Cybersecurity demand spurs $51.7Bn remote work security growth

DUBLIN, IRELAND — The market for remote work security solutions is forecast to surge from $51.7 billion in 2023 to $136 billion by 2028, representing a compound annual growth rate (CAGR) of 21.3%.

According to a report by ResearchAndMarkets.com, this rapid expansion is attributed to the rise in cybersecurity threats as remote work becomes more prevalent globally.

Cybercriminals exploit vulnerabilities in remote setups through ransomware, data breaches, and phishing schemes, often targeting remote workers’ less secure home networks. 

Successful attacks can lead to reputation damage, regulatory fines for victimized companies, and severe financial losses, which could cost $1 million more for companies with a remote work setup. 

Consequently, organizations face increasing pressure to invest in advanced security solutions that can identify, prevent and respond to evolving cyber threats.

IT and IT-enabled service (ITeS) companies handling sensitive client data are especially attractive targets for cybercriminals. Maintaining client and partner trust demands stringent remote work security protocols for access, privacy and monitoring. Compliance with industry regulations is also critical.

The report predicts managed service providers (MSPs) will see the fastest remote work security market growth by offering expertise in safeguarding dispersed workforces and digital assets.

Significant expansion is also expected in Asia Pacific, led by technological advancements and regulatory frameworks in major economies.

Despite the market’s robust trajectory, challenges such as the diverse range of remote work devices, a reluctance to adopt new security solutions, and the rise in data breach tactics persist. 

However, the growing cloud computing sector and the rising need for mobile security and IoT applications offer promising prospects for the industry’s future.