The global mobile security market size is anticipated to register a significant compound annual growth rate (CAGR) of 12.6% during the forecast period to reach USD 17,567.7 million. The increasing growth of mobile security in the global market is driven by the rise in demand for smartphones, tablets, and laptops. The rising concern and awareness regarding data protection on enterprise mobile devices are fuelling the growth of the global market. Additionally, the growing use of high-speed internet and the penetration of the Internet of Things (IoT) are the factors that drive the growth of the mobile security market in the global market.
The global mobile security market is evaluated to witness a healthy market expansion during the forecast period owing to the largest market value of USD 7,767.3 million in 2019. The global market growth is driven by the rising concern and awareness regarding data protection on enterprise mobile devices. Furthermore, the rising use of mobile devices for e-commerce and banking functions has made the deployment of security software in mobile devices is expected to propel the growth of the market during the review period. However, the high initial cost of setting up a mobile security system and its maintenance cost is expected to hinder the global mobile security market during the assessment period.
The market of mobile security has been classified into solution, deployment, operating system, end-user, and region.
By solution segment, the market of mobile security is classified into solutions into multi-factor authentication, data encryption, mobile application management, mobile data protection, and a firewall. Based on deployment type, the market of mobile security has been divided into cloud-based and on-premises.
By operating system, the market of mobile security is categorized into iOS, blackberry, android, windows, and others. In terms of the end-user segment the global market has been categorized into individual users, financial institutions users, retail users, government users, telecom and IT users, education seekers, manufacturing and automotive, and many others.
Geographically, the market of mobile security has been classified into North America, Europe, Asia-Pacific, and the rest of the world.
North America is likely to hold the largest market share in the mobile security market in countries such as the U.S. and Canada. Europe is also an early adopter of advanced technology and registers as the second largest market of the global market of mobile security because of the advancement in countries like France and Germany.
Asia-Pacific region is expected to register the fastest growing market owing to the increase in the adoption rate of mobile security software by various SMEs and other enterprises. The regional market growth is attributed to the high concentration of IT hubs and consumer electronics manufacturers in this region. Besides these regions, Latin America and the Middle East, and Africa are also emerging as the fastest growing during the forecast period.
The major key players of the global mobile security market are Symantec Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.), IBM Corporation (U.S.), AVG Technology (Netherlands), Intel security group (U.S.), Kaspersky Lab (Russia), Apple Inc. (U.S.), Verizon Communication Inc. (U.S.).
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