PUBLISHER: Allied Market Research | PRODUCT CODE: 1566897
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566897
Remote Working Software Market
The remote working software market was valued at $22.5 billion in 2023 and is projected to reach $42.7 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.
Remote working software comprises of the tools necessary to maintain communication among employees in a remote work setting. The different functions performed by such software include communication, project regulation, data sharing & storage, and time management. Remote working software preserves the privacy of firms and businesses by ensuring the encryption of stored data and multi-factor authentication.
The remote working software market has been driven substantially post the COVID-19 pandemic due to increase in the trend of remote work, upsurging the adoption of the software in various firms. In addition, the software is witnessing a surge in demand as it offers excellent productivity tracking solutions by facilitating task management and effective communication. The assimilation of augmented reality (AR) and virtual reality (VR) into the software is poised to be a prominent trend in the future. These technologies are expected to revolutionize the working experience for remote employees by replicating the office space and environment in the virtual landscape.
However, most of the working spaces and individuals are accustomed to the traditional working environments, presenting challenges for the expansion of the interactive remote working software. Furthermore, performing the entire work on the software occasionally disrupts productivity in case of technical glitches or connectivity issues, hence hampering the growth of the market. Contrarily, the consistently increasing inclination of individuals toward remote working is anticipated to present lucrative opportunities for the expansion of the remote working software market. According to the remote work statistics by Forbes, around 60 to 90 million workers in India are expected to be working remotely by 2025, which approximates to 10.12% to 15.17% of the entire workforce of India.
Segment Review
The remote working software market is segmented into component, deployment mode, type, enterprise size, end user, and region. On the basis of component, the market is bifurcated into solution and services. Depending on deployment mode, it is divided into on-premise and cloud. As per type, it is classified into time & attendance software, communication & collaboration software, measuring & monitoring productivity software, project management software, and others. By enterprise size, it is bifurcated into large enterprises and small & medium enterprises. According to end user, it is categorized into BFSI, healthcare, IT & telecom, government, manufacturing, education, others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of component, the services segment is projected to attain the highest CAGR from 2024 to 2032.
Depending on deployment mode, the cloud segment is expected to dominate the market during the forecast period.
As per type, the measuring & monitoring productivity software segment is anticipated to be the largest shareholder during the forecast period.
By enterprise size, the small & medium enterprises segment is predicted to acquire a high stake in the market by 2032.
According to end user, the IT & telecom is expected to hold a high share of the market during the forecast period.
Region wise, Asia-Pacific is projected to be the highest revenue generator by 2032.
Competition Analysis
The leading players operating in the global remote working software market include Microsoft Corporation, IBM Corporation, Slack Technologies, LLC, ClickMeeting Sp. z o.o., Alludo, TeamViewer GmbH, eramind Inc, Veriato Inc, Workpuls, Inc, and Birch Grove Software, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market
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