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Mobile security market to garner $22.1 bn globally by 2030

According to Allied Market Research recent report, the global mobile security industry was accounted for $3.3 billion in 2020, and is expected to reach $22.1 billion by 2030, growing at a CAGR of 21.1% from 2021 to 2030.

Major determinants of the market growth
Surge in online mobile payment and increase in security need from adoption of bring your own devices (BYOD) have boosted the growth of the global mobile security market. However, high cost of mobile security solution and complexity in designing embedded security solution hinder the market growth. On the contrary, growth in use of machine learning and artificial intelligence in phone security applications would open new opportunities in the future.

The android segment dominated the market
By operating system, the android segment held the largest share in 2020, accounting for more than half of the global mobile security market, as android is the most adaptive operating system because of the efficient working and application appearance in the smartphone and tablets market. However, the others segment is estimated to register the highest CAGR of 24.2% during the forecast period, as operating system offers security multitasking and supports specialized input devices.

The individuals segment to portray the highest CAGR through 2031
By end user, the individuals segment is projected to manifest the highest CAGR of 23.7% from 2021 to 2030, as the security solutions provided for individual use allow to restore data to any subsequent device, regardless of operating system. However, the enterprises segment held the largest share in 2020, accounting for more than four-fifths of the global mobile security market, as enterprise users demand security solutions that ensure the security of each document and data file whilst allowing users to remain productive and collaborative in much-secured way.

CT Bureau

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