Press release
BYOD Security: Safeguarding the Mobile Workforce
According to The Business Research Company's, The byod security market size has grown exponentially in recent years. It will grow from $57.86 billion in 2023 to $78.33 billion in 2024 at a compound annual growth rate (CAGR) of 35.4%. The growth in the historic period can be attributed to employee productivity and convenience, cost-efficiency and infrastructure optimization, changing work culture and flexibility, rise in mobile device usage, employee satisfaction and retention..
The byod security market size is expected to see exponential growth in the next few years. It will grow to $263.5 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%. The growth in the forecast period can be attributed to continued remote work trends, focus on data privacy and compliance, integration with endpoint security, advancements in authentication technologies, enterprise mobility management (emm) evolution.. Major trends in the forecast period include endpoint detection and response (edr), network access control (nac), secure wi-fi and vpn implementation, integration with unified endpoint management (uem), continuous monitoring and threat intelligence..
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Market Drivers and Trends:
A surge in cyberattacks and data breaches is expected to propel the growth of the BYOD security market going forward. Cyberattacks and data breaches provide hackers the opportunity to gain illegal access to computer systems or networks and steal the private, sensitive, or secret financial and personal information of clients or users that is kept there. BYOD security gives employees the ability to access organizational resources remotely or while teleworking and assuring that an organization's data is secure when accessed through personal devices. For instance, according to AAG IT Services, a UK-based provider of IT products and services, globally, there were over 236.1 million ransomware attacks, and 53.35 million US citizens were affected by cybercrime in the first half of 2022. Further, in May 2022, according to a report published by HISCOX, a Bermuda-based insurance company, the overall frequency of cyberattacks grew by 12% year on year, with 48% of organizations reporting a cyber assault in the previous 12 months, up from 43% the previous year. Therefore, the surge in cyberattacks and data breaches is driving the BYOD security market.
Technological advancements are a key trend gaining popularity in the BYOD security market. Companies operating in the BYOD security market are innovating advanced solutions to sustain their position in the market. For instance, in August 2022, Seraphic, an Israel-based provider of enterprise-grade browser security solutions, launched Security, an Enterprise-Grade Browser Security Solution, to safeguard the hybrid workforce and secure business data. The solution works on every browser and device, guaranteeing secure browsing and the enforcement of company regulations across public sites and SaaS (Software as a service) and internal corporate applications. With the development of remote work, greater use of bring-your-own-device (BYOD) settings, and increased usage of web-based SaaS apps by organizations, the browser has become the major productivity tool for employees.
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Major Key Players of the Market:
Citrix Systems Inc.; Trend Micro Inc.; SAP SE; International Business Machines Corporation; VMware Inc; Cisco Systems; Hewlett Packard Enterprise; BlackBerry Limited; Broadcom Inc.; Check Point Software Technologies Ltd.; McAfee LLC; Symantec Corporation; Sophos Ltd.; MobileIron Inc.; Ivanti; Microsoft Corporation; Dell Technologies Inc.; Fortinet Inc.; F5 Networks Inc.; Palo Alto Networks Inc.; FireEye Inc.; Proofpoint Inc.; Zscaler Inc.; Okta Inc.; Duo Security Inc.; OneLogin Inc.; Centrify Corporation; Ping Identity Corporation; RSA Security LLC; AnyDesk Software GmbH; BeyondTrust Corporation; ConnectWise LLC; CyberArk Software Ltd.; LogMeIn Inc.; ManageEngine; SecureAuth Corporation; SolarWinds Worldwide LLC; Splashtop Inc.; TeamViewer GmbH; Thycotic Software LLC;
BYOD Security Market 2024 Key Insights:
• The byod security market will grow to $263.5 billion in 2028 at a compound annual growth rate (CAGR) of 35.4%.
• Surge In Cyberattacks And Data Breaches Drives Growth In Byod Security Market
• Byod Security Market Advances With Technological Advancements
• North America was the largest region in the global BYOD security market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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