According to a comprehensive research report by Market Research Future (MRFR), “BYOD Security Market, By Device Type (Smartphone, Tablet), By Software (Mobile Data Security, Mobile Device Security), By Security Solutions (Mobile Content Management, Mobile Identity Management), By End User (Large Enterprise, Small Medium Enterprises) - Forecast 2030” to cross a size of over USD 69 Billion to thrive at a healthy CAGR of approximately 37% during the assessment timeframe.
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BYOD Security Market Overview:
BYOD stands for "Bring Your Device". Nowadays, the employees wish to use their devices, such as PCs, Tablets, Smartphones, etc., at the workplace to complete their work. BYOD powerfully impacts the conventional security system of protecting the IT data to be kept inside the premises by obscuring meaning.
BYOD Security Market Competitive Analysis
The global martlet for BYOD security has prominent leaders such as:
- Fortinet Inc. (U.S.)
- International Business Machines (IBM) Corporation (U.S.)
- Symantec Corporation (U.S.)
- Citrix Systems, Inc. (U.S.)
- Hewlett Packard Enterprise (U.S.)
- VMware, Inc. (U.S.)
- Avaya Inc. (U.S.)
- Good Technology Corporation. (U.S.)
- Cisco Systems (U.S.)
- Mobileiron Inc. (U.S.)
Market USP Covered
BYOD Security Market Drivers
The global BYOD security market has recorded a massive rise in the growth rate in the last few years. The primary aspect supporting the market's growth is the growing adoption of smart devices such as tablets, laptops, and smartphones across the globe. The application helps in increasing efficiency and productivity among the people. The majority of the prominent market players use security technology for security reasons. Furthermore, the deployment of security systems in the leading enterprises is another crucial parameter supporting the growth of the BYOD security market.
In addition, the easy and convenient functionalities of the security solutions are anticipated to offer lucrative opportunities to the players across the global market over the assessment timeframe.
BYOD Security Market Restraints
On the other hand, several aspects may hamper the growth of the BYOD security market. The lack of awareness and high implementation costs among the users are the primary factors impeding the market's growth.
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BYOD Security Market Regional Analysis
The global market for BYOD security is studied across five major regions: Europe, North America, Asia-Pacific, Latin America, and the Middle East Africa.
As per the Market Research Future (MRFR) research report, the North American region is anticipated to account for the maximum revenue share across the BYOD security market over the assessment era. The regional market's growth is mainly credited to the high adoption of the BYOD concept by large small-scale enterprises across the region. The growing regional security concerns are another major parameter supporting the regional market's growth. In addition, the presence of several prominent players across the region is also projected to influence the regional market's growth over the coming years.
The BYOD security market for the Asia-Pacific region will grow rapidly over the forecasted timeframe. The regional market accounts for the second-largest share of the global BYOD security market. The rapid adoption of the technology for retaining employees in the organization is the major aspect boosting the regional market's growth.
BYOD Security Market Segment Analysis
The smartphone segment is anticipated to lead the global BYOD security market over the assessment era among all the devices. The convenience offered by these devices to work in their comfort is the primary aspect causing an upsurge in demand for the segment.
Out of all the security software, the mobile device management (MDM) segment is anticipated to account for the largest share across the global BYOD security market over the forecasted era. The segment's growth is attributed primarily to the growing use of smartphones, tablets, laptops, and IoT (Internet of Things) devices. MDM is security software that enables IT departments to apply policies to manage, monitor, and secure these end-user mobile devices. The increased obligation to secure the corporate network while allowing users to operate more effectively will offer a major incentive for the segmental growth.
Among all the end-use sectors, the large enterprise segment is anticipated to account for the highest revenue share across the global BYOD security market over the assessment timeframe. The segmental growth is accredited mainly to the higher intrusion of BYOD policies across these establishments to safeguard the enterprise and employee-owned devices' data. Furthermore, the growing number of cyber-attacks is another crucial parameter supporting the segment's growth. Moreover, the major presence of technologically advanced security solutions across major market leaders is also projected to catalyze the segment's growth over the forecasted era.
COVID-19 Impact
The global COVID-19 pandemic has had a severe impact on the majority of the market sectors across the globe. The covid 19 pandemics build several barriers to the growth of the market. Given the global pandemic, the market sectors worldwide faced several unexpected challenges in recent times. The imposition of partial or complete lockdowns across several regions has caused a major disruption of supply chain networks. The global health crisis affected public health and had a serious impact on the global economy. Almost all the market sectors have faced major financial losses in recent times. The BYOD security market is no different than others. Given the lack of employees, the global BYOD security market has faced major financial losses in recent years.
Furthermore, the factors such as lack of supply channels equipment and lack of production rate also affected the performance of the BYOD security market. The covid 19 pandemic has taught several industry sectors to deal with the barriers coming in the way of development. The players across the global market implemented several new policies and strategies to deal with the unexpected challenges thrown at them during the pandemic period.
With the fall in the number of cases across the globe, the global economy is getting back on track. Government bodies across the globe are taking initiatives to boost the demand for the BYOD security industry.
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