BYOD market set to increase to $367bn by 2022

BYOD market set to increase to $367bn by 2022 (iStock)

​While some analysts have declared otherwise, it seems the bring your own device (BYOD) trend shows little sign of slowing, with the number of companies beginning to recognise the benefits of the trend continuing to increase.

New figures from Global Market Insights have suggested that the demand for BYOD products will see the market increase to a value of $367 billion (£255.17 billion) by 2022, up from $94 billion in 2014.

The trend has become particularly popular with a smaller businesses, which account for a segment of the market that looks set for a 19.7 per cent increase in compound annual growth through to 2022.

But, at the same time, medium and large businesses are still expected to maintain their dominance in terms of revenue over the same period.

In terms of regions, the Asia-Pacific area is set for the fastest level of growth, with demand set to increase by 20.8 per cent CAGR through to 2022.

Meanwhile, the market in the US is to see growth at 15 per cent from a base of $30 billion in 2014.

The report cites the findings to cheaper handset prices, low calling rates, as well as the increased development and implementation of new technologies.

There has also set to be a substantial level of investment by mobile operators in building infrastructure to help further enhance the profile of the BYOD market.  

Meanwhile a continued surge in smartphone use, as well as high-speed internet services, such as 4G LTE is also expected to have a positive impact.