The global bring your own device (BYOD) market is expected to be worth $318.41 billion (£239.3 billion) in 2022, rising from $64.95 billion in 2012, according to a new report.
Published by Crystal Market Research (CMR), the period will see a compound annual growth rate (CAGR) of 15.38 per cent.
BYOD policies allow employees to use their own technology – including smartphones, tablets, and laptops – in the office, and to use those devices to access potentially confidential company applications and information.
Businesses around the world are encouraging their workers to use their own devices as it encourages productivity and lowers costs. CMR said BYOD “allows the workforce to access information at real-time, thus assisting them in taking quick decisions”.
The report also explained that as people are more familiar with their own devices, they can execute tasks more efficiently, therefore driving productivity and, as a result, fueling the growth of the global BYOD market.
It also explained that employees being able to bring their own devices to the workplace results in the reduction of hardware costs, which in turn encourages the growth of the global BYOD market.
The rising adoption of tablets, which CMR said presents users with the benefits of both laptops and smartphones, is expected to cause a revolution in the adoption of the BYOD concept.
According to the report, mobile device management (MDM) will also boost the growth of the market. It allows for safer delivery of mobile content and applications. Tablets are expected to see the largest growth in MDM due to their rising adoption.
Small businesses are projected to be some of the biggest BYOD users and, with this sector expected to grow at a CAGR of 19.7 per cent over the forecast years.