Market Research Future (MRFR) expects the Global Mobile Security Software Market size to reach USD 42.13 Billion at a CAGR of 14.58% from 2020 to 2030 (forecast period). The global mobile security software market is expanding and is expected to offer significant opportunities in sectors like BFSI, government & defense, healthcare, and IT & telecom. Prominent drivers for this market are the increasing sophistication of cyber-attacks in mobile devices and the growing trend of bring your own device (BYOD) in different companies. The market is looking for opportunities with the emergence of mobile security as a service, as it is estimated to offer faster, easier and affordable solutions for companies to meet their IT requirements without having to develop their own infrastructure or invest in developing, maintaining, and creating these resources.
The COVID-19 pandemic prompted companies to closely examine business continuity plans and evaluate their remote work readiness. Working in remote areas creates a weak connection in the security ecosystem as workers choose to access the network through public Wi-Fi. In addition, the COVID-19 outbreak would require people to confine themselves at home for an extended period of time, thus influencing organizations to adopt security solutions for mobile endpoints.
Growing instances of theft of confidential financial data
Due to the increasing instances of theft of confidential financial data, a majority of customers are adopting mobile payment security software for mobile devices. This will prevent fraudsters from obtaining credit and debit card details as the entire payment transaction needs authorization between the merchant's acquirer and issuing bank.
High adoption of m-commerce and mobile banking
The growing adoption of m-commerce and mobile banking is expected to increase the adoption of mobile payment security software. There is also a growing need to protect personal financial information among consumers, which promotes the growth of the industry.
Global Mobile Security Software Industry has been segmented on the basis of Type.
Based on the type, the global mobile security software market has been segmented into mobile data security, mobile identity management, mobile security as a service, mobile device security, email spam blocking, and mobile virtual private networks.
North America to dominate the global market
North America captured the highest market share of 34.64% in 2018, with market size of USD 4.935.7 million. North America was set to be the largest market in 2019, with a valuation of 34.64% for mobile security software during the assessment period. The rising number of mobile employees in the area and the growing trend of BYOD in businesses are the key drivers of demand for mobile security software solutions. In addition, the growing incidence of cyber-attacks has contributed to a range of security concerns, and thus companies are searching for robust solutions to mitigate the rising number of cyber threats.
Europe to follow North America
The countries in Western Europe are recording a proliferation of mobile workforce. Countries like Italy, Germany, the Netherlands, and France are presenting workforce transformation. In such countries, the flexible workplace policy is attaining attraction, which, in turn, is boosting the growth of the overall industry for mobile software security.
Market players are engaged in a range of strategic initiatives, such as collaboration, alliances, acquisitions, and geographic expansion, to boost their business development and market position.
The key players in the global mobile security software market are Apple Inc. (US), Intel Security (US), Kaspersky Lab (Russia), Symantec Corporation (US), VMware, Inc. (US), Microsoft Corporation (US), F-Secure Corporation (Finland), Citrix Systems, Inc. (US), AVG Technologies (Czech Republic), and Sophos Group PLC (UK).
In March 2019, McAfee expanded its partnership with Microsoft and offered the McAfee MVISION Cloud for Microsoft Teams. The solution enables Microsoft's Team (chat-based workspace) capabilities by enabling IT teams to implement contextual access control seamlessly, data loss prevention (DLP) policies and collaboration controls, address threats from insiders and compromised accounts, audit all user activities, and protect corporate data.
In April 2019, Wandera, a market leader in mobile security, announced integrations within Microsoft's Enterprise Mobility + Security suite to provide advanced mobile threat defense to businesses. The solution allows Microsoft customers to take advantage from Wandera's multi-level protection for users, endpoints, and corporate applications.
In November 2018, Symantec absorbed Appthority, a mobile application security analysis provider. With this, Symantec will now offer its customers the vital ability to analyze mobile applications for both malicious and dangerous activities, such as vulnerabilities, risk of sensitive data loss, and privacy-invasive actions.
In October 2018, F-Secure collaborated with Actiontec Electronics. Actiontec Electronics Platform—Optim—has been integrated with F-Secure and offers enhanced connected home protection and parental controls to safeguard from malicious web sites, hacking, spyware, phishing, and vulnerable IoT devices, and other cybersecurity threats.
In February 2018, Cisco, Apple, Aon, and Allianz together unveiled a new cyber risk management solution for businesses. The solution consists of Aon's cyber resilience assessment services, Cisco and Apple's technology, and Allianz's enhanced cyber insurance options.
This research report estimates revenue growth at global, regional, and national levels and offers insight into new updates in each sub-sector from 2014 to 2024. For this report, MRFR divided the global mobile security software market report by type and region.
|Market Size||USD 42.13 Billion (2020-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||F-Secure Corporation (Finland), Citrix Systems, Inc. (US), Kaspersky Lab (Russia), AVG Technologies (Czech Republic), Sophos Group PLC (UK), Apple Inc. (US), Intel Security (US), Symantec Corporation (US), VMware, Inc. (US), and Microsoft Corporation (US).|
|Key Market Opportunities||The global mobile security software market is budding rapidly and might offer massive opportunities in sectors of government & defense, BFSI, healthcare, and IT & telecom.|
|Key Market Drivers||
The market is going to record 14.1% CAGR for its progression in the coming years.
The market’s expansion or the development period is recorded for the years from 2020 to 2030.
The global mobile security software market is budding rapidly and might offer massive opportunities in sectors of government & defense, BFSI, healthcare, and IT & telecom.
The factors such as the easy availability of free mobile security solutions are the primary reason for the downfall factor that is expected to limit market growth.