The global BYOD security market 2020 is estimated with a valuation of USD 69 Billion by the year 2023, according to the report found by Market Research Future. The report also states that the market is set to grow at a rate of ~37% during the assessment period.
Top Market Players
The foremost players in the global BYOD security market are listed as IBM, Hewlett Packard Enterprise, Symantec Corporation, Avaya Inc., Cisco Systems, Good Technology Corporation, Fortinet Inc., VMware Inc., Mobileiron Inc., and Citrix Systems Inc.
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Top Impacting Factors
BYOD is known by “Bring Your Own Device.” In current times, employees are accepting personal mobile gadgets such as smartphones, tablets, PCs at the workplace to complete work through efficiently. In the existing working environment, every company wants its employees to be more productive as well as healthier networks with the safety of corporate data. The usage of personal devices at the workplace can surge the productivity of the employees simultaneously raises the risk of data leaking. All these factors have made the market of BYOD security more valuable than previous years that could make growth possibilities higher in the forecast period.
The implementation of BYOD security systems aided in preserving an organization’s intellectual property by avoiding cyber attacks. It also facilitates employees in taking optimal advantage of working from convenient locations. This factor is also motivating the market growth for the assessment period. In fact, a more significant number of business firms, across the world, are also promoting the application of these systems, thereby facilitating the employees to carry their own devices. It also encourages the employees to make quick decisions and access real time data easily. Besides, it also aids in accessing relevant data by the deployment of effective security solutions. All these factors have profoundly contributed to the growth of the global BYOD security market.
Over these factors, more factors such as escalating demand for smartphones is anticipated to propel BYOD security market growth. A large number of employees are likely to prefer and carry out work-related tasks such as accessing and sending emails. This is predicted to ensure employee productivity independent of the work location. Security risks are also high in case of theft or loss of the device. Some attributes such as lightweight and compact size tablet phones are likely to lead the market on the path of replacement of laptops with tablet phones for carrying out business tasks.
Segmentation of Market: BYOD Security
BYOD security market, as per segmental analysis has included the segments of device, security solution, software, and end-user.
Among the device type segment, the global BYOD security market has included smartphones, tablets, and laptops. Out of which, smartphones and tablets are likely to be more and more critical for the global BYOD security market over the assessment period owing to its growing use by employees working remotely.
Among the software segment, the global BYOD security market has included mobile device security, mobile data security, and network security.
Among the security solution segment, the global BYOD security market has included mobile application management, mobile device management, mobile identity management, and mobile content management.
Among the end-user segment, the global BYOD security market has included large enterprises and small & midsized enterprises.
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North America is to be expected to lead the regional market for BYOD security over the assessment period owing to the expanding demand for BYOD policies in the region. Employers in the region are ever more adopting BYOD policies in order to save charge on workplace equipment and maintenance. The mounting development of advanced telecommunications systems in North America is also anticipated to be a key driver for the BYOD security market in the region, as this facilitates the easy adoption of BYOD policies in several countries. Several leading internet security market players are also based out of North America, leading to the smooth growth of the BYOD security market in North America over the assessment period.
In fact, the Europe region is also likely to retain a lead share in the global BYOD security market over the forecast period owing to the rising demand for BYOD working policies in the region.
The mounting corporate sector in the Asia Pacific region and the increasing availability of advanced telecommunications solutions to activate BYOD operations smoothly is to drive the Asia Pacific market for BYOD security solutions over the forecast period. Asia Pacific is also likely to exhibit the fastest growth in the global BYOD security market over the assessment period.
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