Press release
At a CAGR 25.8%, Mobile Security Market Worth Will Grow USD 122.89 Billion by 2027 | Valuates Reports
The global mobile security market size was valued at USD 19.83 Billion in 2019, and is projected to reach USD 122.89 Billion by 2027, growing at a CAGR of 25.8% from 2020 to 2027. Increase in online mobile payment and rise in security need arising from adoption of BOYD in workplaces are the major factors driving the growth of the market.
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Mobile Security Market Trends
Top Impacting Factors: Increase in Mobile Payments
The current payment systems do not contain specific recommendations about accepting payments through consumer mobile devices. The expansion and reach of mobile devices such as smart phones, tablets and laptops hold the potential to expand the payment ecosystem and bring mobile operators and device manufacturers to participate in the mix. Multiple payment approaches such as phone or cloud payment create new challenges for data security. Traditional card payment methods could be replaced by intermediaries such as Trusted Service Managers (TSMs) that provide over-the-air delivery capabilities to mobile devices. TSM acts as an intermediary between Mobile network operators (MNO) and a third party. Authentication is verified using a separate chip called secure element (SE), which asks for the fingerprint scanning of users for making the transaction more secure.
Rising Security Need Arising from Adoption of BOYD in Workplaces
Companies and enterprises are adopting the BYOD trend, which creates a much efficient workplace for the employees. The employees use the network of the company not only in work hours but also when the device is out of the company's premises. Thereby, the need to ensure safety and security of financial and corporate data at remote locations increases. The security solution adopted by companies should differentiate between the personal data of employees and company's data. Individual users also face data loss when hackers target the payment details, audio and video files of the users. The need for mobile security solutions is increasingly becoming a necessity for all the mobile users to protect their data.
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By Operating System
• iOS
• Android
• Others
By Enterprises
• Individuals
• Enterprises
By End User
• Authentication
• Mobile Application Security
• Mobile Data Protection
• Other
By Industry Vertical
• BFSI
• IT & Telecom
• Retail & E-Commerce
• Healthcare
• Government & Defense
• Others
By Enterprise Size
• Large Enterprises
• SMEs
Key Companies
• Apple Inc.
• BlackBerry Limited
• Broadcom Inc
• Citrix Systems Inc.
• Google LLC
• IBM Corporation
• Mobileiron Inc.
• Microsoft Corporation
• Samsung Electronics Co. Ltd
• VMware Inc.
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Similar Reports:
1. Asia Pacific Mobile Security Market: https://reports.valuates.com/market-reports/ALLI-Auto-4X40/asia-pacific-mobile-security
2. Mobile Data Protection Market: https://reports.valuates.com/market-reports/QYRE-Auto-10X2421/global-mobile-data-protection
3. Mobile Security Software Market: https://reports.valuates.com/market-reports/QYRE-Auto-8P1976/global-mobile-security-software
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