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Mobile Security Market to show exorbitant CAGR of 40.50% from 2016-2023
Posted On: Nov 2023
Today smartphones are the most trending segment in the consumer electronic goods market. The advent of smartphones has changed the definition of connectivity. Growing dependency on technology for better lifestyle and comfort coupled with increasing number of tech-savvy people have resulted in high demand for security solutions in order to protect personal and corporate data.
The major driver of the mobile security marketis the ever-growing demand for the smart devices such as smartphones, tablets, and PCs. With the increase in threat associated with such devices mobile security market is projected to spur the growth in the near future. Increased internet connectivity allows users to perform financial and banking transaction which enables a cybercriminal to target potential users. Thus, in order to protect data from such threats, vendors are offering various mobile security solutions such as integrated-mail and Anti-Virus. Small and Medium Businesses (SMBs) adopt the BYOD (Bring Your Own Device) policy which demands various security software to protect corporate data. Different enterprises such as financial institutions, retail, education, manufacturing, automotive, healthcare, and others use mobile security solutions to protect their data. Hence, accelerating the market growth of mobile security.
“Global Mobile Security Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2016 to 2023” available with Decisiondatabases.com foresees the global mobile security market market to reach an approximate 96.51 Bn USD by the close of 2023 at a 40.50% CAGR during the estimated period 2017–2023. In 2016, the market had reached a 8.93 bn USD.Owing to the increase in adoption of advanced payment technology in smartphones, organizations are developing the point-to-point encryption solutions to secure mobile payments. Ongoing financial transaction without getting through the sensitive data would lead to the adoption of the more advanced technology in the future. Moreover, the market for mobile security will grow on the account of rising trend of BYOD in the workplace.
In addition, the increasing need for mobile security is growing due to the development of more security solution to protect the digital content. The digital content present in the mobile devices such as music, films, and e-books are downloaded by the users. Such applications not only require a high level of security protection against unauthorized access but also require a high level of functionality to deliver quality features as expected by the users. Content security solution providers are working with content copyright holders, technology providers and device manufacturers for the better understanding of security needed. Advancement in technology solutions to protect DRM, trusted playback, user authentication and trusted link protection would raise the adoption of the security solution in future.
There are increased level of threats for smartphones users in accessing the internet from open or public Wi-Fi hotspot. VPN’s network builds a safe and encrypted connection over an internet. Over VPN network data travels through secure tunnels and VPN users must use authentication methods -- including passwords, tokens and other unique identification methods in order to ensure safety. Thus, advanced features provided by the solution providers along with VPN protection is anticipated to gain a wide adoption of security solution in the coming years.
Asian countries like China and India would be a prominent market owing to the rapidly growing population, increasing usage of smartphones along with the rising IT hubs such as such as Infosys, Accenture, Wipro, and Cognizant. Thus, this will automatically raise the demand for mobile security solution in the region.
With the continuous penetration of smartphones, tablets and other smart devices, security issues are expected to become more important, therefore this will keep creating room for the growth of mobile security market. However, lack of awareness regarding technology will act as a threat to the mobile security solution market.
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