(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:38 /Comserve / -- Enterprise Mobility Security Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The enterprise mobility security market was valued at USD 4.90 billion in 2019 and is expected to reach a value of USD 13.35 billion by 2025, at a CAGR of 33.8 % during the forecast period (2020 - 2025). Enterprise mobility or business mobility is recognized as the growing trend among businesses to offer remote working options, which also allows the use of personal mobile/laptop devices for business purposes and make efficient and effective use of cloud technology for data access.
- The enterprise's adoption of cloud-based services has been a massive enabler for vendors, as this provides the flexibility of delivering solutions that can be offered based on the number of users and can also be updated without disrupting the services while doing so. Since these solutions are difficult to switch from one solution provider to another, the competition in getting new customers is high. It requires a considerable amount of time and money to create an infrastructure that can be supported.
- The vendors in the market studied offer cross-platform support for their solutions to address the need of enterprises to support multiple devices types used by their employees. Android, Windows, iOS, macOS, and Samsung Knox are few such platforms that are supported. The EMS can provide secure business productivity by providing either or all these services, such as a unified launcher to access all apps, secure browser, email, calendar, contacts or cards, separate corporate identity on personal devices, secure instant messaging, secure notes, and access to cloud-stored files.
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Key Market Trends
Banking/Insurance Industry to Hold Significant Market Share
- Banking/insurance services have experienced an enormous transition in the past two decades. With digitization, internet services and international transactions require fast redressal. Banking, financial services, and insurance (BFSI) have evolved from being a service that requested the customers to visit for the service to a bank that reaches to customers at their home. BFSI stores critical financial and personal data of the customer and clients and uses them to provide services.
- With the changing banking ecosystem, the banking officers need to access the core services on the move and use public network connectivity services to create a unique user experience. Emerging technologies, such as blockchain and voice command integration, are expected to emerge as mainstream for the BFSI over the forecast period, with multi-factor authentication becoming a norm in the market segment.
- Savvy financial institutions are employing a modern approach to cybersecurity — the Zero Trust model. Adopting this model can help banks strengthen their security posture, so they can confidently support initiatives that give employees and customers more flexibility. EMS is attaining this.
- The adoption of EMS has been majorly driven, owing to the need to meet the security compliance in the BFSI sector. Device provisioning, for instance, aids the BFSI organizations to remotely configure mobile devices and provide access to corporate data resources and enterprise apps. BFSI apps include tools, such as wealth management, mortgages, and insurance, which the employees need to access financial apps through the tablets outside the banks to connect to the customers. EWS solutions make the provisioning of such devices easy and seamless.
Asia-Pacific to Witness the Highest Growth
- Companies in the Asia-Pacific region are embracing BYOD when it comes to increasing employee satisfaction and productivity. More than half of the world's mobile subscribers live in Asia-Pacific, especially in China and India. The growth in high-speed network coverage and smartphone adoption leads to a surge in the use of mobile data in Asia-Pacific. According to the GSMA Intelligence Report 2019, the mobile ecosystem supported more than 17 million jobs in 2018, and the number of smartphones is expected to grow to 3.9 billion by 2025.
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- The startup ecosystem in Asia-Pacific is proliferating, with the number of active tech hubs in the region's emerging markets doubling over the last year and venture funding into South/Southeast Asian countries tripling since 2016. This indicates a change in the workforce working style. Mobile is also playing a pivotal role in tackling various social and economic challenges, as outlined by the UN's Sustainable Development Goals (SDGs). Thus, there is a need for mobile security.
- Due to the outbreak of COVID-19, banking and financial service providers in India focus on ensuring the safety of the employees while maintaining productivity, adjusting operating models and services to support customers, minimizing operational disruption to keep services running while meeting regulatory, compliance obligations, and managing risk.
- Banks have activated remote working tools, allowing their employees to work from home. Financial service providers have deployed live-stream events moving from physical to virtual customer events, and online training for remote servicing is picking up. However, these kinds of scenarios are expected to increase the demand for mobility security services.
The enterprise mobility security market is moderately fragmented. Players in the market adopt strategic initiatives such as mergers and acquisitions, partnerships, and new product offerings due to increasing awareness regarding mobility security among enterprises. Some of the recent developments in the market are:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of COVID-19 Impact on the Enterprise Mobility Security Market
5 MARKET SEGMENTATION
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