BYOD Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

BYOD Security Market revenue is expected to grow at a CAGR of 14% over the next five years. The BYOD security market is a term that revolutionizes the IT and security industry. The market is growing popularly in different sectors because of its multiple applications and functionalities.

Key Highlights

• BYOD refers to a corporate policy that allows employees to use their own devices in the office, such as laptops, tablets, and smartphones. It also allows them to gain access to confidential information and apps belonging to a company. Following this, it benefits companies by cutting hardware, software licensing, and device management expenses. The increasing cyber-attacks and data breaches from private companies and government organizations increase the BYOD security market demand.
• The BYOD Security Market is overgrowing because of the increasing use of smartphones, laptops, and tablets. To keep the device secure, IT created BYOD policies and implemented mobile device management (MDM) to keep them under control. This approach was crucial in helping with software distribution, service configuration, policy, security, and inventory management. With the MDM's help, IT organizations could be confident that data and information were being accessed securely, outside the office or on non-corporate-owned devices. Employees began to adapt to working from home mode and thus increasing the growing demand in the BYOD security market.
• Furthermore, key players in the market are focused on investments, acquisitions, and partnerships. These strategies are projected to increase the growth opportunities for the market. For Instance, Oracle partners with Microsoft to access Oracle databases on Oracle Cloud Infrastructure (OCI).
• BYOD Security solutions are highly used by organizations to prevent devices from cyber attacks. It also helps employees to work at their convenient locations. Due to these factors, the market would grow immensely over the next five years.
• The COVID-19 pandemic had a positive impact on the BYOD security market growth. During the COVID-19 pandemic, companies enabled bring-your-own-device (BYOD) environments for employees and partners due to massive changes in the employee working culture, with most organizations adopting BYOD trends. Organizations have been forced to adopt a BYOD policy to enable their workforces to operate from home, increasing the BYOD security market growth.

BYOD Security Market Trends

Increasing Smart Devices Penetration

• The major drivers of the market are the increasing adoption of smartphones, laptops, and tablets. MDM (mobile device management) is security software that enables IT departments to apply policies to manage, monitor, and secure these end-user devices, including laptops, printers, smartphones, and tablets. MDM software is beneficial when a device is lost or stolen and can delete confidential data remotely.
• For Instance, NC (North Carolina) State University uses VMware Horizon virtual desktop infrastructure (VDI) solution to simplify desktop management and provides users with what they need. It also includes support services to access high-performance 3D graphics applications that offer a consistent and reliable end-user experience for faculty, staff, and students to address BYOD challenges.
• Mobile application management (MAM) software manages the security of company data accessed via a mobile device by delivering to and managing enterprise software on users' smartphones and tablets. Key players in the market are offering MAM software for customers to secure mobile devices. For Instance, Webex integrated with Enterprise Mobility Management (EMM) Microsoft Intune, a cloud-based service that provides both Mobile Application Management (MAM) and Mobile Device Management (MDM) capabilities.
• For Instance, Singapore Airlines (SIA) chose VMware, Inc.'s Workspace ONE solution to enable enhanced employee digital experiences across numerous apps and devices. With a focus on augmenting SIA's mobile-friendly Bring Your Own Device BYOD strategy, the VMware Workspace ONE platform will streamline mobile app distribution across more than 14,000 employee-owned devices and over 6,000 company-issued machines.

Norh America is Expected to Register Significant Market Growth During the Forecast Period

• The North America BYOD security market is expected to grow significantly over the next five years due to the growing smartphone sales, rising cybercrime and cyber-attack threats, advanced security-based technologies emergence, and key players' presence in this region are driving the market growth.
• Furthermore, the region includes a considerable presence among BYOD vendors. Cisco Systems Inc., IBM Corporation, and Oracle Corporation are among the firms supporting market progress in this area. The suppliers in the area are working together to develop digital transformation solutions. For instance, Ducati announced a partnership with RISE with SAP solution to facilitate a significant business transition involving essential business operations. The collaboration intends to build an intelligent corporate network that improves information quality and timeliness while expanding process digitalization.
• The trend toward providing employees access to mission-critical information regardless of location increased the adoption of BYOD security solutions. BYOD usage in the region is expected to grow substantially over the next five years due to the increased adoption of laptops, smartphones, and tablets.
• According to the IBM Cost of a Data Breach Report in the last year, healthcare breach costs have risen by 41.6% since the 2020 report, making it the most expensive sector for the past 12 years. Further, end-user industries, such as healthcare, are observing network security concern growth which will increase the BYOD security market demand.

BYOD Security Market Competitor Analysis

The competitive rivalry in this market is high because of dominant players like VMware, Inc., Cisco Systems, Hewlett Packard Enterprise, Citrix Systems, Inc., IBM, etc. The industry players constantly develop their product portfolios to gain competitive advantages with mergers and acquisitions, partnerships, and constant innovation.

June 2022 - Kyndryl partnership with Oracle to help customers accelerate their journey to the cloud by delivering managed cloud solutions to enterprises worldwide.

August 2022 -VMware Inc plans for innovations across its expanding networking and security portfolio to help customers embrace the cloud operating model.

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• The market estimate (ME) sheet in Excel format
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