NEW CASTLE, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Remote Work Security Market by Offering (Solution and Services), Security Type (Endpoint and IoT Security, Network Security, Cloud Security and Application Security), Work Model (Full Remote, Hybrid and Temporary Remote), and End User (BFSI, IT and Telecom, Education, Retail and E-Commerce, Government, Media and Entertainment and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the remote work security market was valued at $52.3 billion in 2023, and is estimated to reach $322.6 billion by 2032, growing at a CAGR of 22.1% from 2024 to 2032.
Prime determinants of growth
The global remote work security market has experienced growth due to several factors such as surge in demand for cloud-based security solutions, rise in adoption of cloud security to protect data & applications, and increase in demand for mobile security solutions. However, lack of awareness about remote work security hinders market growth to some extent. Moreover, the rise in investments in modern technologies such as artificial intelligence (AI) and machine learning (ML) offers remunerative opportunities for the expansion of the global remote work security market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $52.3 billion |
| Market Size in 2032 | $322.6 billion |
| CAGR | 22.1% |
| No. of Pages in Report | 293 |
| Segments Covered | Offering, Security Type, Work Model, End User, and Region. |
| Drivers | Growing demand for cloud-based security solutions |
| Rising adoption of cloud security to protect data and applications | |
| Increasing demand for mobile security solutions | |
| Opportunity | Growing investments in modern technologies such as artificial intelligence (AI), machine learning (ML) |
| Restraint | Lack of awareness about remote work security |
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The hardware segment is expected to grow faster throughout the forecast period.
By offering, the hardware segment held the highest market share in 2023, accounting for more than half of the global remote work security market revenue and is likely to retain its dominance throughout the forecast period, owing growing emphasis on zero trust security architectures, which assume that no user or device within or outside the corporate network should be trusted by default. Zero trust principles enforce strict access controls based on identity, device health, and contextual factors, thereby reducing the attack surface and mitigating the risks associated with remote access.
However, the services segment is projected to manifest the highest CAGR of 23.7% from 2024 to 2032, owing to the managed security services providers (MSSPs) are seeing increased demand as organizations seek external expertise to manage and monitor their remote work security infrastructure.
The endpoint and IoT security segment is expected to grow faster throughout the forecast period.
By security type, the endpoint and IoT security segment held the highest market share in 2023, accounting for nearly one-third of the global remote work security market revenue and is likely to retain its dominance throughout the forecast period, owing to the growing focus on endpoint detection and response (EDR) solutions that provide real-time monitoring and threat hunting capabilities to detect and respond to advanced threats targeting remote devices. These solutions leverage machine learning, behavioral analysis, and threat intelligence to identify suspicious activities and prevent security incidents.
However, the application security segment is projected to manifest the highest CAGR of 24.5% from 2024 to 2032, owing to the growing emphasis on securing cloud-native applications and services accessed by remote workers. Organizations are adopting cloud security solutions such as cloud access security brokers (CASBs) and cloud security posture management (CSPM) platforms to enforce security policies, monitor access, and detect anomalous activities across cloud environments.
The hybrid segment is expected to lead throughout the forecast period.
By work model, the hybrid segment held the highest market share in 2023, accounting for nearly one-third of the global remote work security market revenue, and is likely to retain its dominance throughout the forecast period, owing to increasing focus on identity-centric security approaches in hybrid work environments, emphasizing the importance of strong authentication and identity management to prevent unauthorized access and credential-based attacks. This includes implementing multi-factor authentication (MFA), single sign-on (SSO), and identity federation to streamline access while enhancing security.
However, the temporary remote segment is projected to manifest the highest CAGR of 25.1% from 2024 to 2032, owing to the growing trend towards temporary access controls and privileges, where organizations grant employees temporary permissions and credentials based on their remote work requirements. This includes implementing time-limited access tokens, role-based access controls (RBAC), and just-in-time (JIT) access provisioning to limit exposure and reduce the risk of unauthorized access.
The IT and telecom segment is expected to grow faster throughout the forecast period.
By end user, the IT and telecom segment held the highest market share in 2023, accounting for two-fifths of the global Remote work security market revenue and is likely to retain its dominance throughout the forecast period, owing to the growing adoption of software-defined networking (SDN) and network function virtualization (NFV) technologies to enable more agile and secure network infrastructures for remote work environments. These technologies provide centralized management, dynamic provisioning, and granular control over network traffic, allowing organizations to implement security policies and enforce access controls more effectively.
However, the BFSI segment is projected to manifest the highest CAGR of 31.1% from 2024 to 2032, owing to the rising demand for secure collaboration and communication tools that enable remote employees to communicate and collaborate effectively while adhering to regulatory compliance requirements.
Asia-Pacific to maintain its dominance by 2032.
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for three-fourths of the global remote work security market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe, owing to growing recognition of the importance of user education and awareness in mitigating security risks associated with remote work. Organizations in the Asia-Pacific region provide cybersecurity training and awareness programs to employees to promote safe remote work practices, such as identifying phishing emails, securing home networks, and using secure communication tools.
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Major Industry Players
- Cisco Systems, Inc.
- Broadcom Inc.
- Palo Alto Networks, Inc.
- Check Point Software Technologies Ltd.
- Fortinet, Inc.
- Microsoft Corporation
- IBM Corporation
- Trend Micro Incorporated
- Sophos Ltd.
- Cloudflare, Inc.
The report provides a detailed analysis of these key players in the global remote work security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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