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 2027
Market Overview
The global BYOD (bring your own device) security market is expected to exhibit a strong 37% CAGR between 2020 and 2027, rising to a valuation of USD 69 Billion by 2027, according to the latest research report from Market Research Future (MRFR).
BYOD has become a key trend in the modern workplace due to the rapid development of communications technology allowing workers to do their tasks in a remote location and hand in the work to their superiors through connectivity tools such as email or Dropbox. However, the growing demand for bring your own device policies has also raised the specter of BYOD security. While the benefits of BYOD policies for organizations are clear to see, many organizations lack the insight necessary to identify the security risks posed by the use of remote working policies. As any new user is connected to the common company network from his or her own device, they become a security liability, as their own device may contain links to other, harmful sites and expose the company software architecture to large-scale security breaches.
This is likely to be the major driver for the global BYOD security market over the forecast period, as companies are likely to seek effective measures for protection of their proprietary data from online attackers.
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Competitive Analysis:
Leading players in the global BYOD security market include Symantec Corporation, Hewlett Packard Enterprise, Cisco Systems, Avaya Inc., Fortinet Inc., Good Technology Corporation, Mobileiron Inc., VMware Inc., IBM, and Citrix Systems Inc.
A new research from Bitglass revealed in May 2019 that while 74% of the survey’s respondents said their company allows employees to work from personal devices, about 47% said their company didn’t have a clear BYOD security policy or didn’t have a BYOD security policy at all. This demonstrates the need for greater awareness about the perils of BYOD overuse, as companies stand to lose significant money and data due to breaches in BYOD security. Increasing efforts from key developers of BYOD security systems to educate enterprises about the risk of BYOD policies could prove crucial for the sustained growth of the global BYOD security market over the forecast period.
Segmentation:
The global BYOD security market is segmented on the basis of device type, software, security solution, end user, and region.
By device type, the global BYOD security market is segmented into smartphones, tablets, and laptops. Smartphones and tablets are likely to be increasingly important for the global BYOD security market over the forecast period due to their growing use by employees working remotely.
By software, the global BYOD security market is segmented into mobile data security, mobile device security, and network security.
By security solution, the global BYOD security market is segmented into mobile device management, mobile application management, mobile content management, and mobile identity management.
By end user, the global BYOD security market is segmented into large enterprises and small & midsized enterprises.
Regional Analysis:
North America is likely to be the dominant regional market for BYOD security over the forecast period due to the growing demand for BYOD policies in the region. Employers in the region are increasingly adopting BYOD policies in order to save expenses on workplace equipment and maintenance. The increasing development of advanced telecommunications systems in North America is also likely to be a key driver for the BYOD security market in the region, as this facilitates easy adoption of BYOD policies. Several leading internet security market players are also situated in North America, leading to smooth growth of the BYOD security market in North America over the forecast period.
Europe is also likely to retain a dominant share in the global BYOD security market over the forecast period due to the growing demand for BYOD working policies in the region.
The growing corporate sector in Asia Pacific and the increasing availability of advanced telecommunications solutions to operate BYOD operations smoothly are likely to drive the Asia Pacific market for BYOD security solutions over the forecast period. Asia Pacific is likely to exhibit the fastest growth in the global BYOD security market over the forecast period.
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