The practice of BYOD has enhanced work-life flexibility. As BYOD applications penetrated deep in work culture, the risk for data breach surges. The rise in need for BYOD security lies therein. Market Research Future (MRFR) states that due to such factors the growth of the global BYOD security market is expected to strike a CAGR of 37% over the forecast period (2017-2023) and scale to a valuation of USD 69 billion by 2023.
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The surge in need for protection of an organization’s data and growing demand for safeguarding data encryption due to rise in use of BYOD are factors that are expected to promote the growth of the global BYOD security market. With BYOD security solutions, an organization’s data can be erased from a former employee’s device, remotely. This advantage is likely to gain traction for the global BYOD security market.
Other factors such as robust expansion of IT and telecommunication sector, increase in use of laptops, PC, and tablets, and rise in cognizance about BYOD security solutions are causes that are likely to encourage the market growth. In addition, fast-paced industrialization supporting the emergence of start-ups are also likely to favor the global market of BYOD security.
MRFR listed major player of the BYOD security market. They are; International Business Machines (IBM) Corporation (U.S.), Citrix Systems, Inc. (U.S.), Mobileiron Inc. (U.S.), VMware, Inc. (U.S.), Fortinet Inc. (U.S.), Good Technology Corporation. (U.S.), Cisco Systems (U.S.), Avaya Inc. (U.S.), Symantec Corporation (U.S.), Hewlett Packard Enterprise (U.S.), and others. Both bonds and competition among key players, across the world, are expected to drive the BYOD security market growth,
The BYOD security market has been segmented based on security solution, device type, software, and end user. By device type, the global market has been segmented into Smartphone, Laptop, and Tablet. By software, the market has been segmented into mobile device security, network security, and mobile data security. By solutions, the market has been segmented into mobile identity management, mobile device management, mobile content management, and mobile application management. By end-user, the market has been segmented into Large Enterprise and Small & Medium Enterprises.
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By region, the BYOD security market analysis covers Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America is likely to lead in the global market for BYOD security across the review period. The growth of the regional market is due to an increase in demand for BYOD policies. Where enterprise are extensively practicing BYOD to cut-down work space expense, alongside, they are heavily deploying BYOD security solution. The expansion of the North America market is can be attributed to the one-time investment in ensuring the company’s security. Moreover, continuous technical upgradations and their early adoption in the North American region is likely to promote the market growth in the foreseeable future.
Robust expansion of the telecom industry, residence of high-tech and rich-cash companies, existence of renowned internet security providers, and surge in the adoption of BYOD security solution across various companies are factors that are expected to underpin the growth of the Europe BYOD security market. The BYOD security market in Europe is expected to register a high growth rate over the forecast period.
Fast growing corporate sector, high availability of advanced IT and telecommunications solutions and services, and surge in BYOD practices are factors that are likely to escalate the BYOD security solution market in the Asia Pacific region. MRFR reveals that, in the coming years, the APAC market is likely to register the highest growth.
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