Global Zero-Trust Security Market: Overview
Zero-trust security is a new form cyber-security which works on the principle of zero-assumed trust. The security solutions require each and every insider and outsider to provide authentic verification before entering the secure network. The principle is gaining popularity as it has shown capabilities in stopping security breaches. Additionally, it also promises a cost-effective, simple-to-use, and reliable security mechanism. The security system is in contrast with conventional castle and moat approach to security. In earlier approaches, insiders were trusted by default. This made it difficult to oversee a transfer of communication and created several challenges as information transferred freely from inside-out with often complex, cumbersome, and sometimes extremely risky manner. A recent study by IBM shows that the cost of security breach on average is 3 million US dollars. Simple mechanism used by the zero-trust security solutions makes them effective for building trust and remaining cost-effective in the long run.
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Global Zero-Trust Security Market: Notable Developments
The national cybersecurity center of excellence plans to test zero-trust security architecture used by federal agencies and financial institutions. The agency earlier released a definition of zero-trust architecture and plans to offer more revealing public insights about the security systems. This is expected to add more clarity to players in the global zero-trust security market and consumers as well. This can be a major opportunity as a pat on the back from the agency can boost the prospects of current players tremendously. Additionally, the agency is also expected to provide better use guidance to future users through the review as some institutions simply do not use the solutions properly or do not use it regularly.
President Trump announced a budget hike for cyber-defense this year measuring to $17.4 billion. The budget was estimated to rise to $16.6 bn. However, the US federal government has opted for a proactive approach to cyber-security amidst rising threats. The continuous cyber threats continue to cripple various government entities around the world. Attacks for ransom ware have also targeted major tech giants like Adobe, and popular consumer devices like PlayStation in an attempt to extort ransom. According to some estimate, the cost of cyber-threats in 2019 can reach several trillion dollars. The growing cyber-threats and proactive policies of the federal government promises lucrative horizon for players in the global zero-trust security market.
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Global Zero-Trust Security Market: Drivers and Restraints
Technologies like machine-learning and increasing move of financial institutions towards cloud-systems are expected to drive growth of the zero-trust security systems. These systems are ideal for sensitive sectors like finance, where solutions like biometric security provide an ideal solution for entering secure networks. Additionally, the growth of machine learning is ideal for detecting new threats amidst a sea of rising challenges in the security sector. The growth of the technology, rising investment in new technologies, and increasing shift to the cloud are expected to remain major drivers of growth.
Global Zero-Trust Security Market: Geographical Analysis
The global zero-trust security market is expected to register considerable growth in North America region. The region is home to several tech companies, and is driving growth for supporting technologies like biometric security, AI, and Machine learning. The region is also witnessing a major shift to clouds as major firms like Amazon, Google, Microsoft drive a push towards cloud with competitive plans and supporting infrastructure. The growth of the cloud coupled with innovation from the tech industry is expected to drive growth of the global zero-trust security market in the region. Asia Pacific and Europe are also expected to surge ahead as increased reliance on a paperless economy drives growth for the regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.