Global mobile security market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Rising Need for Device Security Backed by Increasing Incidences of Cyber Attacks to Drive Growth of the Mobile Security Market
With rapid evolution of technology, use of portable devices has increased significantly since past few years. The adoption of devices such as laptops, smartphones and tablets for education, personal use and work purposes has been on an upswing. In addition, the pervasive Internet of Things (IoT) along with enterprise mobility is promoting mobile or remote connectivity infrastructure. During and post the COVID-19 pandemic, the trend of work from home has gained high traction owing to pandemic restrictions. However, this is being viewed by companies as a means to reduce overheads by introducing a permanent work from home culture or hybrid working culture. However, this comes with another challenge apropos to security concerns and issues, thus calling for advanced mobile security solutions. Issues regarding mobile malware and vulnerability of different mobile devices towards such attacks are expected to drive the mobile security market growth. Rising cyber attack incidences on the mobile infrastructure have become a major topic of concern for companies encouraging remote operations. In this backdrop, trending remote or mobile working coupled with increasing issues regarding security of devices continues to influence the growth of the mobile security market on the global front.
BYOD Trend to Augment the Growth of the Mobile Security Market
In a bid to promote corporate mobility, enterprises are encouraging Bring Your Own Device (BYOD) services for employees. The BYOD trend has enabled employees bring their personal devices such as tablets and laptops to workstations for carrying out daily work operations. In addition, BYOD provides connectivity for different mobile devices along with a secured network. The trend of BYOD has been gaining significance owing to increased employee productivity and satisfaction. On the contrary, data loss or leakage, unauthorized data access and malware attacks are few of the critical issues witnessed by companies while adopting BYOD. That said, the demand for enhanced data security and privacy and high network security is increasing in turn fuelling the adoption of security solutions. In this backdrop, the BYOD trend is expected to bolster the growth of the mobile security market.
High Demand for Network Security to Complement the Revenue Growth of the Mobile Security Market
The adoption of network security solution has been on an upswing since the past and is expected to maintain status quo in the years to follow. This can be attributed towards increasing cyber attacks across industries. Moreover, cyber criminals are targeting wireless networks including Wi-Fi and hotspots. The incidences of cyber attacks on wireless networks have been increasing since past years, in turn compelling companies to adopt network security solutions for their internal wireless infrastructure. In addition, the proliferation of cloud has also resulted in the demand for cloud security. Most of the small and medium scale companies adopt cloud platform to reduce their overheads. They operate using cloud infrastructure as it offers flexibility, scalability, convenience, and cost effectiveness. This factor has driven the demand for Integrated Security-as-a-Service (ISaaS). This covers access authority, mobile security, compliance management, and application security. Companies are more inclined towards deploying cloud based flexible security solutions. That said, rising popularity of cloud and network security is expected to fuel growth of the mobile security market.
Demand for High Security in BFSI to Bode Well for Mobile Security Market Growth
The demand for mobile security in the BFSI sector is expected to grow at a considerable rate in the forthcoming years. BFSI sector has been a hot target for cyber criminals and hackers that misuse technology to access key information such as debit and credit card details and other financial information. This scenario has triggered the use of advanced security solutions for internet and mobile banking in the sector, in turn paving potential avenues for the mobile security market. In addition, there is a high volume of data of individuals in banks and other financial institutions which makes them a huge gold mine for hackers. This has increased the importance of security in the sector, in turn bolstering the growth of the mobile security market worldwide.
North America to Cement Dominance in Mobile Security Market
North America region is poised to dominate the mobile security market. The revenue share of the region in the mobile security market is expected to increase significantly owing to momentous rise in the investments in the security solutions across enterprises. The region is a hotbed for technology companies, which has propelled the adoption of IT infrastructure security in the region. This factor remains instrumental in driving the growth of the mobile security market in North America. Furthermore, authorities in the region are focused on developing and introducing new standards that would fill the security gaps. For instance, in 2019, the United States Department of Homeland Security along with federal agencies such as Science and Technology Directorate and the Cybersecurity and Infrastructure Security Agency developed new security standards along with mobile security research and development programs to bridge the security gaps in the mobile network communication in companies. That said, the growth of the mobile security market remains optimistic and major players can expect potential opportunities going forward.
Mobile Security Market: Competitive Scenario
A few of the major players in the mobile security market include Intel Security, Apple Inc., Microsoft Corporation, Kaspersky Lab, Zimperium, Lookout Inc., VMware Inc., and IBM Corporation.
The Global Mobile Security Market is Segmented as Below:
By End Use Vertical
By Operating System
By End User
Key Elements Included In The Study: Global Mobile Security Market
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