February 24, 2024

The Remote Access Solution Market is expected to be Flourished by Increased Adoption of BYOD Policy

Remote access solutions allow users to access devices and networks remotely. They offer secured connections to servers, applications, and workstations through web-based portals, virtual private networks (VPNs), and terminal services. Enterprises use remote access solutions to allow employees, vendors, and partners to securely access corporate applications and data from any location using laptops, tablets, or smartphones. This gives flexibility to employees and reduces operational costs for organizations by reducing the need for desktop infrastructure and hardware at physical work locations. Devices such as desktops and servers can be hosted at centralized data centers instead of at each branch location.

The global remote access solution market is estimated to be valued at US$ 24.09 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Bring your own device (BYOD) policy allows employees to use their personal devices such as smartphones and laptops to access corporate applications and data. This offers flexibility to employees and reduces costs related to device procurement for organizations. According to Coherent Market Insights, around 63% of organizations implemented a formal BYOD policy in 2021. Remote access solutions ensure that these personal devices meet the minimum security requirements set by IT departments before granting access to business-critical systems and information. Thus, rise in BYOD is increasing the demand for remote access solutions among organizations.

Another factor fueling the remote access solution market growth is the rise in cyber-attacks on networks and endpoints. As more devices and systems get connected remotely, the risk of security breaches also increases. Remote access solutions offer features such as multi-factor authentication, encryption of transferred data, endpoint compliance checks, and network access controls that enhance security. They prevent unauthorized access to corporate resources by rogue devices and applications. The growing need for enhanced security amid increasing sophisticated cyber threats is thus driving adoption of remote access solutions among enterprises.

Segment Analysis
Remote Access Solution Market can be segmented based on component, access technique, application, end user and region. Based on component, the market is segmented into software, services. Software segment is the leading segment in this market on account of high adoption of remote access software across various industry verticals. Services segment is expected to witness highest growth during the forecast period.

Based on access technique, the market is classified into IP-based remote access, secure shell (SSH), virtual private network (VPN). Among these, IP-based remote access segment captures the largest market share owing to its easy access from anywhere without internet requirement. VPN segment is poised to grow at the fastest pace in coming years due to rising VPN adoption for secured remote access.

PEST Analysis
Political: Remote working regulations in many countries favours growth of remote access solution market. Some countries made work from home mandatory during pandemic which boosted adoption.
Economic: Cost saving associated with remote working as no office infrastructure required drives enterprises to adopt remote access solutions. Reduced operational cost positively impacts market growth.
Social: Changing work culture and increased preference for flexible working schedules augments demand.Also, pandemic led to social distancing norms making remote working a necessity.
Technological: Advancements in cloud, mobility and network infrastructure enable secure remote connectivity. Improved connectivity options like 5G will further propel market growth by enhancing remote access experience.

Key Takeaways
The Global Remote Access Solution Market Size is expected to witness high growth over the forecast period. Region-wise, North America captured the largest share in the global market due to rising adoption of advanced technologies and remote working culture among organizations. Europe is positioned as the second largest market for remote access solution driven by increasing number of companies implementing work from home policies since COVID-19 outbreak.

Regional analysis – Asia Pacific region is anticipated to witness fastest growth during forthcoming years. Rapid digitization and infrastructure development in APAC countries such as China and India is favoring market growth. Further, growing remote work acceptance among enterprises post pandemic is driving remote access solution adoption across APAC region.

Key players operating in the remote access solution market are Gilead Sciences, ViiV Healthcare, Merck & Co., Inc., GlaxoSmithKline PLC, Bristol-Myers Squibb Company, Johnson & Johnson, AbbVie Inc., Janssen, Pharmaceuticals, Inc., Theratechnologies Inc., Shionogi & Co., Ltd. Key players are focusing on new product launches and strategic collaborations to expand their market share. For instance, Janssen and ViiV Healthcare recently announced development of long-acting injectable HIV treatment.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it