Remote Work Security Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, Services); By Security Type; By Remote Work Model; By Industry Vertical; By Region; Segment Forecast, 2024- 2032
- Published Date:Mar-2024
- Pages: 119
- Format: PDF
- Report ID: PM4649
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global remote work security market size was valued at USD 49.60 billion in 2023. The market is anticipated to grow from USD 59.25 billion in 2024 to USD 269.28 billion by 2032, exhibiting a CAGR of 20.8% during the forecast period.
Market Overview
In response to the coronavirus outbreak, most businesses implemented mandatory work-from-home policies. An increasing number of companies providing remote working capabilities to their employees is one of the major factors contributing to the market growth. Moreover, factors such as rising cases of cyber-attacks, an increase in data breaches, and a growing need to adopt data security solutions are expected to propel the remote work security market growth throughout the forecast period.
- For instance, according to statistics by IBM, in 2023, the average cost of any kind of data breach was around USD 4.5 Mn, increasing annually by 15%.
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The increasing popularity of Zero Trust Network Access (ZTNA) owing to benefits such as device security, secure authentication, individual application access, identity management, and Transport Layer Security (TLS) encryption will boost the market growth significantly during the forecast period. Moreover, the growing demand for cloud-based security solutions coupled with the rising need to improve cost savings, operational efficiency, and access to services are expected to fuel the remote work security market growth during the forecast timeframe. Additionally, the advent of security solutions based on artificial intelligence (AI) and machine learning (ML) will also prove beneficial for market expansion.
However, certain factors pose challenges to the expansion of the remote work security market. For instance, lack of awareness related to the importance of remote work security limits the acceptance of security solutions. Moreover, the inadequate resources to effectively implement remote work security solutions and the limited budget allocated by the industry market key companies for remote work security are expected to hamper the market growth in the projected years.
Growth Factors
The growing implementation of work-from-home policies by companies boosts the remote work security market
The COVID-19 pandemic has resulted in the introduction of mandated and recommended work-from-home. However, even after the crisis, the number of people working from remote locations has been increasing. With the growing adoption of the remote working model, the risk of cyber-attacks and data breaches will also increase. For instance, according to Hornetsecurity’s Cyber Security Report 2023, phishing is the leading technique used for cyber-attacks. Moreover, the rising use of emails to launch cyber-attacks coupled with an increasing number of unwanted emails are contributing to the high adoption of remote security solutions.
Increasing demand for cloud-based security led to the remote work security market expansion
Cloud-based security has become a growing trend in the digital commerce ecosystem over the past few years. Cloud-based solutions can be accessed from any location and are generally easier to operate. The growing demand for flexible and adaptable security measures from various businesses is expected to propel the remote work security market. Moreover, the advantages, such as the cost-effectiveness of cloud security and fewer investments in infrastructure, are attracting organizations to adopt this technology. Furthermore, the growing popularity of remote work models is driving the demand for cloud security solutions, which in turn is fuelling the growth of the remote work security market.
Restraining Factors
Lack of awareness related to the security risks of remote working limits the market growth
The increasing popularity of remote work presents a new set of market challenges for companies that want to protect their sensitive information. However, many organizations need to understand the need for remote security solutions and the potential risks associated with the remote work model. As a result, private information is revealed, and susceptibility to cyber-attack increases. Thus, limited awareness related to the risks of remote working creates market challenges in the adoption of security solutions, thereby limiting market growth.
Report Segmentation
The market is primarily segmented based on offering, security type, remote work model, industry vertical, and region.
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By Offering |
By Security Type |
By Remote Work Model |
By Industry Vertical |
By Region |
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By Offering Insights
The services segment is expected to expand at the highest CAGR during the forecast period
The services segment categorized under offering insights is expected to expand at the highest CAGR during the forecast period. Services provide organizations with many benefits, such as professional advice, constant support, and assistance with implementation. Moreover, security policy development, risk assessments, security audits, and infrastructure design are some of the professional services that will attract the major population pool, thereby increasing its adoption during the forecast period. Professional services also assist firms in quickly minimizing and recovering from security incidents by providing incident response planning and management. Such factors are expected to increase the growth of the services segment during the forecast period.
By Security Type Insights
The application security type segment is anticipated to witness maximum growth during the forecast period
The application security segment is expected to be the fastest-growing segment in the projected years. The growth is mainly attributed to the increasing reliance of remotely working employees on different software applications. For instance, applications for communication, collaboration, and business-related tasks are mainly required while working remotely. Thus, it is essential to guarantee the security of these programs to avoid cyber-attacks, illegal access, and data breaches that can put remote working models at risk. Moreover, high priority to application security by the companies can help employees to be confident while working with software tools, thereby reducing the risks associated with application vulnerabilities. Such factors will propel the segmental growth during the forecast period.
