Mobile security software market to hit USD 42.13 billion by 2030

According to a comprehensive research report by Market Research Future (MRFR), “Mobile Security Software Market” information by Type and Region – Forecast to 2030” market size to reach USD 42.13 billion, growing at a compound annual growth rate of 14.58% by 2030.

Market Scope:
The rising implementation of EMM (enterprise mobility management) and MTM (mobile threat management) will offer robust opportunities for the mobile security software market over the forecast period. The use of EMM (enterprise mobility management) and MTM (mobile threat management) solutions is becoming more widespread. The majority of businesses are moving toward workplace mobility, which allows employees to operate across different devices and applications. Employees can work from anywhere utilizing portable/mobile devices like cellphones, laptops, or tablets, thanks to enterprise mobility. Enterprise mobility is assisting businesses in lowering costs, streamlining operations, and improving employee customer happiness. Organizations supported enterprise mobility during the COVID-19 epidemic.

Market drivers
Increase in cyber-attacks to boost market growth
The rising frequency of cyber-attacks has been cited as a primary element driving market expansion. Cyber-attacks are growing more complex and advanced. Hackers are coming up with novel ways always to steal information and cause havoc for both organizations and individuals. Furthermore, the rising usage of social media indeed has boosted the amount of cyber-attacks globally. End-users in the market are using mobile security software as a result of these security concerns, which is fueling growth.

Availability of free mobile security software to act as market restraint
The availability of free mobile security software may act as a market restraint over the forecast period.

Lack of awareness regarding cyber security & vulnerability to act as market challenge
Hundreds of millions of smartphone users use their phones or tablets to access a wide range of applications. Many users are ignorant of the actual 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 cyber-attacks. The market’s growth is getting stifled by a lack of understanding regarding mobile device dangers and security solutions.

Segmentation of market covered in the research:
The global mobile security software market is bifurcated based on type.

By type, the global mobile security software market is segmented into mobile virtual private networks, email spam blocking, mobile security as a service, mobile device security, mobile identity management, and mobile data security.

Regional analysis
North America to head mobile security software market
With a market size of about USD 4.935.7 million, North America had the biggest market share of 34.64 percent in 2018. During the evaluation period, North America was projected to be the biggest market in 2019 having a valuation of 34.64% for mobile security software. The growing trend of BYOD in enterprises, as well as the growing number of mobile personnel in the area is driving the need for mobile security software solutions. Furthermore, the increasing frequency of cyber-attacks has resulted in a slew of security worries, prompting businesses to seek for robust ways to combat the expanding number of cyber-threats. The area currently accounts for 40% of the worldwide market.

The rapid adoption of new technologies by enterprises in the United States and Canada is propelling the market in North America forward. In addition, both regional and foreign suppliers are expanding their commercial operations, which are helping to increase the regional market. Malware & cyber-attacks are on the rise in the United States, prompting businesses to invest in advanced protection technologies. By implementing enterprise mobility & mobile security solutions, the United States is predicted to lead this mobile security market share in North America. Because of the increasing number of attacks especially on the healthcare industry, security measures were deployed across North America. The chief revenue contributor to the global mobile security industry is North America. The mobile security business is undergoing substantial changes in the region. The significant adoption of this technology in North America can be linked to government measures to improve & maintain cyber-security across every federal department and agency. In the United States and Canada, this would spur the use of mobile security solutions. The vast IT industry base as well as the increased mobile app developers in this region is two important drivers driving market expansion in this region.

APAC to have favorable growth in mobile security software market
The APAC region will have favorable growth in the mobile security software market over the forecast period. Because of the IT sector’s development, Asia Pacific (APAC) is predicted to have a high CAGR in the next years. The surge in cyber-attacks in China’s technical sector is expected to drive up the need for wireless security services across the country. Furthermore, the mobile security software market is likely to be driven by severe government data security requirements in Asian countries like Japan, China, and the Philippines. Due to the increased adoption of mobile security applications in Asia-Pacific, which is influencing players in investing in app development for catering to the personal & business needs of customers in Asia-developing Pacific’s countries, the region is expected to grow at the fastest rate during the forecast period.

CT Bureau