The BYOD security market revenue estimated to total ~USD 35.6 Billion in 2023. The BYOD security market is projected to reach ~USD 235.8 Billion by 2033, growing at a CAGR of 18.9% for 2023 to 2033.
Attributes | Details |
---|---|
Estimated Year (2023) Market Value | USD 35.6 Billion |
Projected Year (2033) Market Value | USD 235.8 Billion |
CAGR% (2023 to 2033) | 18.9% |
Top 5 Vendor Market Share | 20.5% |
BYOD stands for Bring Your Own Device, it basically allows employees to bring their own laptops/tablet computers to office to be used as work computers, BYOD Security entails maintaining cybersecurity of these devices, BYOD allows organisations to enable their staff by allowing them to utilise the devices with which they are most comfortable and accustomed.
BYOD security hold nearly 5% market share in global cybersecurity market.
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The CAGR for BYOD security market is expected to grow from 13.0% in 2018-22 to 18.9% in 2023 to 2033.
Around three out of every five employees under the age of 25, as well as more than half of those over the age of 30, say that the technology they use at home is superior to the tools available at work. BYOD emerged as a subset of the greater trend of IT consumerisation, in which software and hardware from the consumer realm are permitted into business premises.
This market is still in its growth stage and therefore can provide great opportunities for investors.
The CAGR for BYOD security market is expected to grow from 13.0% in 2018-22 to 18.9% in 2023 to 2033.
Around three out of every five employees under the age of 25, as well as more than half of those over the age of 30, say that the technology they use at home is superior to the tools available at work. BYOD emerged as a subset of the greater trend of IT consumerisation, in which software and hardware from the consumer realm are permitted into business premises.
This market is still in its growth stage and therefore can provide great opportunities for investors.
BYOD has various business advantages, like cost savings and ease. By implementing BYOD, businesses may improve their flexibility, mobility, and productivity. Businesses that use BYOD programmes in their offices do not need to purchase new devices or carrier plans for each employee.
Each employee is free to utilise the endpoints that they possess for work-related purposes. Some businesses may choose to pay their staff with a compensation that covers a portion or the entirety of their phone expenses.
Others may provide payment based on the employee's geographic area and the price of terminal ownership. BYOD's low cost is a key positive for firms that really are looking to implement a portability programme or are just getting started.
This market is still in introductory phase and will provide great opportunities for early investors.
Due to the widespread use of BYOD security system, North America dominates the global market for BYOD security with a market share of 28.4%.
Increasing investment in wireless technology development, a strong presence of major industry players, and growing preference for personalized workspace are some of the primary drivers driving revenue growth in this region.
BYOD is becoming popular in companies in the USA, with several employees preferring to bring their own devices to work. This has however lead to the problem of maintaining confidentiality with these employees owned devices, in light of these events IBM, Quokka, Palo Alto Networks, Qualcomm, Zimperium have decided to collaborate with NIST to develop Mobile Security Framework, which is a framework developed for BYOD Security administration, which can be followed by companies in the US wanting to implement BYOD.
Therefore, US held the largest market share of 24.2%in 2022.
The BYOD Security is still emerging in India; the companies that allow BYOD tend to adopt this model to cut costs and therefore dont seem to be affected by security concerns. On the other hand companies that are tight in security prefer to provide employees with work computers or use alternative models like company-owned, business-only (COBO), and company-owned, personally-enabled (COPE). However, some companies have started to see the advantage of BYOD and are planning to implement it, such companies are likely to require cybersecurity systems for their devices creating demand for BYOD security in the future.
Therefore, India has a CAGR of 17.3%for the BYOD security market over the forecast period.
According to Al-Tamimi, a UAE-based legal firm, consumers spend 3 times more on IT than corporations - smartphone adoption in the Emirati is higher than in the US. Taking advantage of the prevalence of mobile devices can boost employee productivity. UAE based firms are therefore trying to implement BYOD security applications, creating opportunities for BYOD security market in UAE,
Thus these factors allow UAE to hold a market share of 19.2%.in 2022 for the BYOD security market.
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Laptops are most commonly the devices used in BYOD models as they are the most common form of personal work computers, this has led to several security techniques being developed for laptop security, such as biometric identification, smart cards and other encryption methods. These methods however restrict usage of the laptop on a personal level and therefore may not be preferable for BYOD Security. This creates an opportunity for research and development in the BYOD security for laptops fields, giving it a CAGR of 17.6%
Bringing personal devices to work brings the challenge for maintaining company confidentiality, container applications are one method for allowing employees to utilise their own devices while also minimising security threats. These are usually provided by third-party vendors. One container can contain several apps. This option gives the employee less control over their device while still offering appropriate security controls and monitoring. Therefore, Mobile Data Security is a profitable market to invest in.
These factors lead mobile data security to have the CAGR of 16.9% over the given forecast period.
Several Companies in both developed and developing countries are emerging in the BYOD security market, this is leading the market into a position of competitiveness as no firms have been established as a top player yet.
Attribute | Details |
---|---|
Market value in 2023 | US$ 35.6 Billion |
Market CAGR 2023 to 2033 | 18.9% |
Share of top 5 players | 20.5% |
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | USD Billion for Value |
Key Regions Covered | North America; Latin America; Europe; South Asia Pacific; East Asia and the Middle East Africa |
Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia New Zealand, GCC Countries, Turkey and South Africa |
Key Segments Covered | Device Type, Solution Type and Region |
Key Companies Profiled | IBM; Quokka; Palo Alto Networks; Qualcomm; Zimperium; NIST; Intel; Lenovo |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization Pricing | Available upon Request |
IBM, Quokka, Palo Alto Networks, Qualcomm, Zimperium, NIST, Intel, Lenovo are some major players in the industry at the moment.
With a CAGR of 18.8%, North America is expected to show high growth in coming years.
Rising demand for workspace personalization and industrial confidentiality requirements are driving demands for BYOD security.
Laptop BYOD Security has the highest market share for BYOD Security, valued at 63.2%
Mobile device security has the highest CAGR at 20.4%
The top 5 countries for BYOD Security include India, UAE, Japan, Germany and the United States.
The South Asia and Pacific region’s market share is valued at 15.9%
With a CAGR of 10.2%, India has the highest CAGR for the forecast period.
The CAGR for forecast period 2018 to 2022 was 18.9%
China had the largest market share within East Asian countries with 8.7%
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