security methods in an effort to combat the rising number of cyberattacks, and to lower the risk of a costly data breach. In that regard, MarketsandMarkets noted that cybercriminals are engaging in more targeted attacks, with ransomware attacks becoming more and more common in the past few years.
Zero Trust security can help mitigate that threat. MarketsandMarkets indicated that the demand for multi-factor authentication solutions will be particularly high, making MFA the fastest-growing segment of the market. MFA solutions prevent hackers from gaining access to a system even if they can crack someone’s password, since they still need to get past another (often biometric) layer of security. The tech is expected to become the norm in any industry that handles sensitive personal and payment information, including finance and healthcare.
The increasing number of data protection laws will be another driver of market growth in the coming years. More businesses will need to enhance their security to achieve compliance, and many will implement biometric authentication in order to do so. The Asia Pacific market will grow at the fastest rate, with two-thirds of the organizations in the market having already made the switch to Zero Trust and 58 percent of the rest planning to do so in the next 12 months. There has also been a rush of legislative activity, with India, Japan, and Singapore pushing new cybersecurity policies to thwart ransomware activity.
Finally, MarketsandMarkets is expecting to see significant growth amongst small and medium enterprises. Like their larger counterparts, SMEs are pursuing digital transformation and migrating to a cloud environment. However, that shift has exposed them to new cyberthreats, and is forcing them to update their security practices to protect their infrastructure.