Cybersecurity Mesh Market

The global Cybersecurity Mesh Market is projected to grow from an estimated value of USD 0.9 billion in 2023 to USD 2.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 28.6% from 2023 to 2027. There has been a rise in the cyberattacks faced by organizations in the recent years. This factor is expected to contribute to the growth of the cybersecurity mesh market. There is a significant demand for cybersecurity mesh solutions across verticals, such as IT & ITeS, BFSI, healthcare, energy and utilities, and others.

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Cybersecurity Mesh Market Dynamics

Driver: Perimeter becoming fragmented

Cyberspace has evolved in the recent years. Earlier companies were focused on securing the perimeter, ensuring the inside of the network remained a safe, trusted environment. The COVID-19 pandemic has significantly expanded cyberspace by organizations. IT organizations have complex security demands, making the existing security architectural approaches obsolete. This rapidly changing digital landscape requires a newer security approach to eliminate any security risk and operational overhead. The corporate network perimeter has evolved. Various applications and data are no longer in the company-owned data center, and users are accessing cloud-based applications from anywhere. In a traditional data center, network perimeter security was a common mechanism for controlling access. The extension to cyberspace comes with additional risks as traditional protection techniques are insufficient and isolated, generally focused on an organization's perimeter with little attention to what is out there. Within a distributed environment that supports assets everywhere and access from anywhere, identity and context have become the ultimate control surface. Implementing a cybersecurity mesh architecture would lead to a much better and more stable security infrastructure that benefits administrators and end users.

Restraint: Limited skilled expertise for deployment and usage of cybersecurity mesh solutions

The cybersecurity industry is becoming more complex as the technology vertical is growing. There are too many entry points for threats to attack today's virtual enterprise. However, few trained cybersecurity professionals can comprehend and respond to such advanced cyberattacks. Due to this shortage of qualified security talent, organizations are exposed to severe risks. According to the Fortinet 2022 Cybersecurity Skills Gap Global Research Report, 80% of organizations worldwide witnessed  cyberattacks due to lack of skilled expertise. A major problem faced by organizations worldwide is to be able to hire and retain the workforce. According to the report, 67% of the organizations feel that organizations are at greater risk of facing cyberattacks due to lack of skilled cybersecurity professionals. Cyber threats target and use network vulnerabilities to enter the enterprise network. With sophistication levels rising, many new zero-day threats have emerged. To enable the detection and remediation of these attacks, deploying cybersecurity mesh solutions can play an essential role for organizations. Due to low awareness about advanced cyber threats, organizations fail to spend on cybersecurity training adequately. Organizations need qualified cybersecurity professionals now more than ever, so 76% of organizations indicate that their board of directors recommends increasing IT and cybersecurity headcount. According to the report by Fortinet, Cloud security specialists and security operations analysts remain among the most sought-after roles in cybersecurity, followed by security administrators and architects. However, organizations are not just looking to ramp up hires arbitrarily. They are deliberately trying to build teams of specialized talent who are equipped to handle an increasingly complex threat landscape.

Opportunity: Growing adoption of multi-cloud strategy

Organizations are increasingly using multi-cloud deployments. Organizations tend to consume services from more than one cloud provider. According to Flexera's 2021 State of the Cloud Report, 92% of enterprises have a multi-cloud strategy, and 80% have a hybrid cloud strategy. Distributed IT assets in the multi-cloud add to the fragmentation problem when securing assets. When an organization has a single cloud, management is a lot easier because there is a single interface. In multi-cloud deployments, multiple interfaces must be managed, and one must know each component running in each of those clouds. From a cost and compliance perspective, organizations also need to know when something is running. Still, it is no longer because assets are typically spun up and down based on demand. For example, Alibaba Cloud, Amazon Web Services, Google, and Microsoft Azure use different methodologies to secure assets within their ecosystems. Every cloud provider supports a different set of policies. This makes creating a consistent security posture across cloud providers challenging. The huge on-premises estate of services found in most organizations only compounds the challenges. However, organizations seek to adopt a coherent security posture across the multi-cloud. CSMA provides the foundation for people and machines to connect securely from multiple locations across hybrid and multi-cloud environments, channels, and diverse generations of applications, protecting all the organizations' digital assets.

Challenge: Management of evolviong cyberthreats environment

Deploying the cybersecurity model on new or existing infrastructure has various design and implementation challenges. The model forces IT teams in enterprises to rethink their security infrastructure. Most networks are not designed keeping cybersecurity in mind, and upgrading to the cybersecurity model requires an in-depth network analysis of network hardware, services, and traffic. Remodeling networks using the cybersecurity model requires an accurate and clear understanding of every user, device, application, and resource. Cybersecurity mesh solutions are not entirely proven as they do not address all the issues; human errors and misconfigured devices include some of these problems. In today's virtual enterprise environment, targeted threats are increasing in volume, breadth, and complexity, becoming one of the organizations' most important security challenges. With the rapidly changing nature of threats and to avoid any loss of sensitive or critical information, it is vital to deploy cybersecurity mesh solutions, enabling protection against any cyberattacks.

