“The global mobile security market size to grow at a CAGR of 19.4% during the forecast period”
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. The increasing number of mobile phone subscriptions around the world and the increasing number of mobile threats and breaches are some of the factors that are driving the demand for mobile security, while the use of free mobile security solutions is restricting the growth of the global mobile security market.
“Enterprise services segment to grow at a higher CAGR during the forecast period”
By component, the mobile security services industry is segmented into enterprise solutions and enterprise services. The enterprise services segment is expected to grow at a higher CAGR during the forecast period. Many mobile security solution providers also offer solutions to enterprises to implement and maintain their security systems up-to-date. Even when mobile security solutions are deployed in the organizations, maintenance and testing of those solutions are very essential to ensure the security of the mobile devices. Enterprises opt for various services, such as smartphone reviews, mobile application security tests, and MDM solution tests, to ensure the security of their mobile devices. Based on services, the global mobile security market is segmented into managed services and professional services. Professional services are further segmented into training and consulting, integration and implementation, and support and maintenance.
Cloud deployment to grow at a higher CAGR during the forecast period
Though a large number of organizations are using on-premises solutions, many enterprises are adopting cloud-based mobile security solutions due to various benefits offered by the cloud-based deployment. The reduced cost, reduced complexity, and enhanced user experience are some of the key benefits of deploying cloud-based security solutions. Cloud-based security solutions enable enterprises to quickly and easily provision new mobile devices and to centralize policy management. It also requires less initial investment as compared to traditional on-premises software. Though there are significant benefits of using cloud-based software, enterprises need to take into consideration various issues related to the cloud-based deployment, such as traffic communicated with the cloud needs to pass through secure tunnel and latency introduced by the cloud service.
Asia Pacific to grow at the highest CAGR during the forecast period
APAC is home to various developing economies, and a mobile subscription landscape in APAC is changing rapidly. According to the report The Mobile Economy Asia Pacific 2019, published by GSMA, mobile technologies and services generated 5.3% of GDP across APAC, in 2018. The report also stated that at the end of 2018, 1.9 billion people across APAC were connected to the mobile internet with the addition of 200 million new subscribers as compared to its earlier year. Security spending in the APAC region is increasing significantly due to the ever-growing threat landscape. APAC comprises emerging economies, such as India, China, Australia, Hong Kong, and Japan. Countries across this region are flooded with a large number of SMEs, which account for the employment of more than 70% of the population.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the mobile security market.
- By Company: Tier I: 44%, Tier II: 39%, and Tier III: 17%
- By Designation: C-Level Executives: 50%, Directors: 36%, and Others: 14%
- By Region: North America: 34%, APAC: 28%, Europe: 24%, MEA: 8%, and Latin America: 6%
The report includes the study of the key players offering mobile security solutions and services. It profiles major vendors in the global mobile security market. The major vendors are Microsoft (US), CrowdStrike (US), Symantec (US), Trend Micro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), VMware (US), IBM (US), ESET (Slovakia), BlackBerry (Canada), MobileIron (US), Samsung (South Korea), F-Secure (Finland), Check Point (Israel), Panda Security (Spain), Bitdefender (Romania), OneSpan (US), Quick Heal (India), Fortinet (US), Citrix Systems (US), Webroot (US), Keeper Security (US), Amtel (US), and Codeproof (US). It also includes an in-depth competitive analysis of the key players in the mobile security market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the mobile security market across segments. It aims at estimating the market size and the growth potential of this market across segments, such as end users, operating systems, enterprise solutions, enterprise services, enterprise deployment modes, organization sizes, enterprise verticals, and regions. The study further includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall mobile security market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.