Global Mobile Security Software Market - Challenges, Opportunities, Statistics to 2024

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Overview

The Global Mobile Security Software Market is expected to reach USD 29,427 Million by 2024, growing at a CAGR of 14.1% during the forecast period (2019–2024).

Bring your own device (BYOD) is a practice of allowing employees in any organization to use their personal devices such as laptops, smartphones, and tablets for professional purposes. The growing trend of bring your own device (BYOD) is seen owing to the flexibility and increase workforce mobility and reduced hardware and infrastructure costs. However, the adoption of BYOD brings security-related issues as the leakage of private information from unprotected and unmanaged devices. Personal devices may lack data encryption capabilities or malware that are vulnerable to attack from online threats, thus increasing the risks of data loss or exposure.  The safety of these devices from malware and other cyberattacks can be mitigated by the use of proper mobile security solutions. Therefore, the growing trend of bring your own device (BYOD) is expected to drive the growth of mobile security software during the forecast period.

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Segmental Analysis

The Global Mobile Security Software Market has been segmented on the basis of type and region.

The global mobile security software market has been segmented into six types—mobile identity management, mobile data security, security as a service, mobile device security, mobile virtual private networks, and email spam blocking. The mobile device security segment accounted for the largest market share of 30.6% in 2018, with a market value of USD 4,358.3 million; it is expected to register a CAGR of 10.2% during the forecast period. Mobile device security protects all mobile devices (smartphones, notebooks, tablets) from cyberattacks. The software helps in blocking malware and other advanced threats, such as unauthorized network accessibility, on various mobile devices.  This is done with the help of cloud-based software that has the capability to efficiently perform inspection and malware analysis on such devices. Mobile device security helps enterprises to efficiently protect their network from data loss and malware attacks. These mobile device security services have several capabilities including web filtering and malware protection, real-time reporting, and anti-virus scanning. However, Global Mobile Security Software Market segment is expected to register the highest CAGR of 19.2%. Mobile data security offers security to data by easily providing configure actions such as encryption, visual masking, and data loss prevention. The solution helps in protecting sensitive data stored in the smartphone, tablets, or laptops even when these devices are used in unsecured networks. The software suite also helps in meeting various compliance requirements, such as GDPR and HIPAA.

Competitive Analysis

The Prominent Players operating in the Global Mobile Security Software Market are F-Secure Corporation (Finland), Citrix Systems, Inc. (US), Kaspersky Lab (Russia), AVG Technologies (Czech Republic), Sophos Group PLC (UK), Apple Inc. (US), Intel Security (US), Symantec Corporation (US), VMware, Inc. (US), and Microsoft Corporation (US).

Regional Analysis

By region, the mobile security software market has been divided into North America, Europe, China, India, Japan, the Middle East & Africa, and South America.

North America is expected to be the largest market for mobile security software during the forecast period. The increasing number of mobile employees in the region and the growing BYOD trend in enterprises are the leading factors fueling the demand for mobile security software solutions. Also, the growing instances of cyberattacks have led to several security issues, and therefore, enterprises are looking for comprehensive solutions to mitigate the growing number of cyber threats.

According to MRFR, India is expected to register the highest CAGR for the mobile security software market during the forecast period. This is attributable to the increasing mobile workspace and their growing dependence on personal devices for work. Also, the adoption of flexible workspace policy in the country is another key factor contributing to the growth of the market.

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