The Global Mobile Security Market Estimated to Acquire $8444.99 Million in Revenue by 2028

According to Triton's report, the global mobile security market, which gained $3510.48 million in 2020, is probable to witness growth at 14.35% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Mobile Security Market’ comprises the Global Analysis and Forecasts by End-user (Individual, Enterprises), Organization Size (SMEs, Large Enterprises), Enterprise Solution Type (Authentication, Mobile Data Protection, Mobile Application Management, Others), Industrial Vertical (IT & Telecom, Retail & E-commerce, Government & Defense, BFSI, Healthcare, Others), Operating System (iOS, Android, Others), and by Geography (Latin America, North America, Middle East and Africa, Asia-Pacific, Europe).

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Triton’s report insinuates the global mobile security market to advance at a CAGR of 14.35% during the assessed years 2021-2028. It is further projected to showcase revenue worth $8444.99 million by 2028.

Mobile security solutions help safeguard smart devices from identity theft, malware, viruses, unlawful access, and other data breaches. Moreover, these security solutions help in blocking unwanted calls and messages, and removes applications that pose a threat to users’ privacy.

Factors such as the increasing number of mobile payments, rising need for security due to BYOD adoption in workplaces, and growth in the need to provide security to video content, are majorly motivating the expansion of the mobile security market globally. For instance, several network providers face the challenge of providing content security in all devices. Here, prominent market players are offering solutions for protecting the digital data of users.

However, enterprises are facing multiple challenges in managing employee and company-owned mobile devices. Providing mobile security solutions to personal and company devices results in high spending for the company. Hence, the elevated cost of mobile security solutions is one of the significant factors limiting the evolution of the market.

The mobile security market is segmented into end-user, organization size, enterprise solution type, industrial vertical, and operating system. In terms of end-user, the market is bifurcated into individual and enterprises. Similarly, organization size is divided into SMEs and large enterprises. The enterprise solution type is segmented into authentication, mobile data protection, mobile application management, and others. Based on the industrial vertical, the market is divided into IT & telecom, retail & e-commerce, government & defense, BFSI, healthcare, and others. Lastly, operating system is sectioned into iOS, Android, and others.

Geographically, Asia-Pacific is likely to become the fastest-evolving in the mobile security market during the forecast period 2021-2028. In India, there is a rapid growth in the adoption of smartphones to accomplish several tasks, such as banking, online bill payments, and micro-financing. This use of smartphones for professional and personal usage has led to a rise in cybercrimes, influencing the demand for mobile security solutions across the country.

Similarly, the majority of the population are adopting smartphones, further becoming active internet users in South Korea. Moreover, as per a study by the Bank of Korea, mobile payments are gaining significant traction in the country. Hence, the growing use of smartphones for mobile payments enhances the demand for mobile security solutions, thereby propelling the mobile security market on a growth path across the APAC region.

Kaspersky Lab, Microsoft Corporation, International Business Machines Corporation, BlackBerry Limited, Trend Micro, Samsung Electronics Co Ltd, Citrix Systems Inc, Quick Heal Technologies, VMware Inc, Panda Security, MobileIron Inc, Apple Inc, Google LLC, and McAfee are well-known companies thriving in the market.

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Question & Answer: Mobile Security Market

Question 1: What factors are majorly motivating the expansion of the mobile security market globally?

Answer: Factors such as the increasing number of mobile payments, rising need for security due to BYOD adoption in workplaces, and growth in the need to provide security to video content, are majorly motivating the expansion of the mobile security market globally. For instance, several network providers face the challenge of providing content security in all devices. Here, prominent market players are offering solutions for protecting the digital data of users.

Question 2: What significant factor is limiting the evolution of the mobile security market?

Answer: Enterprises are facing multiple challenges in managing employee and company-owned mobile devices. Providing mobile security solutions to personal and company devices results in high spending for the company. Hence, the elevated cost of mobile security solutions is one of the significant factors limiting the evolution of the market.

Question 3: Which region is likely to become the fastest-evolving in the mobile security market?

Answer: Geographically, Asia-Pacific is likely to become the fastest-evolving in the mobile security market during the forecast period 2021-2028. In India, there is a rapid growth in the adoption of smartphones to accomplish several tasks, such as banking, online bill payments, and micro-financing. This use of smartphones for professional and personal usage has led to a rise in cybercrimes, influencing the demand for mobile security solutions across the country.

Similarly, the majority of the population are adopting smartphones, further becoming active internet users in South Korea. Moreover, as per a study by the Bank of Korea, mobile payments are gaining significant traction in the country. Hence, the growing use of smartphones for mobile payments enhances the demand for mobile security solutions, thereby propelling the mobile security market on a growth path across the APAC region.

Question 4: Which are the well-known companies thriving in the mobile security market?

Answer: Kaspersky Lab, Microsoft Corporation, International Business Machines Corporation, BlackBerry Limited, Trend Micro, Samsung Electronics Co Ltd, Citrix Systems Inc, Quick Heal Technologies, VMware Inc, Panda Security, MobileIron Inc, Apple Inc, Google LLC, and McAfee are well-known companies thriving in the market.

Related Report:

Global Cyber Security Market

The global cyber security market is probable to display growth in terms of during 2019-2028 at a CAGR of 10.65%. It is anticipated to attain revenue worth $308.75 billion by 2028.

Cyber security solutions assist companies in detecting and reporting cyber risks to defend confidential data and information transmitted over the internet. Moreover, such solutions protect against multiple threats, including malware and phishing emails.

The major drivers motivating the progress of the cyber security market include growing virus threats among enterprises and rising demand for cloud-based cyber security solutions. Further, growth in mobile device applications is another factor that opens new avenues for the studied market.

However, complex designs of device security and restricted budget among SMEs, are limiting the progress of the global market to a large extent.

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