Remote Work Security Market Share
Rise in adoption of cloud security to protect data & applications, and increase in demand for mobile security solutions are factors drives the market growth.
PORTLAND, OR, UNITED STATES, September 5, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Registering with 22.1% CAGR | The Remote Work Security Market Share Reach USD 322.6 Billion by 2032 Globally.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global remote work security market was valued at $52.3 billion in 2023, and is projected to reach $322.6 billion by 2032, growing at a CAGR of 22.1% from 2024 to 2032.
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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.
The Remote Work Security Market is segmented into offering, security type, work model, end user, and region. On the basis of offering, the market is bifurcated into solution and services. On the basis of security type, the market is divided into endpoint & IoT security, network security, cloud security, and application security. On the basis of work model, the market is classified into full remote, hybrid, and temporary remote. As per end user, the market is segregated into BFSI, IT & telecom, education, retail & e-commerce, government, media & entertainment, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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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.
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.
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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.
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.
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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.
The major players operating in the remote work security market include 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., and Cloudflare, Inc.
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