Redding, California, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Mobile Security Market by Component (Solution, Services), Operating System (Android, iOS), Deployment Mode (On-premise, Cloud-based), End User (BFSI, Telecom, Retail) and Geography - Global Forecasts to 2029,’ the global mobile security market is expected to reach $19.5 billion by 2029, growing at a CAGR of 21.7% during the forecast period 2022–2029.
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The growth of this market is attributed to the increase in mobile-related cyber-attacks and the increasing use of third-party applications. Additionally, the increasing demand for cloud-based solutions is expected to offer significant growth opportunities for this market. However, the growing adoption of open-source and free security solutions restrains the growth of this market to a certain extent.
Impact of COVID-19 on the Mobile Security Market
Government bodies worldwide imposed restrictions during the COVID-19 pandemic, encouraging employees to work from home. The combat measures like complete lockdowns and quarantines adversely impacted many industries, including a portion of the enterprise security industry. With many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers became a lifeline to organizations and institutions.
The impact of the COVID-19 outbreak on the global mobile security market started in early 2020 in China, one of the world's largest producers and consumers of endpoint devices, including smartphones, laptops, and tablets. The closing of production plants for a few months in China and restrictions on the export and import of the endpoint devices to and from China’s restricted area strongly impacted the supply chain, production, sales, and operation of these industries. However, as most IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe and, thus, is expected to provide some relief to the global mobile security market and help the market to recover at a much faster rate.
The global mobile security market is segmented by Component (Solution (Mobile Application Security, Mobile Data Security, Mobile Device Security, Others), Services), Operating Systems (Android, iOS, and Other Operating Systems), Deployment Mode (On-premise and Cloud-based deployment), and End user (Enterprises (BFSI, Telecom, Retail, Healthcare, Manufacturing, Other End Users) and Individuals). The study also evaluates industry competitors and analyses the market at the country and regional levels.
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Based on component, the global mobile security market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the overall mobile security market. The rising demand for security solutions on mobile devices to increase data privacy is expected to drive this market's growth. However, the service segment is projected to grow at the highest CAGR during the forecast period.
Based on operating system, the global mobile security market is segmented into android, iOS, and other operating systems. In 2022, the android segment is expected to account for the largest share of the mobile security market.
Based on deployment mode, the market is segmented into on-premise and cloud-based. In 2022, the cloud-based deployment segment is expected to account for the larger share of the mobile security market. The growth of this segment is attributed to the increasing demand for BYOD services in enterprises. Moreover, this segment is also projected to grow at the highest CAGR during the forecast period.
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Based on end user, the global mobile security market is segmented into enterprise and individual. The enterprise segment is further sub-segmented into BFSI, telecom, retail, healthcare, manufacturing, and other end users. In 2022, the enterprise segment is expected to account for the largest share of the overall mobile security market. The increasing attacks on enterprise devices, such as malware and data breaches, is driving the market growth.
Based on geography, the global mobile security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global mobile security market. The growth of this region is attributed to the increasing adoption rate of mobile security software by various SMEs and other enterprises in the region and the high concentration of IT hubs in the region. Also, this region is projected to grow at the highest CAGR during the forecast period.
Some of the key players operating in the global mobile security market are Trend Micro Incorporated (Japan), Armis, Inc. (U.S.), AT&T, Inc. (U.S.), Check Point Software Technologies Ltd. (Israel), IBM Corporation (U.S.), Nokia Corporation (Finland), Huawei Technologies Co., Ltd. (China), VMware, Inc. (U.S.), Thales Group (France), Microsoft Corporation (U.S.), CrowdStrike Holdings, Inc. (U.S.), Broadcom Inc. (U.S.), AO Kaspersky Lab, (Russia), Fortinet, Inc. (U.S.), and Juniper Networks, Inc. (U.S.).
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Scope of the Report:
Mobile Security Market by Component
- Solutions
- Mobile Application Security
- Mobile Data Security
- Mobile Device Security
- Others
- Services
Mobile Security Market by Operating System
- Android
- iOS
- Other Operating Systems
Mobile Security Market by Deployment Mode
- On-premise
- Cloud-based
Mobile Security Market by End User
- Enterprises
- BFSI
- Telecom
- Retail
- Healthcare
- Manufacturing
- Other End Users
- Individuals
Mobile Security Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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