Global Mobile Security Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Operating System(iOS, macOS), By Vertical(BFSI, IT & Telecom) - Industry Forecast 2024-2031

Report ID: SQMIG45E2065 | Region: Global | Published Date: February, 2024
Pages: 270 | Tables: 96 | Figures: 76

Global Mobile Security Market Insights

Mobile Security Market size was valued at USD 6.16 billion in 2019 and is poised to grow from USD 14.4 billion in 2023 to USD 22.1 billion by 2031, growing at a CAGR of 21.1% in the forecast period (2024-2031).

The increasing adoption of smartphones across the globe is improving the demand for mobile security in the market. According to SkyQuest analysis, nearly 63% of the world’s population uses the internet. The trend is likely to continue over the coming years, resulting in a growing number of data breaches and cyberattacks. mobile security solutions are extensively used to protect the data in these devices through cyberattacks. Hence, end-users are increasing the adoption of mobile security solutions and services worldwide. Further, implementation of mobile security solutions such as mobile threat management, enterprise, data security and encryption, and others are gaining immense traction. On account of this, end-users such as the BFSI sector, manufacturing companies, and IT giants are increasing the adoption of mobile security solutions. Subsequently, the advent of e-commerce platforms and growing online mobile transactions are pushing sales in the mobile security market. The unprecedented outbreak of COVID-19 further pushed the demand for these solutions as the preference for digital payments surged. Hence, to protect the data and to improve the efficiency of these solutions as well as mobile payment-based applications, the adoption of these mobile security solutions and services increased.

The proliferation of work from home and remote operations in retail and other industries facilitated the adoption and the trend is likely to continue over the upcoming decade. To capitalize on this surging trend, key players are focusing on introducing advanced solutions compatible with android as well as iOS users. For instance, in July 2021, Adaptive Mobile Security, unveiled its new trio of interconnected 5G security platforms to protect against the external and internal security threats to the 5G infrastructure. A slew of such developments is expected to boost the Mobile Security Market through 2022 & beyond.

US Mobile Security Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Mobile Security Market Report Snapshots

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Leading players operating in the global mobile security market are focusing on developing advanced and cost-effective solutions to capitalize on the growing opportunity in developing regions. Some of the players are collaborating with end-users to increase their revenue and gain a competitive edge. Meanwhile, some of the incumbents are adopting inorganic growth strategies such as partnerships and collaborations with regional players to expand their product portfolio and customer base. 'Trend Micro ', 'Sophos', 'Symantec Corporation', 'McAfee, LLC', 'Kaspersky Lab', 'Lookout Inc.', 'Check Point Software Technologies Ltd.', 'F-Secure Corporation', 'AVG Technologies', 'Avast Software', 'ESET', 'Bitdefender', 'NortonLifeLock Inc.', 'Malwarebytes Corporation', 'Webroot Inc.', 'BlackBerry Limited', 'Zimperium Inc.', 'MobileIron Inc.', 'Wandera Ltd.', 'Appthority, Inc.'

To support corporate mobility, businesses are offering to bring your device (BYOD) services. BYOD refers to the ability of employees to bring their own mobile devices to work, such as laptops, smartphones, and tablets. Furthermore, BYOD provides mobile device connectivity via a secure network. The primary motivators for BYOD adoption are increased productivity and employee satisfaction. Unauthorized data access, data leakage/loss, and malware attacks, among other issues, are major concerns for organizations when implementing BYOD. As a result, the growing demand for improved data privacy and security, as well as network security, is expected to drive the adoption of mobile device security solutions. Furthermore, businesses are concerned with the privacy and security of mobile devices, as well as network infrastructure.

The major factors accelerating the market's growth are an increase in online mobile payment and an increase in security needs as a result of the implementation of BOYD in workplaces. Moreover, the increased demand for video streaming content protection fuels the growth of the mobile security market. The high cost of mobile security solutions and the complexity of designing embedded security solutions could affect the Mobile Security Market growth. Furthermore, the market is expected to benefit from the increased use of machine learning and artificial intelligence in mobile security applications.

According to the study, Asia Pacific is expected to emerge as the largest and fastest-growing region over the forecast period. Growth is primarily attributed to the expansion of manufacturing, healthcare, and IT & telecom sectors in India and China. As per the data of the India Brief Equity Foundation (IBEF), India is considered to have one of the largest manufacturing and IT telecom sectors across the globe. With ongoing developments in these sectors, the number of data breaches is surging. On account of this, the demand for mobile security is expected to increase in the Asia Pacific. Further, the study opines, that North America is projected to be the most remunerative mobile security market. The presence of leading companies and growing adoption of mobile security solutions in healthcare and IT & telecom sectors will boost the market. With an increasing number of data collected in these industries and the need for high-quality real-time data, the demand for mobile security solutions such as managed services, access management, and others will aid the growth in the market.

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Global Mobile Security Market Size, Share, Growth Analysis, By Component(Solutions, Services), By Operating System(iOS, macOS), By Vertical(BFSI, IT & Telecom) - Industry Forecast 2024-2031

Global Mobile Security Market Insights

Global Mobile Security Market Report Snapshots

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