By Remote Work Model Insights
The hybrid segment held a considerable market size in 2023
The hybrid remote work model emerged as the largest segment in 2023. A blend of in-office collaboration and remote flexibility, balancing structure and autonomy are some of the factors responsible for the segmental share. Moreover, many companies offering hybrid models and the growing need for remote security solutions for the employees working in the hybrid models are driving segmental growth. For instance, according to the survey by the HR solutions company Aon, in August 2022, around 70% of nearly 700 companies involved in the survey worked for the hybrid model compared to 47.2% in January 2022.
By Industry Vertical Insights
IT segment dominated the remote work security market in 2023
The IT segment held a dominant share of the market. The dominance of this segment is attributed to the increasing need for handling large amounts of sensitive client data and proprietary information. Moreover, the necessity to implement strict remote work security measures to maintain the trust of partners and clients has significantly increased the adoption of security solutions in the IT industry scope.
The most common security measures include the implementation of strong data encryption and privacy standards, constant monitoring of the probable risks of cyber-attacks, and secure access to required systems. Thus, the growing focus of IT companies towards the reduction of data breaches and cyber-attacks drives segmental growth.
Regional Insights
North America recorded the largest market worth in the remote work security market
North America generated the largest market worth in 2023. Many companies across this region strongly focus on investment in modern technologies such as 5G, artificial intelligence (AI), machine learning (ML), big data, blockchain, and cloud computing. This technology-driven strategy is increasing the need for cloud-based security programs. Moreover, the growing deployment of ZTNA leading to an increase in the security platform implementation will propel the market growth.
For instance, according to the 2023 Security Service Edge (SSE) Adoption Report released by Axis Security, around 47.0% of businesses plan to begin the SSE implementation with the Zero Trust Network Access (ZTNA) deployment. Furthermore, the rapid growth of the IT sector in the U.S., coupled with the large group of employees working remotely, is expected to contribute to long-term market growth.
Asia Pacific's remote work security market is currently in the growth stage. Factors such as increasing preference for remote working models, growing adoption of cloud technologies, and rising awareness related to security solutions are expected to boost the market growth during the forecast period. Moreover, the high risk of cyber-attacks and data breaches in countries such as China and India leads to the disclosure of confidential data. For instance, according to Microsoft, the Asia Pacific region has been more prone to cyber-attacks in recent years. Indian websites alone account for 13% of cyber-attacks in the region. Thus, the rising need to secure confidential data will prove beneficial for market growth.
Key Market Players & Competitive Insights
Strategic initiatives are expected to strengthen the market share of companies
The remote work security market is competitive as many companies compete to capture more market share. The share is attributed to the strong focus on various strategies such as partnerships, collaborations, mergers, and the introduction of new solutions for remote work security. For instance, in February 2021, Check Point Software Technologies Ltd. announced the launch of Check Point Harmony. This solution provides total endpoint protection for users on any device and enables secure connectivity to any resource anywhere.
Some of the major market key companies operating in the global market include:
- Axis Security (U.S.)
- Broadcom (U.S.)
- Check Point Software Technologies Ltd. (Israel)
- Cisco Systems, Inc. (U.S.)
- Cloudflare, Inc. (U.S.)
- CrowdStrike (U.S.)
- Fortinet, Inc. (U.S.)
- IBM (U.S.)
- Microsoft (U.S.)
- Palo Alto Networks (U.S.)
- Trend Micro Incorporated (Japan)
Recent Developments in the Industry
- In February 2022, Cisco Systems, Inc. announced the introduction of new technologies to support the hybrid work model of businesses. These technologies include Private 5G for the companies, Wi-Fi 6 E access points, & Catalyst 9000X series switches with the Cisco Silicon One.
Report Coverage
The remote work security market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the industry scope provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the market report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, offering, security type, remote work model, industry vertical, and their futuristic growth opportunities.
Remote Work Security Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 59.25 billion |
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Revenue forecast in 2032 |
USD 269.28 billion |
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CAGR |
20.8% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
Remote Work Security Market Size Worth $269.28 Billion By 2032.
Key players in the market are Axis Security, Microsoft, IBM, Check Point Software Technologies Ltd., and Cisco Systems
North America contribute notably towards the global Remote Work Security Market
Remote work security market exhibiting the CAGR of 20.8% during the forecast period.
The Remote Work Security Market report covering key segments are offering, security type, remote work model, industry vertical, and region.
