Mobile Security Software Market, New-Age Technology Upgrading Greater Revenues During Opportunity Reach At Demographic, Geographic Segment By 2027

 

 

 

Market Scenario:

Market Research Future (MRFR) estimates the global Mobile Security Software Market size to hit USD 29,427 Million at a CAGR of 14.1% from 2020 to 2027 (forecast period).

The growing trend of Bring Your Own Device (BYOD) has propelled the market exponentially. However, increasing cyber-attacks is the biggest hurdle faced by the developers of security solutions. Moreover, pirated, and free mobile security can be procured easily, which hampers the growth of the market.

The essential factor booming the global mobile security market 2020 is the increasing concern of protecting data on enterprise mobile devices. The rise in the usage of mobile phones for banking and e-commerce has made it crucial for the deployment of security software in mobile devices. The need to adhere to security parameters and to increase the adoption of two-factor authentication are some other crucial factors bringing an impact on the growth of the market. The rising adoption of cloud-based technology is likely to propel the market during the review period. The increasing penetration of smartphones has motivated may regional, global, and local companies to develop mobile security software.

 

Multiple Factors to Boost Market Growth

The global mobile security software market is growing and will likely provide significant opportunities in industries such as BFSI, government & defense, healthcare, and IT & telecom. The increasing sophistication of cyber-attacks on mobile devices, as well as the growing trend of bring your own device (BYOD) at various companies, are major drivers for this industry. The market is searching for prospects with the advent of mobile security as a service, as it is expected to provide enterprises with faster, easier, and more cheaper solutions to satisfy their IT requirements without having to develop, maintain, or create their own infrastructure.

Moreover, as the theft of confidential financial data becomes more common, the majority of customers are implementing mobile payment security software for mobile devices. Since the entire payment process requires authorization between the merchant's acquirer and the issuing bank, this prevents fraudsters from getting credit and debit card details. In addition, the increasing adoption of m-commerce and mobile banking is predicted to increase the use of mobile payment security software. There is also a growing need among consumers to protect personal financial information, which fosters industry growth.

 

COVID-19 Impact on the Global Market

The COVID-19 pandemic forced businesses to rethink their business continuity plans and assess their remote work capability. Working in remote places creates a weak link in the security ecosystem since workers opt to connect to the network over public Wi-Fi. Furthermore, the COVID-19 outbreak would force people to stay at home for an extended amount of time, encouraging enterprises to implement security solutions for mobile endpoints.

 

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Competitive Outlook:

The key players in the worldwide mobile security software market are Apple Inc. (US), Intel Security (US), Kaspersky Lab (Russia), Symantec Corporation (US), VMware, Inc. (US), Microsoft Corporation (US), F-Secure Corporation (Finland), Citrix Systems, Inc. (US), AVG Technologies (Czech Republic), and Sophos Group PLC (UK).

Segmentation:

The global mobile security software industry has been segmented on the basis of type.

On the basis of type, the global mobile security software market has been segmented into mobile data security, mobile identity management, mobile security as a service, mobile device security, email spam blocking, and mobile virtual private networks.

Regional Analysis:

North America to Remain Dominant in the Global Market

In 2018, North America had the biggest market share of 34.64%, with market size of USD 4.935.7 million. North America was projected to be the leading market in 2019, with a 34.64% valuation for mobile security software over the assessment period. The growing number of mobile employees in the area, as well as the expanding trend of BYOD in enterprises, are driving demand for mobile security software solutions. Furthermore, the increased number of cyber-attacks has contributed to a variety of security concerns, and as a result, businesses are looking for solid solutions to mitigate the growing number of cyber threats.

Europe to follow North America

Western European countries are experiencing an increase in the number of mobile workforces. Workforce transformation is being demonstrated in countries such as Italy, Germany, the Netherlands, and France. In such countries, the flexible workplace policy is gaining popularity, which is encouraging the total growth of the mobile software security industry.

Industry News

The global Mobile Security Software Market Trends has been affected due to the lockdown across the regions. This pandemic situation has hampered the Mobile Security Software Market Growth as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher Mobile Security Software Market Size for the forecast period.

 

 

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Table of Contents:

1          Executive Summary

2          Scope of the Report

2.1       Market Definition

2.2       Scope of the Study

2.2.1    Research objectives

2.2.2    Assumptions & Limitations

2.3       Markets Structure

Continued….

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