The global bring your own device (BYOD) and enterprise mobility market is expected to reach a total value of $360.07 billion by 2020.
That is the main finding of a new study which found that the market is set to have a combined annual growth rate (CAGR) of 27.6 per cent between 2015 and 2020.
The last few years has seen BYOD and mobile working become a significant part of daily operations for many employees, with strong adoption seen in industries such as manufacturing, healthcare, logistics and transportation, retail, BFSI, IT and telecom.
A substantial number of public sector organisations have also seen the benefits of BYOD, giving council and local government workers a level of flexibility in their duties that has arguably never been seen before.
However, while many accept that BYOD can be a benefit to an organisation's capabilities, there are also a number of risks when it comes to implementing such a policy.
One of the most pressing challenges reportedly facing IT departments implementing a BYOD policy, is the pressing need for an efficient and cost-effective solution for managing the balance between security and communication.
As a result, the importance of security solutions and mobile device management platforms has greatly increased over the last few years.
Overall, the area of the BYOD market covering hardware is split into smartphones, tablets, and laptops. This sector of the market is expected to grow over the next couple of years, with the rise of wearable technology set to add another dimension.
In terms of security, the market has already been segmented into mobile data security, mobile device security, mobile identity & access management, and network security.
Even if the market does not see more solutions added to this line up, the sophistication of these solutions is widely expected to expand as software aims to keep up with the pace of hardware advancements.