Mobile Security Market Business Growth, Industry Trends, Financial Planning

Posted by Ketan Wagh on May 18th, 2021

Market Synopsis

As per the analysis by Market Research Future Reports (MRFR), the global worldwide mobile security market is estimated to grow from USD 10.50 billion in 2017 to USD 48.85 billion by 2023 at a CAGR of 29.55% during the review period.

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The essential factor booming the Mobile Security Market 2020 is the increasing concern of protecting data on enterprise mobile devices. The rise in the usage of mobile phones for banking and e-commerce has made it crucial for the deployment of security software in mobile devices. The need to adhere to security parameters and to increase the adoption of two-factor authentication are some other crucial factors bringing an impact on the growth of the market. The rising adoption of cloud-based technology is likely to propel the market during the review period. The increasing penetration of smartphones has motivated may regional, global, and local companies to develop mobile security software. The growing trend of Bring Your Own Device (BYOD) has propelled the market exponentially. However, increasing cyber-attacks is the biggest hurdle faced by the developers of security solutions. Moreover, pirated and free mobile security can be procured easily, which hampers the growth of the market.

COVID-19 Analysis 

The COVID-19 outbreak has posed a massive challenge for sectors and businesses worldwide, given the mass shutdowns of stores, offices and facilities. Information technology has been the intrinsic core for these businesses, with cloud systems, data centers, digital devices and departmental servers largely dependent on it. Post SARS-CoV-2, employees working from home are now even more dependent on IT technologies to remain connected and also secure the company’s data. Overnight, the digital infrastructure has witnessed a boom in its demand across the world.

In a matter of few months, the world has become even more digitized but vulnerable as well. Enterprises with employees working from a single physical location are now using Internet for remote communication. The lockdown period has seen employees using more of their smartphones and electronic devices to ensure smooth communication not only with each other but also with their customers. The novel coronavirus has not boosted the reliance of people on digital services to maintain social distance and ensure smooth running of the supply chain. In a way, the pandemic has been a blessing in disguise for the IT industry, and in turn the Mobile Security Market Trends, given the boost in the use of mobile devices for e-commerce and banking. This necessitated the use of the security software in various mobile devices. Moreover, the COVID-19 impact has been such that the cloud-based technologies are observing escalating demand, which can also work in favor of the mobile security software market.

Market Segmentation

The mobile security market is classified on the basis of end-user, operating system, solution, deployment, and region.

On the basis of end-user, the market is segregated into retail, individual users, and financial institutions.

On the operating system, the market is segregated into windows, iOS, android, blackberry, and others.

On the basis of the solution, the market is segregated into the firewall, multi-factor authentication, mobile data protection, data encryption, and mobile application management.

On the basis of deployment, the market is segregated into on-premises and cloud.

On the basis of region, the market is segregated into Europe, America, Asia-Pacific, and the Rest of the World (RoW).

Key Boosters and Primary Barriers 

The popularity of online mobile payment medium and the surge in security needs due to increasing use of smartphones, laptops and tablets can favor the mobile security market. The rising need to protect the video streaming content can also induce business growth in the following years. The rapid emergence of artificial intelligence as well as machine learning in mobile security could be an attractive opportunity for the worldwide market.

Over the years, the BYOD trend has gained high prevalence among companies, for more efficiency at the workplace. Employees are increasingly using the company’s network in work hours and outside the office premises as well. As a result, the need for better security of corporate and financial data at remote points has increased. Further, data loss occurs due to hackers targeting the video and audio files and payment details of the users. This situation boosts the demand for mobile security solutions among mobile users for data protection.

In June 2020, IBM released new toolkits to assist developers in deploring fully homomorphic encryption technology and build products incorporated with the technology. Since organizations have to endure long vetting processes to ensure protection of their valuable data, the FHE technology can help them tackle this issue. These toolkits are expected to be in great demand in sectors such as healthcare and finance. Major companies are working on widening their reach in the global market, by launching new and advanced products that can cater to the demand of their end-users. 

Regional Analysis

The geographical analysis of Europe, America, Asia-Pacific, and the Rest of the World (ROW) has been performed. North America is reigning the global worldwide mobile security market. The North American market acquires the maximum market share. The second position is attained by Europe since the developed countries like Germany, U.S, France, UK, and Canada are the quick adopters of innovative technologies. Moreover, the European region consists of significant, established mobile security software vendors and service providers. The Asia Pacific region is anticipated to be the fastest expanding region due to the establishment of consumer electronics manufacturers and I.T. hubs. Moreover, the increasing adoption of mobile security software by SMEs and enterprises in the APAC region is an additional essential factor in expanding the market. The MEA and Latin American markets are anticipated to exhibit significant growth during the review period.

Key Players

 The forefront players of the global worldwide mobile security market are Honeywell International Inc. (U.S.), IBM Corporation (U.S.), ABB Ltd (Switzerland), Schneider Electric (France), Cisco Systems, Dell In, Rockwell Automation (U.S.), Bayshore Networks (U.S.), Symantec Corporation (U.S.), Kaspersky Labs (Russia), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Google Inc. (U.S.), AVG Technologies (Netherlands), Kaspersky Lab (Russia), Intel security group (U.S.), Apple Inc. (U.S.), Verizon Communication Inc. (U.S.), AT&T Inc. (U.S.), and a few more.

Industry News

Apple iPads and iPhones are vulnerable to hacking through the mail app because of a flaw in its email software. As per the study, two vulnerabilities were found in the mail app, which would have allowed the hackers to steal data for years. The issue came into notice while a cyber-attack was being investigated.

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