Remote Work Security Market worth $136.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 9, 2023 /PRNewswire/ -- As work dynamics change, there will be an increased reliance on AI and automation, emerging threats, improved security measures, and a sustained focus on securing remote work settings. Organisations will be able to maintain a solid security posture in the environment of remote work thanks to these improvements.

The Remote Work Security Market is expected to reach USD 136.0 billion by 2028 from USD  51.7 billion in 2023, at a CAGR of 21.3 % during 2023–2028, according to a new report by MarketsandMarkets™.

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250 - Tables
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300 - Pages

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Scope of the Report

The adoption of remote work has experienced a remarkable surge in recent years, driven by advancements in technology and the global impact of the COVID-19 pandemic. Organizations of all sizes have embraced this paradigm shift, solidifying its widespread acceptance during the crisis. According to Citrix's 2022 report, 'The State of Security in a hybrid work environment,' 52% of security decision-makers foresee a future where most of the workforce would either be permanently remote or adopt a hybrid work model. Moreover, the advantages of remote work are numerous, offering increased flexibility, cost savings, and access to a global talent pool. Employees appreciate the improved work-life balance and reduced commuting stress, as highlighted by the survey conducted by GitLab in 2022. The study found that 80% of employees experienced reduced job-related stress when working remotely.

Additionally, remote work has contributed to decreased sick leave days (50%) and fewer absences (56%) among remote employees. As a result, the long-term impact of remote work on traditional workspaces is undeniable, fostering a more connected and agile workforce that transcends geographical boundaries. Organizations are embracing this new normal, recognizing the potential for enhanced productivity and employee well-being.

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The network security registers the highest market size in the Remote Work Security Market during the forecast period.

Network security is a fundamental component of remote work security, primarily concerned with safeguarding the communication channels and data transfers between remote employees and an organization's network infrastructure. Network security becomes paramount in remote work scenarios, where employees access corporate resources from various locations, including home and public networks. It involves using Virtual Private Networks (VPNs) to encrypt data on public networks, firewalls for traffic monitoring and filtering, and Intrusion Detection and Prevention Systems (IDS/IPS) for real-time threat detection and prevention. Network security in remote work environments fortifies the connections and data flows between remote employees and the organization's network. This ensures that data privacy, integrity, and confidentiality are upheld, even in remote work's dynamic and dispersed landscape.

The retail & e-commerce segment is projected to register the highest CAGR during the forecast period.

Retail and e-commerce companies handle sensitive information, including customer payment details, personal data, and proprietary business strategies. Therefore, ensuring the security of this data is paramount. Remote work security measures in this sector encompass various aspects. Firstly, organizations must secure remote access to their systems and networks to prevent unauthorized entry and data breaches. Robust authentication methods and secure VPNs are standard tools used for this purpose. Data encryption is crucial to protect sensitive customer information and payment transactions. Encryption ensures that even if data is intercepted, it remains unintelligible to unauthorized parties. Moreover, businesses in this sector must adhere to stringent compliance standards, such as PCI DSS (Payment Card Industry Data Security Standard), which sets guidelines for securing payment card data. Non-compliance can lead to severe financial penalties and damage to brand reputation.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

The Asia Pacific countries are highly concerned about increased security spending due to the ever-growing threat landscape. The region comprises emerging economies like China, Japan, and India. With effective government regulations and technological advancements, remote work security is witnessing high growth opportunities in this region. The Asia Pacific Remote Work Security Market is experiencing substantial growth, primarily driven by the increasing acceptance of remote work, cloud adoption, and the imperative for enhanced security in remote work environments. The COVID-19 pandemic necessitated rapid remote work adoption and prompted significant investments in security control systems to protect remote employees. While the pandemic was pivotal in driving the Remote Work Security Market, a surge in highly sophisticated cyberattacks targeting critical infrastructure and government entities has further compelled regional organizations to bolster their investments in remote work security technologies.

Top Key Companies in Remote Work Security Market:

 The report profiles key players such as Cisco (US), VMware (US), Palo Alto Networks (US), Check Point (Israel), Fortinet (US), Microsoft (US), IBM (US), Trend Micro (Japan), Broadcom (US), Cloudflare (US), Sophos (UK), ZScaler (US), Citrix (US), CyberArk (US), Crowdstrike (US), Forcepoint (US), Proofpoint (US), ESET (Slovakia), Seclore (US).

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Recent Developments:

• In April 2023, VMware and Lookout partnered to offer a secure access service edge (SASE) solution, integrating the Lookout Cloud Security Platform with VMware SD-WAN. The partnership ensures optimized network connectivity, data protection, and enhanced visibility for cloud-first enterprises, providing reliable and secure remote access to applications from any device and location.
• In April 2023, Palo Alto Networks and Accenture joined forces to offer AI-powered Prisma SASE solutions, enhancing cyber resilience and enabling secure access control for organizations amidst the complexities of remote work and multi-cloud environments.
• In July 2022, Cisco and Ricoh formed a strategic partnership, offering Secure Remote Access Solutions, combining network security and Auto VPN elements, to enhance hybrid working and IoT support services in Hong Kong. The collaboration provides comprehensive smart office solutions for businesses.

Remote Work Security Market Advantages:

• Solutions for remote work security shield confidential company information and intangible assets from unauthorised access, data breaches, and cyberattacks.
• Secure access to corporate networks, apps, and resources is available to remote workers, enhancing productivity and lowering security concerns.
• Endpoint protection is a component of remote work security solutions that guards against malware, ransomware, and other threats on gadgets like laptops and mobile devices.
• IAM solutions guard against unauthorised access by ensuring that only authorised users can access corporate systems and resources.
• By demanding several forms of authentication, MFA adds an extra layer of security and lowers the chance of unauthorised access even if login credentials are stolen.
• For distant employees to connect to company networks securely, virtual private networks (VPNs) build tunnels that encrypt data in transit.
• Employee education about cybersecurity best practises is a common component of remote work security solutions, lowering the chance of human
• EDR tools improve overall security by keeping an eye out for unusual activity on endpoints and quickly responding to attacks.
• Through the use of encrypted communication tools, remote work security solutions enable secure cooperation while safeguarding private communications and files.

Report Objectives

• To determine and forecast the global Remote Work Security Market by offering (solution and service), security type, remote work model, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors affecting market growth.
• To forecast the size of the market segments concerning five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Remote Work Security Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Remote Work Security Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Remote Work Security Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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