Global Mobile Security Market poised to reach USD 44,373.1 mn by 2028

As per Zion Market Research study, The Mobile Security Market was worth around USD 19, 284.1 million in 2021 and is estimated to grow to about USD 44,373.1 million by 2028, with a compound annual growth rate (CAGR) of approximately 14.9 percent over the forecast period. The report analyzes the Mobile Security Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Mobile Security Market.

Key finding:

• As per the analysis shared by our research analyst, the Mobile Security Market is expected to grow annually at a CAGR of around 14.9 % (2022-2028).
• Through the primary research, it was established that the Mobile Security Market was valued approximately USD 19,284.1 Million in 2021 and is projected to reach to roughly USD 44,373.1 Million by 2028.
• Asia Pacific is predicted to increase at the quickest rate throughout the projection period.
• The United States accounted for the greatest revenue share in North America and is predicted to maintain this position throughout the forecast period.

Mobile Security Market: Overview
The rising use of mobile devices like cellphones, laptops, and portable Universal Serial Bus (USB) memory sticks are raising network security concerns. This, along with the growing popularity of the Internet of Things (IoT) and the emerging Bring Your Own Device (BYOD) trend, is one of the primary causes driving up demand for mobile security solutions to limit access to important company data. In addition, mobile security also outperforming existing network security solutions in terms of remotely managing users and their devices and combating the growing threat of cyberattacks and data breaches. Moreover, mobile security is gaining preference with other network security solutions to manage users and their devices remotely and combat the growing threat of cyberattacks and data breaches. Aside from that, the growing popularity of smart electronic gadgets like netbooks and wearables is boosting the market growth. Furthermore, some firms are employing different biometric authentication methods in mobile devices, which is expected to accelerate market expansion, owing to the increased adoption of cloud computing and growing worries about the surface transmission of the coronavirus illness (COVID-19).

Mobile Security Market: Growth dynamics
Driver: The market is expected to be driven by rising demand for Bring Your Own Device (BYOD).
Demand for Bring Your Own Device (BYOD) is on the rise (BYOD) Enterprises are offering to bring your own device (BYOD) services to promote corporate mobility, which is expected to drive the market. Employees can bring their own mobile devices to work, such as laptops, smartphones, and tablets, under the BYOD policy. In addition, BYOD provides secure network connectivity for mobile devices. The key motivators for BYOD adoption are increased productivity and employee satisfaction. Unauthorized data access, data leakage/loss, and malware assaults, among other difficulties, are important concerns for businesses implementing BYOD. As a result of the increased demand for better and enhanced data privacy and security, as well as network security, mobile device security solutions are projected to gain traction. Moreover, businesses are focusing on the privacy and security of mobile devices as well as network infrastructure, which will fuel the growth of the mobile security market.

Restraints: Growth is hampered by a lack of awareness regarding cyber security and vulnerability.
Hundreds of millions of smartphone users use their phones or tablets to access a wide range of applications. Many users are ignorant of the source from which they download software, as well as the privacy regulations that apply to them. Many people use computers or mobile phones to access untrustworthy websites and download unsafe apps, making these devices more exposed to cyberattacks. The market’s growth is being stifled by a lack of understanding regarding mobile device dangers and security solutions.

Global Mobile Security Market: Segmentation
The Mobile Security Market is segregated based on Offerings, End-Use, Organization, and Industry Vertical.

By Offerings, the market is classified into Solutions and Services. Due to the increase in malware, trojans, and phishing assaults on mobile devices, the solutions sector had the largest market share over the predicted period. Individuals are also being influenced to embrace mobile security solutions by an increase in demand for mobile organization size security and device security to limit risks from third-party apps and data breaches. Over the projected period, the services segment is expected to be the fastest-growing. The need for an efficient remediation solution for data breaches, theft, and cyberattacks in personal mobility devices tied to organizational workspaces has prompted SMEs and major corporations to hire consultancy and maintenance services.

By End-Use, the market is classified into Individuals and Enterprises. With the largest market share in the forecast period, the Enterprises sector dominated the market and is expected to continue to do so throughout the projected period. The rise of BYOD and workplace mobility is encouraging businesses of all sizes to implement unified endpoint mobile security solutions to assist them to limit data threat exposure. Furthermore, the need to relieve IT administrators of the effort of administering organizational frameworks for portable data storage and data sharing has prompted enterprises to implement both cloud-based and traditional mobile security solutions.

By Organization, the market is classified into SMEs and Large Enterprises. In the forecast period, the large enterprise sector will have the largest market share. The threat of cyberattacks grows as cloud-based installations and digital services become more common in major companies. With the advent of mobile threats and phishing assaults, large businesses are investing in mobile security solutions to strengthen their defenses against attacks and thefts.

CT Bureau