Global BYOD market set to reach $238.39 bn by 2020

Global BYOD market set to reach $238.39 bn by 2020

The increasing number of firms adopting a bring-your-own-device (BYOD) policy could lead to the market reaching a total value of $238.39 billion (£142.47 billion) by 2020, according to new research.

A study conducted by Grand View Research found that the growing popularity of smartphones and tablets in the workplace, along with the prevalent trend of workers preferring one device, meant that the market for such devices is set to grow significantly over the course of the next six years.

The report did acknowledge that there are still concerns over the theft of the mobile devices, as well as data security, but that solutions such as mobile device management (MDM) and mobile application and content management have proved effective for companies seeking peace of mind.

Among the employees to use BYOD, many said that smartphones were their device of choice, accounting for the largest share of the market during 2013.

Laptops were still popular, but their growth over the course of the next 12 months is now expected to slow, especially in comparison to tablets.

Another finding of the survey was the fact that mid-to-large sized businesses were the most likely to adopt a BYOD strategy, accounting for 75 per cent of the devices used in the market.

Smaller firms tended to state that BYOD was a key driver in job satisfaction and profitability, with the reduced cost of hardware and cloud-based solutions making such an approach all the more attractive to companies.

In terms of regions, BYOD was found to be most popular in North America, making up 34.7 per cent of the global market share in 2013.

Researchers also noted that it is expected to remain the leading market for BYOD devices over the course of the next six years.

However, growth is also predicted in emerging markets too, with Asia Pacific expected to see the fastest rate of growth by 2020.