Cybersecurity Mesh Market Ecosystem

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By vertical, BFSI segment to grow at higher CAGR, during the forecast period

The BFSI vertical comprises commercial banks, insurance companies, mutual funds, cooperatives, non-banking financial companies, pension funds, and other smaller financial institutions. Due to highly sensitive financial data, the vertical is an early adopter of cutting-edge cybersecurity solutions. Because of the high frequency and large sums of money transferred between organizations, cyberattacks are rife in the finance sector. It faces challenges related to stringent regulatory and security requirements, providing superior service to customers and others. It frequently introduces new and improved financial products and services to enhance its business operations, which makes it attractive for fraudsters to target sensitive customer information. Different government mandates, including PCI DSS, necessitate financial institutions to meet these standards. There is an increasing need for cybersecurity mesh solutions and services in the BFSI vertical to combat the growing cyber-attacks on critical infrastructures. The emerging trend of cloud banking also leads to the need for securing confidential businesses and financial data in real time. Security consultants analyze IT ecosystems and business processes in organizations and suggest effective security policies to mitigate potential cyber risks and maintain a secure environment.

By offering, solutions segment to grow at the highest CAGR during the forecast period

The cybersecurity mesh solution includes an ecosystem of security tools to secure a distributed enterprise. The cybersecurity mesh solution defines supportive layers for essential security capabilities. It includes integrating composable, distributed security tools by centralizing the data and control plane and achieving collaboration between devices. For instance, Check Point Infinity provides unified protection across the entire IT infrastructure, including networks, cloud, endpoints, and mobile and IoT devices; uses 64 different threat prevention engines to block against known and zero-day threats, powered by shared threat intelligence, and enables unified security management, completely automated and integrated.

By deployment mode, cloud segment to hold largest market size during the forecast period

In the cloud deployment mode, a third-party service provider takes all the hosting and maintenance requirements. The organization involved in implementing and deploying solutions in the cloud utilizes the pay-as-you-use model. The deployment is flexible and scalable, and organizations can upgrade and downgrade their plans as per their business growth and scalability. The cloud mode involves built-in data backups and recovery. The maintenance costs are low, and the price is for the resources and space consumed. Organizations deploying the cloud mode must comply with the cybersecurity regulations and check if their service providers comply with the industry standards and regulations. As the data is shared with the service provider, the security offered is lesser, and the data is at a greater risk. The cloud-based deployment mode has been increasingly being used in recent years. Cybersecurity mesh solutions have increasingly used the cloud deployment model in recent years.

By region, North America to account for the larger market size during the forecast period

North America is expected to be the largest contributor in terms of the market size in the global cybersecurity mesh market. It is one of the most advanced regions in terms of security technology adoption and infrastructure. The region is experiencing increasing digitalization in the recent years. There is rise in the use of technologies, such as digital payments, cloud-based applications, and IoT, that have added complexities and concerns for enterprises, making this region increasingly vulnerable to cyberattacks. The increasing digitalization in the region has also increased the risk of cyberattacks on organizations. The region witnesses a high concentration of security vendors operating in the cybersecurity mesh market, which acts as a driver for the growth of the market in the region. Regulations implemented, such as PCI-DSS and HIPAA, act as driving factors for the adoption of cybersecurity mesh solutions. The implementation of such privacy laws have prompted organizations to adopt cybersecurity mesh solutions. The countries analyzed in the North America region include the United States and Canada.

Key Market Players

The major vendors in the cybersecurity mesh market include IBM (US), Palo Alto Networks (US), Check Point (Israel), Zscaler (US), Fortinet (US), GCA Technology (US), Forcepoint (US), SonicWall (US), Ivanti (US), Cato Networks (Israel), Aryaka Networks (US), SailPoint (US), appNovi (US), Appgate (US), Mesh Security (Israel), Primeter 81 (Israel), Naoris Protocol (Portugal), and Exium (US).

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Scope of the Report

Market Segmentation

Recent Developments

• In October 2022, Check Point announced the introduction of Check Point Quantum Titan, a new release of the Check Point Quantum cybersecurity platform. The Quantum Titan release introduces three new software blades that leverage AI and deep learning to deliver advanced threat prevention against DNS, phishing, and autonomous IoT security. It provides IoT device discovery and automatically applies zero-trust threat prevention profiles to protect IoT devices.
• In September 2022, Zscaler announced that it had completed the acquisition of ShiftRight, a leader in closed-loop security workflow automation technology currently being integrated into the Zscaler Zero Trust Exchange cloud security platform to automate security management for the growing influx of risks and incidents organizations are experiencing. This integration will provide a simple, sophisticated solution to reduce incident resolution time dramatically.
• In May 2022, Lookout, a leader in endpoint-to-cloud security, and Ivanti announced that they had joined forces to help organizations accelerate cloud adoption and mature their zero-trust security posture in the everywhere workplace. Ivanti and Lookout have integrated Ivanti Neurons for Zero trust access, Lookout CASB, and Lookout SWG to help customers achieve complete threat prevention and data security both on-premises and in the cloud, inside and outside the network while following zero trust access security principles.

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