consumerization. This policy serves the purpose of helping employees stay connected with their remotely-working counterparts and data of the organization. As BYOD policy is gaining popularity in the global industry, the implementation of security solutions has climbed up the priority chart.
MDM Solutions Lead the Global BYOD Security Market
The global BYOD security market is classified into two segments: Management of mobile devices (MDM) and management of enterprise applications (MAM). As per a recent research report, MAM solutions are anticipated to exhibit enormous growth in the near future owing to the rising awareness among consumers about security solutions across the globe. In spite of MDM being dominant among all the other solutions, mobile content management (MCM) and mobile identity management (MIM) will exhibit higher penetration within the global BYOD security market in the coming years.
The proliferation of mobile devices such as smart phones and tablets, which are being used by consumers in their day-to-day lives, has encouraged many companies to promote the BYOD policy. Companies have extended their support to the BYOD work style primarily because it offers productivity gains and cost savings.
Initially, the idea of BYOD was rejected by many companies due to data security concerns. However, major companies are now making strides in incorporating this policy, or at least considering supporting it. The revenue for the global BYOD security market is generated from end-use industries such as SMEs, government organizations, and large enterprises.
Driving Factors of BYOD Security Global Market
The BYOD security market is driven by factors such as adoption of BYOD policy by organizations, rising smart phone penetration, reduced hardware cost for organizations, emergence of mobile business user workforce, and persistent usage popularity among industry regions, enterprises, and verticals.
On the flip side, factors such as rising network security threat, device seizure, governance and compliance issues, and data loss risk are expected to hamper the growth of BYOD security market in the near future.
One of the rising trends of the BYOD security market is the onset of mobile security solutions that are being offered by mobile device vendors. Many vendors are now into manufacturing of mobile devices that are integrated with security solutions. These solutions help employees to access their professional as well as personal data using their portable device from different locations.
Key Market Players in Global BYOD Security Market
The global BYOD security market is witnessing intense competition among the large and small vendors. Some of the prominent players of the global BYOD security market are IBM, Citrix Systems, VMware, Good Technology, Mobile Iron, SAP, Cisco Systems, and Alcatel Lucent. The global BYOD security market is growing owing to the collaborations and mergers of the market players to surpass their services to their respective consumers. Many new vendors are also expected to enter the market in the near future.