Mobile Security Market Sales Revenue, Comprehensive Plans, Growth Potential & Forecast 2020 – 2027
Boom in Digitization
Following COVID-19 Outbreak to Benefit Mobile Security Market
Mobile Security
Market Progresses as Online Mobile Payment Gains Traction
Market Overview
Market Research Future (MRFR) confirms that the
mobile security market 2020 can gain a remarkable valuation of USD 48.85
billion by 2023. The market can also note robust advancement at a rate of
29.55% from 2018 to 2023 (evaluation period). We will provide COVID-19 impact
analysis with the report, with a detailed assessment of the market post the
coronavirus disease outbreak.
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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, 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.
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.
Market Segmentation
Mobile App Security Market has been considered for
solution, deployment, operating system along with end-user.
The key solutions covered in the study are data
encryption, multi-factor authentication, mobile data protection, firewall and
mobile application management.
The deployment-based categories are cloud as well
as on-premises.
Operating systems described in the research include
windows, android, iOS, blackberry, and others.
The primary end-users in the mobile device security
market are financial institutions, individual users, government, manufacturing
education, retail, automotive, telecom and IT, and more.
Regional Insight
Mobile Security Market Size has been evaluated by
MRFR, while taking into account the key regions of Europe, North America,
APAC/Asia Pacific and RoW/the rest of the world. it is anticipated that the
North America could attain the leading spot, with Europe emerging as the
second-most profitable market.
North America’s lead in the mobile security market
will be on shouldered by countries like the US and Canada, where adoption of
the latest technologies is quite common. The region holds some of the most
renowned mobile security software and service providers, which adds to the
strength of the market. The prevalence of various government initiatives
pertaining to cyber security across government agencies and federal departments
also enhances the market position in the region.
The fastest emerging market belongs to APAC, thanks
to the mounting uptake of mobile security software and solutions among
enterprises and SMEs in India, China, Singapore and Japan. The expansive IT
sector along with the huge number of consumer electronics manufacturers present
here also fuels the market expansion. Interestingly, the Middle East &
African and Latin American markets can exhibit substantial growth in the coming
years, given the rising importance of digitization among companies and the
increasing prominence of the BYOD trend.
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