(MENAFN- Ameliorate Digital Consultancy)
The mobile data protection market is anticipated to grow at a CAGR of 20.2% over the forecast period, from a valuation of US$ 6.5 billion in 2022 to US$ 40.8 billion by 2032.
Global need for mobile data protection solutions has increased as a result of the proliferation of mobile devices and developments in data-accessible methodologies.
Businesses have benefited from employing mobile devices to access company data from any location and make quick choices. Throughout the projection period, this element is what propels the sales of mobile data protection solutions.
Furthermore, their profitability and business productivity have grown as a result of these important improvements in mobile data protection. Enterprises use mobile data security solutions to protect data in a unified manner, which is increasing demand for these solutions.
Numerous end-user sectors are seeing a rise in the popularity of the mobile data protection industry, which has caught the attention of several companies trying to increase the security of their mobile data. The market for mobile data protection is expanding primarily due to rising organisational demand for BYOD and rising mobile data volume.
Mobile Data Protection Market
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The sales of mobile data protection solutions are anticipated to rise as businesses are using mobile data protection (MDP) to boost company productivity while simultaneously maintaining data security.
With the growing adoption of the BYOD (Bring Your Own Device) policy, the danger of data loss has increased. As a result, the demand for mobile data protection solutions to safeguard company data and reduce threats is projected to rise throughout the forecast period.
The rise in mobile payments has resulted in a significant increase in instances of mobile data breaches, which is propelling the demand for mobile data protection solutions. All payment modalities are increasing at a faster rate than mobile payments. Mobile data usage has increased as a result of this development.
Furthermore, as the number of mobile wallets such as Apple Pay, Android Pay, and Walmart Pay develops, the sales of mobile data protection solutions are expected to expand. Due to the growing use of smartphones for payments, the demand for mobile data protection is expected to increase over the forecast period.
The demand for mobile data protection solutions is rising due to the growing use of small devices among organisations, which has resulted in considerable danger of data loss.
Similarly, across organizations of all sizes, trends such as bring your own device, cloud, and online media, as well as tight laws for mobile data protection, are projected to contribute to the growth of the mobile data protection market.
Key Takeaways
By Component, the Android segment is expected to grow at a steady CAGR of 20.4% during the forecast period. The BFSI (banking, financial services, and insurance) segment is projected to grow at a CAGR of 21.5%, owing to significant technological advancements in recent years. In 2022, the U.S. mobile data protection market is estimated to grow rapidly with a CAGR of 19.9%. Due to the early adoption of data security by companies in the United States, as well as the presence of a large number of mobile data protection vendors in the region, North America is expected to dominate the global mobile data protection market. Furthermore, a key trend for the North American mobile data protection market is the increasing use of IoT devices, such as BYOD, to access healthcare and financial services, indicating that the mobile data protection industry has a lot of potentials. Due to the high use of smartphones and internet access across Asia's geography, Asia-Pacific is projected to be the fastest-growing market. In addition, India's mobile data protection market is growing rapidly, with a CAGR of 22.2%. India is developing regulatory regulations to encourage electronic transactions in order to reduce the overall cost of offering last-mile financial services.
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Competitive Landscape
The global market for mobile data protection is highly fragmented.
Cisco Systems, Inc. Dell Inc. Thales Group Hewlett Packard Enterprise Intel Corporation Kaspersky Lab McAfee LLC Microsoft Corporation Sophos Ltd. Symantec Corporation
are key players in the mobile data protection market.
Product releases, significant R&D spending, partnerships and acquisitions, and other growth tactics are used by these companies to keep up with the fierce competition. Manufacturers are increasingly offering data and information management solutions based on their resources and capabilities.
Recent Developments
Thales S.A. finalized the acquisition of Gemalto N.V. in April 2019, transforming the company into a global leader in digital identification and security. CipherCloud, Inc., a cloud security provider, announced the launch of its new Secure SaaS Workspace solution as part of its award-winning CASB+ platform in March 2019. UMIVALE, a non-profit organization based in Spain, received Intel Corporation's mobile data protection software, McAfee Complete Data Protection, Advanced Suite, and McAfee ePolicy Orchestrator (McAfee ePO) software in January 2018 to increase protection against attacks, improve data monitoring and utilization, and provide faster data protection. Druva and Wipro teamed together in March 2018 to develop Data Management-as-a-Service for mobile devices. Along with Druva's long-standing service for Windows devices, this agreement expands the service to Apple devices, which are increasingly important in the workplace.
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Key Segments:
By Solution
Mobile Data Protection (MDP) Data Loss Prevention (DLP) Mobile Device Management (MDM)
By Development Type
By Industry Vertical
Manufacturing Defence & Aerospace IT & Telecom BFSI Healthcare Others
By Region
North America Europe Asia Pacific Rest of the World
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