Market Research Future (MRFR) predicts the global mobile security market to reach USD 20.46 billion at a CAGR of 10.20% from 2020 to 2030 (forecast period).
Mobile security refers to the protection of personal and business information stored on devices like smartphones, laptops, tablets, and other portable computing devices from threats and vulnerabilities. One of the factors for the growth of the mobile security market is the rising trend of bring your own device (BYOD) that enables businesses and their employees to benefit from device-sharing strategies. For example, Giesecke+Devrient Mobile Security, a mobile security technology company, is collaborating with Samsung SDS to provide a fast identity online (FIDO) compliant mobile authentication solution in the European market and is expected to soon be available in the North American region. Also, Convego, a mobile authentication solution backed by Samsung SDS Nexsign software, uses multi-factor authentication to provide high levels of security to banks and their end-customers by verifying the identity of the user and managing credentials securely throughout its lifecycle.
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The mobile security market has been segmented based on solutions, deployment, operating system, and end user.
By solution, the mobile data protection segment will lead the market over the forecast period.
By deployment, the cloud segment will dominate the market over the forecast period.
By operating system, the windows segment will spearhead the market over the forecast period.
By end user, the telecom and IT segment will have the lions share in the market over the forecast period.
COVID-19 Impact on the Global Mobile Security Market
The COVID-19 outbreak compelled companies to closely examine business continuity plans and assess their remote work readiness. Companies of all sizes are leveraging their corporate strategies to enable their workers to work remotely. Working in remote areas offers a weak connection in the security ecosystem as workers tend to access the network via public Wi-Fi. This, in turn, is predicted to push the growth of the mobile security market during the forecast period.
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North America, followed by Europe, is anticipated to dominate the mobile security market as countries such as the United States, Canada, the United Kingdom, France, and Germany are among the early adopters of innovative technologies. In addition, this region is made up of major mobile security software vendors and service providers. The Asia Pacific is predicted to be the fastest-growing region in the forecast period due to the rising adoption of mobile security software by small and medium-sized enterprises and enterprises in the region. It is also expected that a high concentration of IT hubs and consumer electronics manufacturers in this region will fuel the growth of this market. In addition, Latin America and the Middle East and Africa regions are anticipated to show significant growth during the forecast period.
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