According to a new report by Allied Market Research titled, "Global Mobile Security Market - Solution, Types, OS, Trends, Opportunities, Growth and Forecast, 2013 - 2020", the global Mobile Security Market would reach $34.8 billion by 2020, registering a CAGR of 40.8% during 2014 - 2020. Bring Your Own Device is the latest trend adopted by most of the SMB (small and medium business) companies along with large organizations and is a major reason for the adoption of mobile security software. Smartphones are majorly adopted in Asia Pacific region and contributes largest revenue for the global market which is followed by European countries and Middle East and African countries. Analysis of the market shows that global mobile security market accounts for $3.4 billion in 2013.
Enterprises allowing BYOD expect the primary benefits to be improved-employee satisfaction, increase in productivity and better overall enterprise security. Enterprises are adopting BYOD as an opportunity to invest in the increasing productivity of their employees.
Mobile device platforms have become increasingly notable to hackers and cybercriminals as consumers do most of their transactions through their mobile devices. Individual users contribute to generate a notable revenue where mobile phones and tablets continues to play a critical role in consumer bank-switching decisions. As the customers experience from mobile banking improved and adoption improved, banks and financial institutions realize the need of offering secured financial transactions through mobile devices.
The Email security market suffers from both intense competition and bloated set of vendors. Enterprises have been throwing solutions at the problems raised by viruses, spam, internet security and policy. This results in the broad set of solutions located in many edges of their networks. Thus, antivirus scanning might be on an exchange server adopted by most of the enterprises.
The recent trend reflects the broader adoption of two-factor authentication and its implementation across a wide range of use cases. The challenge for the enterprises is often to maintain the balance between demand and necessities of the security, costs and making sure that the users are not overburdened with inconvenient security measures. According to Hewlett-Packard, IT security companies spend seven out of eight dollars on perimeter defenses.
Key findings of the study:
Currently antivirus software hold the largest percentage share as compared to the Email security.
Banking and Financial institutions would produce large revenue of mobile security market by 2020
Asia-Pacific region would generate highest revenue for Mobile Security market by 2020 amongst other regions growing with the highest CAGR
The emergence of Information and Telecommunication (IT) companies in the developing countries like India, and never ending demand for latest gadgets having advanced technology are the major reasons for the adoption of mobile security software. The Taiwan government noted an exponential growth in the region for the export of smartphones reaching $480 million in 2014.
