According to a new research report “Mobile Security Market by End User (Individual and Enterprise (Solution (Authentication, Application Security, & Device Security), Service, Deployment Mode, Organization Size, Vertical), Operating System (IOS & Android), & Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Mobile Security Market size is expected to grow from USD 3.0 billion in 2019 to USD 7.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period.
Major factors fueling the market growth are growing Bring Your Own Device (BYOD) trend in enterprises, and increasing mobile adoption around the world.
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Mobile application security segment to hold the largest market size during the forecast period
Mobile application security solutions are used to protect various applications running on mobile devices. As many new applications are being introduced on popular mobile application marketplaces, such as Google Play store for Android or App Store for iOS, people are using multiple applications for entertainment and utilities. Many of these mobile applications access the sensitive data, hence, the protection of the applications becomes an important task. Mobile application security ensures confidentiality of the data transferred between mobile applications while ensuring transparency and visibility in business processes. This involves the examination of the structure of the mobile applications and the study on how they exchange data in a cohesive manner, as well as identification of the key patches that can be easily exploited by hackers for financial gains. Mobile application security testing solutions make it possible to detect malicious or potentially risky actions in mobile applications, and the findings help businesses and their customers in securing the applications against various forms of cyberattacks.
Among professional services, integration and implementation to grow at the highest CAGR during the forecast period
Professional services are segmented into three parts: training and consulting, integration and implementation, and support and maintenance. The implementation services provided by the mobile security vendors and managed services providers offer the SMEs and large enterprises to efficiently implement mobile identity management solutions, mobile data protection solutions, Mobile Device Management (MDM) solutions, mobile Virtual Private Network (VPN), and mobile application management within the organization. The vendors provide the Small and Medium Enterprises (SMEs) and large enterprises with cohesive services to integrate and firmly implement mobile security solutions within their existing infrastructure. The services provided by these providers include in-depth analysis of the existing infrastructure, layouts planning that suit the business requirement, building and deployment of customizable designs, and assistance by experts and trained professionals for enabling smooth installation of these mobile security solutions with minimum risks and threat exposures. These services additionally provide companies, pilot installation guidelines, and tests that enhance and streamline business values, and techniques to cost-efficiently deploy these services.
North America to hold the largest market size during the forecast period
North America has a high mobile penetration. According to the report named Mobile Economy North America 2018, published by GSMA, unique mobile subscribers in North America exceeded 300 million, accounting for 84% of the population, at the end of 2017. With a high number of unique mobile subscribers, North America represents significant growth opportunities for mobile security solutions providers. North America tops the world in terms of the number of security vendors and security breach incidents. Industries and government organizations in North America are investing heavily in security solutions and services to combat cybercrimes. Growing trends such as Bring Your Own Device (BYOD), Internet of Things (IoT), and the Internet of Everything (IoE) have resulted in tremendous growth in this region; they have also triggered a rise in next-generation threats and added more complexities and concerns to mobile security solutions providers. The growing need to protect critical infrastructure and sensitive data has increased government intervention in recent years. Specific budget allocations and mandated adaptive cybersecurity policies are expected to make North America the most lucrative market for different categories of vendors.