Adoption of BYOD trends & technological advancements in Mobile security solution to boost the market
Mobile Security Market to gain traction across regions driven by efficient cybersecurity measures by organizations and emerging BYOD policy
Growth of the mobile security market
Mobile devices are becoming ubiquitous across the globe driven by unprecedented developments in storage, performance and convenience. As adoption of mobile devices grown at a rapid pace, either for business applications and personal use, this has led to concomitant rise in the number of threats that has plagued the use of these devices. Mobile security software solutions is a fast emerging segment for smartphones and tablets, offering a better and integrated solutions to keep the fraudsters at bay. The era of BYOD gaining prominence across enterprises, companies are witnessed struggling hard to address all the current and future vulnerabilities to keep the employers data safe. Different financial institutions, government agencies and SMB enterprises are increasingly adopting BYOD policies to demand more secured solutions to protect their corporate data as well as without affecting the personal data of employees. These factors have fostered the growth of the market across various regions.
Mobile devices, mainly smartphones and tablets have become next generation wallet offering users ultimate convenience in conducting banking, shopping and entertainment. Compared to computers, the security solutions for smartphones and tablets have not grown at the same pace and the market is still to reach its full potential. Federal Financial Institutions Examination Council, a formal U.S. government interagency body, has recently issued guidelines on using multi-factor authentication to all financial institutions for customers using electronic banking and numerous other payment activities, including mobile banking. The authentication is highly secure as it uses a combination of information that the user knows (for example a password), something that the user possesses (for example mobile number) or something that can be altered (biometrics). Banks and financial institutions are proactive in trying to prevent fraudsters against invading the security without diluting the consumer experience, by implementing high-end mobile security services.
Growth opportunities in the market
Another prominent factor boosting the mobile security market is the adoption of BYOD policy and VPN protection across organizations, which has increased the potential risk of data thefts. As per an estimate, worldwide there are 7.22 billion mobile devices which will grow to over 21 billion connected devices by 2020. The growing rate of web-connected devices and their usage for data sharing-both personal and enterprise– has made the concerns more sharp for the users of these mobile devices. In case of BYOD, organizations are seen lacking a well-developed and proactive security policy in place to address the concern of confidential data breach. Organizations in essence need large cybersecurity overhauls to manage the enterprise data in case of implementing a coherent and effective BYOD policy which in turn has boosted employee productivity. The mobile application management trend would increase with expanding applications made available by the IT developers. The factors driving the application security solutions are increases dependence on applications and the high frequency and length of device usage.
The growth opportunities are immense. As per a recent report by Allied Market Research titled “World Mobile Security Market - Opportunities and Forecasts, 2014 – 2020”, the global market would reach $34.8 billion by 2020, growing at a CAGR of 40.8% during 2014 – 2020 forecast period. BYOD is the latest trend adopted by companies mostly most of the SMB (small and medium business) that is a prime factor boosting the adoption rate of mobile security software. Owing to rapid adoption of smartphones in Asia Pacific region contributes largest revenue for the global market, followed by Europe and Middle East and Africa.