Global BYOD security market size is anticipated to exceed USD 25 billion, growing at a CAGR of over 25% from 2016 to 2023. Increasing adoption of these solutions owing to protect against security threats is expected to drive the industry growth over the forecast period.
Asia Pacific is predicted to experience substantial growth. This can be credited to surging foreign investments in emerging economies such as China, India, Singapore, and Indonesia, as well as high smartphones demand.
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North America is predicted to lead BYOD security market size and continue its dominance over the forecast period. Rapid development in security based technologies is likely to propel growth across the region. Increasing competition among industry participants to increase productivity and earn high revenue by focusing on employee comfort may fuel the industry over the coming years.
Implementation of these security systems helps in preserving an organization’s intellectual property by avoiding cyber attacks. It also facilitates employees in taking optimal advantage of working from convenient locations.
A larger number of business firms across the world are now promoting the application of these systems, thereby facilitating their employees to carry their own devices. It also facilitates employees in taking quick decisions and also allows to access real time data. In addition, it also aids in accessing critical data by deployment of effective security solutions.
Escalating demand for smartphones is anticipated to propel BYOD security market size growth. A large number of employees are likely to prefer and carry out work-related tasks such as accessing and sending emails on the go. This is predicted to ensure employee productivity independent of work location. Security risks involved are also high in case of theft or loss of device. Attributes such as light weight and compact size tablet phones is likely to lead the employees towards replacement of laptops with tablet phones for carrying out business tasks.
The data integrity risk arises from malicious hackers as well as from seemingly harmless software applications accessed by employees across the network. These software applications may access contacts lists, read SMS messages, transmit user data to advertisers, and even install packages on the phone.
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Start-up companies and midsized firms are predicted to be reluctant owing to high implementation cost involved. This in turn is predicted to impact BYOD security market share over the forecast period. Mobile data management, mobile data security, mobile ID management and mobile network security solutions are the types of available solutions.
Key participants with BYOD security market share are now increasingly investing in research and development in designing solutions in order to effectively tackle the rising number of security threats and also lessen their impact on the industry. For example, Fortinet Inc., recently detected 211G1 malware and also developed advanced techniques for blocking the same. Other important players in the industry encapsulate International Business Machines (IBM), Citrix Systems, VMware, Good Technology and MobileIron.
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