Market Overview

Market Research Future (MRFR) confirms that the mobile security market 2020 can gain a remarkable valuation of USD 48.85 billion by 2023. The market can also note robust advancement at a rate of 29.55% from 2018 to 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, with a detailed assessment of the market post the coronavirus disease outbreak.

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Key Boosters and Primary Barriers

The popularity of online mobile payment medium and the surge in security needs due to increasing use of smartphones, laptops and tablets can favor the mobile security market. The rising need to protect the video streaming content can also induce business growth in the following years. The rapid emergence of artificial intelligence as well as machine learning in mobile security could be an attractive opportunity for the worldwide market.

Over the years, the BYOD trend has gained high prevalence among companies, for more efficiency at the workplace. Employees are increasingly using the company’s network in work hours and outside the office premises as well. As a result, the need for better security of corporate and financial data at remote points has increased. Further, data loss occurs due to hackers targeting the video and audio files and payment details of the users. This situation boosts the demand for mobile security solutions among mobile users for data protection.

In June 2020, IBM released new toolkits to assist developers in deploring fully homomorphic encryption technology and build products incorporated with the technology. Since organizations have to endure long vetting processes to ensure protection of their valuable data, the FHE technology can help them tackle this issue. These toolkits are expected to be in great demand in sectors such as healthcare and finance. Major companies are working on widening their reach in the global market, by launching new and advanced products that can cater to the demand of their end-users.

COVID-19 Analysis

The COVID-19 outbreak has posed a massive challenge for sectors and businesses worldwide, given the mass shutdowns of stores, offices and facilities. Information technology has been the intrinsic core for these businesses, with cloud systems, data centers, digital devices and departmental servers largely dependent on it. Post SARS-CoV-2, employees working from home are now even more dependent on IT technologies to remain connected and also secure the company’s data. Overnight, the digital infrastructure has witnessed a boom in its demand across the world.

In a matter of few months, the world has become even more digitized but vulnerable as well. Enterprises with employees working from a single physical location are now using Internet for remote communication. The lockdown period has seen employees using more of their smartphones and electronic devices to ensure smooth communication not only with each other but also with their customers. The novel coronavirus has not boosted the reliance of people on digital services to maintain social distance and ensure smooth running of the supply chain. In a way, the pandemic has been a blessing in disguise for the IT industry, and in turn the mobile security market, given the boost in the use of mobile devices for e-commerce and banking. This necessitated the use of the security software in various mobile devices. Moreover, the COVID-19 impact has been such that the cloud-based technologies are observing escalating demand, which can also work in favor of the mobile security software market.

Market Segmentation

Mobile App Security Market has been considered for solution, deployment, operating system along with end-user.

The key solutions covered in the study are data encryption, multi-factor authentication, mobile data protection, firewall and mobile application management.

The deployment-based categories are cloud as well as on-premises.

Operating systems described in the research include windows, android, iOS, blackberry, and others.

The primary end-users in the mobile device security market are financial institutions, individual users, government, manufacturing education, retail, automotive, telecom and IT, and more.

Regional Insight

Mobile Security Market Size has been evaluated by MRFR, while taking into account the key regions of Europe, North America, APAC/Asia Pacific and RoW/the rest of the world. it is anticipated that the North America could attain the leading spot, with Europe emerging as the second-most profitable market.

North America’s lead in the mobile security market will be on shouldered by countries like the US and Canada, where adoption of the latest technologies is quite common. The region holds some of the most renowned mobile security software and service providers, which adds to the strength of the market. The prevalence of various government initiatives pertaining to cyber security across government agencies and federal departments also enhances the market position in the region.

The fastest emerging market belongs to APAC, thanks to the mounting uptake of mobile security software and solutions among enterprises and SMEs in India, China, Singapore and Japan. The expansive IT sector along with the huge number of consumer electronics manufacturers present here also fuels the market expansion. Interestingly, the Middle East & African and Latin American markets can exhibit substantial growth in the coming years, given the rising importance of digitization among companies and the increasing prominence of the BYOD trend.

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