BYOD security market set to reach $24.6bn

BYOD security market set to reach $24.6bn

The rising use of bring your own device (BYOD) trends looks set to drive a rise in the security market over the course of the next five years, new figures have suggested.

A new report by Allied Market Research found the global BYOD security market is now expected to reach $24.6 billion (£16.61 billion) by the year 2020.

The combined annual growth rate (CAGR) of the market between 2014 and 2020 is set to be 36.3 per cent.

Smartphones are becoming an increasing integral tool to the modern business and accommodated for 53 per cent of the BYOD security market in 2013.

It seems employees and decision-makers alike are beginning to recognise the security risks associated with using smartphones for work purposes, particularly in cases of loss or theft.

The use of smartphones, and indeed tablet devices, is unlikely to stall any time soon, with many employees favouring their compact size and reduced weight when compared to laptops.

The demand for BYOD security appears to be widespread, as although a vast majority of the generated revenue came from large enterprises, small to medium-scale businesses (SMBs) contributed one-quarter.

According to the report, the popularity of mobile device management (MDM) solutions and rigid BYOD policies will soon be complemented by a growing demand for mobile application management (MAM), mobile content management (MCM) and mobile identity management (MIM) over the course of the coming years.

The report also suggested the initial investment in implementing BYOD security policies is high, while a need to maintain a high level of security should see the market continue to grow, particularly when many SMBs are recognising the need such solutions.