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
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 the CAGR of 20.8% during the forecast period.
Market Overview
In response to the coronavirus outbreak, many businesses implemented mandatory work from home policies. Increasing number of companies providing remote working capabilities to its employees is one of the major factors contributing to the market growth. Moreover, the factors such as rising cases of cyber-attacks, an increase in data breaches, and 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 the recent statistics by IBM, the global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years.
An increasing popularity of Zero Trust Network Access (ZTNA) owing to the 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, growing demand for cloud-based security solutions coupled with the rising need to improve cost savings, operational efficiency, and access to the 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 the market expansion.
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However, there are certain factors that pose challenges to the expansion of 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 limited budget allocated by the industry players for remote work security are expected to hamper the market growth in the projected years.
Growth Factors
Growing implementation of work from home policies by the companies boosts the remote work security market
The COVID-19 pandemic has resulted in introduction of public health measures including mandated and recommended work from home orders. However, even after the crisis, the number of people working remotely has been increasing. With the growing adoption of remote working model, the risk of cyber-attacks and data breaches will also increase. For instance, according to the 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 will lead 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 cost-effectiveness of cloud security and less investments in infrastructure are attracting the 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 will limit the market growth in the coming years
The increasing popularity of remote work presents a new set of difficulties for the companies who want to protect their sensitive information. However, many organizations fail to understand the need for remote security solutions and potential risks associated with the remote work model. As a result, private information is revealed and susceptibility to cyber-attack increases. Thus, lack of awareness related to the risks of remote work will hinder the adoption of security solutions, thereby limiting the 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 is projected to witness significant growth during the forecast period. Services provides the organizations 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 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 in order to avoid cyber-attacks, illegal access, and data breaches that can put remote working model 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 the application vulnerabilities. Such factors will propel the segmental growth during the forecast period.
By Remote Work Model Insights
The hybrid segment held the considerable market share in 2023
The hybrid remote work model emerged as the largest segment in 2023. Blend of in-office collaboration and remote flexibility, potentially balancing structure and autonomy are some of the factors responsible for the segmental share. Moreover, many companies offering hybrid model and growing need for remote security solutions for the employees working in hybrid model are driving the segmental growth.
- For instance, according to the survey by the HR solutions company, Aon, in August 2022, around 70% of the 700 companies involved in the survey worked in a hybrid work model compared to 47% 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 amount 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 IT industry. The most common security measures include 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 drive the segmental growth.
Regional Insights
North America recorded the largest revenue of the remote work security market
North America generated the largest market revenue in 2023. Many companies across this region strongly focuses on the 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 2023 Security Service Edge (SSE) Adoption Report released by Axis Security, around 47.0% of the businesses plan to begin SSE implementation with Zero Trust Network Access (ZTNA) deployment. Furthermore, rapid growth of the IT sector in the U.S. coupled with the large group of employees working remotely are expected to contribute to the long-term market growth.
Asia Pacific 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 the countries such as China and India lead to the disclosure of confidential data. For instance, according to the report by the Microsoft, India accounts for 13 percent of cyber-attacks in the Asia Pacific (APAC) region. Thus, the rising need to secure confidential data will prove beneficial for the 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 with each other to capture more market share. Several prominent players such as Axis Security, Microsoft, IBM, Check Point Software Technologies Ltd., and Cisco Systems, Inc. accounted for the significant market share in 2023. The share is attributed to the strong focus on various strategies such as partnerships, collaborations, mergers, and 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 players 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 April 2023, TeamViewer introduced the next generation of its remote access and support solution.
- 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, high-end Wi-Fi 6E access points, and novel high-powered Catalyst 9000X series switches with 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 report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the 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.
