- Zero trust security solutions is an IT security model which requires identity verification per person or device/machine which tries to connect or access a private network. Increasing network connected devices, machine to machine communication, and rising cyber attacks have acclerated the demand for zero trust security solutions.
Zero Trust Security Solutions Market: Dynamics
Increasing cyber attacks driving demand for zero trust security solutions market
- Rising cyber attacks globally is a major factor accelerating the demand for zero trust security solutions. For instance, in May 2019, Baltimore City municipality’s computer systems were impacted by a cyber attack. Attackers sucessfully infiltrated computer systems and encrypted data files. To overcome this ransomeware attack, Baltimore City officially invested US$ 18 million. Similarly, in June 2019, the Western Connecticut School District was hit by a ransomeware attack. Thus, increasing cyber attacks are accelerating the demand for advance cyber security solutions which simultaneously spurs the zero trust security solutions market.
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North America to hold major share of the global zero trust security solutions market
- Based on region, the zero trust security solutions market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America held dominant position in the global zero trust security solutions market in 2018 followed by Europe. It is expected to maintain its dominance during the forecast period. The U.S. and Canada are major countries that drive the zero trust security solutions market in the region. The presence of several prominent market players such as Microsoft Corporation, Google LLC, and IBM Corporation who provide advanced solutions to different industries in North America drives the market in this region. Moreover, countries in North America are among the earliest adopters of emerging technologies that help to retain the dominating position of the region in the market.
- The zero trust security solutions market in Asia Pacific is estimated to expand at a high CAGR during the forecast period. India, China, Japan, and Australia are key countries that drive the zero trust security solutions market in the region.