Mobile Data Protection (MDP) Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3956
Mobile Data Protection Market size is slated to grow exponentially from 2021 to 2027 driven by the rising adoption across various organizations to enhance business efficiency and data security. Moreover, an escalation in BYOD trend is as well likely to enhance the business space.
MDP is a technology which employs data privacy guidelines by use of encryption on the primary storage structure of a terminal in different storage platforms like removable media, solid-state disks, and hard drives.
Rising cases of cyber thefts and increasing smart phones user base is further projected to escalate the demand for mobile data protection market. Nearly 5.27 billion people around the globe use mobile phones on daily basis.
One of the key components in mobile data protection solutions market is data loss prevention. The segment is poised to account for massive gains in the upcoming years owing to its ability to secure, control and ensure compliance with sensitive business information. DLP solutions often control data on both the endpoint and network level to make sure that the policies remain consistent across the company. Moreover, they are also being used to ensure proper protection of data and prevent leaks by internal sources. Various companies in the digital space are now turning to cybersecurity solutions providers to protect their devices from frauds and thefts. For instance, recently, Proofpoint Inc. was chosen as a certified Teams security and compliance partner by Microsoft Teams for data loss prevention.
Considering the enterprise size, the global mobile data protection market is expected to garner appreciable gains from large scale enterprises. These enterprises generally use on-premise data protection solutions to deal with high volumes of confidential business documents. Moreover, procuring third-party solutions make their networks prone to cyber attacks which is why they use mobile data protection solutions on a larger scale. Large scale organizations have been now following the trend of BYOD, which is as well accelerating the demand for mobile data protection.
The BFSI sector is projected to report tremendous gains across mobile data protection market mainly due to the rising prevalence of data breach in the banking and financing companies. Rising frequency of violation activities across the sector has prompted various organizations in the banking industry to implement well efficient mobile data protection solutions and services.
Regionally, North America is predicted to stand strong across the regional hierarchy of global mobile data protection industry mainly due to increasing cases of cybercrimes in the region. As per Security Magazine statistics, there are over 2,200 attacks each day in the United States. In fact, the FBI had reported that coronavirus pandemic outbreak resulted in a 300% increase in cybercrime rate. These surging cases have enunciated the need for proper mobile data protection solutions and services in the country.
Meanwhile, Asia Pacific mobile data protection market is also predicted to hold major prominence in the overall industry driven by securing various IT operations and products to avoid the chances of confidential data theft across various sectors.
Some of the well-known vendors in the global mobile data protection business space are Cisco Systems, Inc., Microsoft Corp., Check Point Software Technologies Ltd., Hewlett Packard Enterprises Company, Intel Corporation, Trend Micro, Inc., NortonLifeLock Inc. (formerly, Symantec Corporation), and Sophos Group plc.
These companies have been engaging in potential industrial strategies like acquisitions, mergers, product launches, facility expansion, and much more, to gain a competitive edge in the overall space.
Covid-19 analysis on mobile data protection market
The coronavirus pandemic outbreak has turned out to be a potential driver for mobile data protection industry owing to the fact that various businesses have pivoted from workspace to work from home and remote working, given the lockdown norms. This has indeed increased the risks of cybercrimes and thefts in devices.
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