BYOD Security Market size is set to experience exponential growth from 2021 to 2027 owing to the increasing requirement to reduce hardware costs and offer optimum protection against security threats. The growing obligation of remote management for business purposes has bolstered the popularity of BYOD (bring your own device) across varied industry verticals. Moreover, the rising usage of smartphones and tablets along with the higher adoption of BYOD policies will be other substantial contributors to the overall industry expansion.
BYOD assists employees that make use of personal devices to connect to organizational networks in a bid to access work-related systems as well as potentially sensitive data.
With respect to device type, the BYOD security market is bifurcated into laptops, smartphones, and tablets. Among these, the product demand from smartphones is slated to grow driven by the rising number of working professionals and the mounting need for employee convenience. The increasing adoption of mobile devices is another important driver for the market expansion. According to estimates, the total number of smartphone users across the world reached over 3.8 billion in 2021.
On the basis of security software, the BYOD security industry size from the Mobile Device Management (MDM) segment could expand at a prominent rate due to the increasing usage of smartphones, tablets, laptops, and IoT (Internet of Things) devices. MDM is primarily a security software that allows IT departments to apply policies to secure, monitor, and manage these end-user mobile devices. Rising obligation to secure the corporate network whilst enabling users to work more efficiently will provide a major impetus to the segmental growth.
Based on end-use, the BYOD security market demand in large enterprises is expected to register significant gains. This is mainly ascribing to the higher incursion of BYOD policies across these establishments to protect the employee-owned devices and the enterprise data. The rising number of cyber-attacks and the prominent presence of technologically advanced security solutions in large companies will add positive momentum to BYOD security demand spurt.
In terms of regional landscape, North America is anticipated to capture a significant share in the BYOD security industry owing to the higher number of internal threats and thriving security concerns. The emergence of various cutting-edge security-based technologies and the robust presence of market participants in the region are likely to complement the regional market growth.
The BYOD security market penetration in Asia Pacific will see remarkable proceeds through 2027 with the flourishing IT sector and the expanding tech-savvy population. The increasing foreign investments in the region is another impact rendering factor for the industry progression.
IBM, Good Technology (BlackBerry Limited, Visto, BlackBerry Corporation), VMware (Dell Technologies), Citrix Systems, MobileIron, and Fortinet are some major players in the BYOD security market.
These technological entities are placing targeted efforts on inorganic and partnership-oriented strategies, such as investments, acquisitions and partnerships, and mergers to enhance their global footprint and product portfolio.
For instance, in September 2020, Ivanti, a major IT software company, inked an acquisition deal worth $872 million with MobileIron, a leading provider of BYOD security to enhance its mobile as well as endpoint security capabilities.
In another instance, in December 2019, Vodafone Idea Ltd. (VIL)-owned Vodafone Idea Business Services (VIBS), introduced the Vodafone Secure Device Manager (VSDM), deployed with IBM Security MaaS360, and UEM (Unified End-point Management) in line with the rising trend of BYOD.
Apart from disrupting the global economic condition, the present COVID-19 crisis impacted several industries worldwide with the enforcement of lockdown and quarantine policies. However, the increasing application of BYOD by companies amidst the outbreak for effective data access in remote working has massively favored the market proliferation. As the employees are employing their own devices, the adoption of BYOD is granting them improved communication with colleagues, increased productivity, as well as enhanced customer service.