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Zero Trust Security Market worth $66.6 billion by 2029- Exclusive Report by MarketsandMarkets™

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2 months ago

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CHICAGO, July 31, 2024 /PRNewswire/ — The Zero Trust Security Market size is projected to grow from USD 30.9 billion in 2024 to USD 66.6 billion by 2029 at a compound annual growth rate (CAGR) of 16.6% during the forecast period, according to a new report by MarketsandMarkets™. Zero Trust Security is a contemporary cybersecurity framework that transforms how organizations think about security by following the principle of “never trust, always verify.” This implies that no user or device is automatically trusted, irrespective of their place in relation to the network perimeter. Its main ideas involve explicitly verifying every access request using every piece of information available, including user identity, device health, and location. Access to the minimum required is limited through Just-In-Time (JIT) and Just-Enough-Access (JEA) policies.

Browse in-depth TOC on “Zero Trust Security Market”

275 – Tables
51 – Figures
330 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2018–2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

Value (USD Billion)

Segments Covered

By Offering, By Security Type, By Authentication Type, By Vertical, and By Region

Geographies covered

North America, Europe, Asia Pacific, Middle East Africa, and Latin America

Major companies covered

Major vendors in the global Zero Trust Security market include PaloAltoNetworks(US),VMware(US),Zscaler(US),Akamai(US),

Microsoft(US),Cisco(US),IBM(US),Qnext(US),

Citrix(US),Checkpoint(Isreal),Trellix(US),Forcepoint(US), Crowdstrike(US), Cloudflare (US),Fortinet(US),Google(US).

 

Organizations assume that breaches might have occurred already, which leads to strategies aimed at minimizing their impact, such as segmenting access and ensuring end-to-end encryption. Zero Trust was created as an answer to traditional perimeter-based models’ weaknesses, which normally assumed that internal users were safe. Because they are often based on legacy systems, it may be complicated for legacy systems to adopt zero trust; thus, adoption should begin with strong identity verification before moving on. These include improved security, less attack surface, and better compliance benefits. Also, more organizations can adopt it because of the increase in the increase in remote working and cloud services, which makes it vital for zero trust adoption.

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By Offering, the services segment will grow at the highest CAGR during the forecast period.

A number of factors are accelerating the growth of the zero-trust security market through the services segment. Deployment of zero-trust security is a sophisticated architectural change for which niche skills are required, which most organizations may not have within their in-house teams. This is where service providers fill that gap by helping an organization make such a transition. Growth has been driven by this demand for managed security services due to the fact that zero trust requires everything to be monitored and managed, which MSS providers deliver on through 24/7 support. Consulting services are needed to drive end-to-end zero-trust strategies that arm organizations with proper advisory capabilities in the areas of risk assessment, policy development, and technology selection. It caters to zero-trust solution integration and customization services, while risk assessment and compliance services manage associated ongoing risks and assure the required adherence. Besides, the training and awareness programs conducted by the service provider will help employees gain knowledge about zero-trust principles and ensure their proper implementation. Hence, complex zero-trust security coupled with a requirement for specialized expertise has generated strong demand for such services and hence driven market growth.

By Authentication Type, the multi-factor authentication segment will grow at a highest market size during the forecast period.

Multi-Factor Authentication (MFA) is in fact the underpinning access security mechanism for zero trust security that tops the market for multiple reasons. It really multiplies protection by being very difficult for an unauthorized person, as one needs to pass through multiple checks. Many of the on-boarded, high-value pieces of information include regulations such as GDPR, CCPA, and HIPAA necessitating the use MFA for protecting sensitive information. Cyberattacks based on stolen credentials could be easily mitigated by MFA. There are not a lot of available results highlighting the effectiveness preventing it. That works across a wide range of systems and applications, so it can be a one-stop shop to cater to all access scenarios where digital resources are involved, driven by the need for better controls altogether. But resistance often comes from change, but then everybody relies on access-externalized (i.e., names, addresses, and PINs/passwords) secrecy. Many more now put names and addresses and personal photos and videos in public-facing books globally shared with scores or hundreds of app publishers wanting you to access their apps’ features in the car-sharing economy, representing minimal shares from trillion-dollar businesses. Access technologies and technologies have miserably failed the long-awaited common-sense test, and only IDaaS guarantees decision-based real-time enforcement and dynamic secure real-time integration within the scope of the ecosystem infrastructure security architecture.

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By region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific is poised to grow at the highest CAGR in the zero-trust security market during the forecast timeframe. Growing cyber threats in countries including China, India, and Japan are supporting regional growth. For instance, in May 2017, the entire production networks of several Taiwan-based companies were disrupted owing to a massive ransomware attack named WannaCry. The region has witnessed an upsurge in cases of data breaches, causing a high demand for secure solutions. The rapid digital transformation in growing economies, including India and China, has led to increased vulnerability for attackers demanding a strong security posture. Moreover, stringent regulations on data privacy enforced by government bodies such as the PDPA of Singapore and the Privacy Act of Australia are compelling organizations to adopt zero-trust frameworks, ensuring compliance.

Top Key Companies in Zero Trust Security Market:

Major vendors in the global Zero Trust Security Market include Palo Alto Networks(US), VMware(US), Zscaler(US), Akamai(US), Microsoft(US), Cisco(US), IBM(US), Qnext(US), Citrix(US), Checkpoint(Isreal), Trellix(US), Forcepoint(US), Crowdstrike(US), Cloudflare(US), Fortinet(US), and Google(US). The study includes an in-depth competitive analysis of the key Zero Trust Security Market players, their company profiles, recent developments, and key market strategies.

Browse Adjacent Market: Information Security Market Research Reports & Consulting

Browse Other Reports:

Endpoint Protection Platform (EPP) Market– Global Forecast to 2029

Penetration Testing as a Service Market – Global Forecast to 2029

Threat Hunting Market – Global Forecast to 2029

Digital Risk Protection Market– Global Forecast to 2028

Mobile Application Security Testing Market– Global Forecast to 2028

Get access to the latest updates on Zero Trust Security Companies and Zero Trust Security Industry

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

 

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Technology

BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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27 mins ago

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September 19, 2024

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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27 mins ago

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September 19, 2024

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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27 mins ago

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September 19, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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SOURCE EvolutionIQ

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