The global Mobile Security Market size is expected to grow from USD 3.0 billion in 2019 to USD 7.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. The increasing adoption of Bring Your Own Devices (BYODs) among enterprises is one of the major drivers of the mobile security market growth.
Mobile application security segment to hold the largest market size during the forecast period
Mobile application security solutions are used to protect various applications running on mobile devices. As many new applications are being introduced on popular mobile application marketplaces, such as Google Play store for Android or App Store for iOS, people are using multiple applications for entertainment and utilities. Many of these mobile applications access the sensitive data, hence, the protection of the applications becomes an important task. Mobile application security ensures confidentiality of the data transferred between mobile applications while ensuring transparency and visibility in business processes. This involves the examination of the structure of the mobile applications and the study on how they exchange data in a cohesive manner, as well as identification of the key patches that can be easily exploited by hackers for financial gains. Mobile application security testing solutions make it possible to detect malicious or potentially risky actions in mobile applications, and the findings help businesses and their customers in securing the applications against various forms of cyberattacks.
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Among professional services, integration and implementation to grow at the highest CAGR during the forecast period
Professional services are segmented into three parts: training and consulting, integration and implementation, and support and maintenance. The implementation services provided by the mobile security vendors and managed services providers offer the SMEs and large enterprises to efficiently implement mobile identity management solutions, mobile data protection solutions, Mobile Device Management (MDM) solutions, mobile Virtual Private Network (VPN), and mobile application management within the organization. The vendors provide the Small and Medium Enterprises (SMEs) and large enterprises with cohesive services to integrate and firmly implement mobile security solutions within their existing infrastructure. The services provided by these providers include in-depth analysis of the existing infrastructure, layouts planning that suit the business requirement, building and deployment of customizable designs, and assistance by experts and trained professionals for enabling smooth installation of these mobile security solutions with minimum risks and threat exposures. These services additionally provide companies, pilot installation guidelines, and tests that enhance and streamline business values, and techniques to cost-efficiently deploy these services.
Major mobile security vendors include Microsoft (US), CrowdStrike (US), Symantec (US), Trend Micro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), VMware (US), IBM (US), ESET (Slovakia), BlackBerry (Canada), MobileIron (US), Samsung (South Korea), F-Secure (Finland), Check Point (Israel), Panda Security (Spain), Bitdefender (Romania), OneSpan (US), Quick Heal (India), Fortinet (US), Citrix Systems (US), Webroot (US), Keeper Security (US), Amtel (US), and Codeproof (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global mobile security market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them innovate their product offerings and broaden their customer base.
Microsoft offers Microsoft Endpoint Manager for the protection of mobile devices. Microsoft offers its mobile security solutions through an integrated management solution. This integrated platform is a combination of enterprise mobility and security capabilities. The platform helps protect and secure enterprises, thus providing the flexibility of working remotely using enterprise mobility management and BYOD security. The company caters to a wide range of industry verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and Information Technology (IT) and telecommunications. The company adopts a mix of organic and inorganic growth strategies to strengthen its market position. In November 2019, Microsoft launched the Endpoint Manager, which includes the capabilities of both Configuration Manager and Intune, along with additional Microsoft services and products. Endpoint Manager enables enterprises to manage a large number of devices used by their employees. In June 2017, Microsoft acquired Hexadite, a provider of automatic incident investigation and remediation solutions, to help organizations secure their businesses from cyberattacks.
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IBM operates through various business operation segments, such as services, financing, hardware, software, technology, and research, where the services segment contributes the maximum to improve the company’s customer performance with major focus on IT. IBM moved its developments from experimental-based to hybrid cloud-based Artificial Intelligence (AI)-driven applications that focus on digital reinvention. The company has a broad range of products that work on analytics, cloud, blockchain, Internet of Things (IoT), and Watson platforms. This wide product portfolio majorly focuses on improving product efficiency. In the mobile security market, IBM offers secure mobile solutions within its Unified Endpoint Management (UEM) solutions. These solutions include Mobile Device Management (MDM) and Enterprise Mobility Management (EMM), along with IBM Watson delivering AI-based, cloud-centric, and integrated mobile security platform. The company focuses on organic growth strategies for growth. In October 2018, IBM introduced a new cloud-based community platform for cybersecurity applications. IBM Security Connect is the industry’s first security cloud platform, built on AI-centric open-federated technologies to analyze data security across unconnected tools and environments. In August 2018, IBM launched X-Force Red Labs, a network of four secure facilities, dedicated for testing security devices and systems. These devices include Industrial IoT (IIoT) technologies, automotive equipment, and Automated Teller Machines (ATMs).
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