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article imageStudy: Mobile security market to top $4.5B in 2014

By Angela Atkinson     Apr 22, 2014 in Technology
As consumers continue to shift away from PCs to mobile, the market for mobile security is expected to break records in 2014, according to a new report by Visiongain, a London-based research firm.
"Mobile devices cause ongoing concern for IT teams responsible for information security. Sensitive corporate information can be easily transported and lost, while the Bring Your Own Device (BYOD) movement has dramatically increased the number of expensive security incidents," according to Visiongain. "The increasing demand for mobile security software is seeing the emergence of security specialists offering solutions aimed at mobile as well as PC. As a consequence, visiongain has assessed that the value of the global mobile security market in 2014 will reach $4.5 billion."
Fixing Vulnerabilities
Research shows that users prefer to use mobile devices for applications, not Web browsing. However, consumers are facing security threats and privacy concerns from cheap apps and cybercriminals.
U.S.-based consumers now spend 2 hours and 42 minutes per day on mobile devices, according to Flurry Analytics. Apps commanded 86 percent of the average US consumer’s time, compared to 14 percent for web browsing.
With growing dependence on smartphones and tablets, security firms and software developers are working to keep data and sensitive information secure. Vulnerabilities in mobile gadgets are creating a $4.5 billion security market.
Mobile Security Market
"Mobile devices have become an intrinsic part of everyday life, for individual consumers and large [organizations] alike," according to the U.K. firm's telecom report. "The increased connectivity and powerful computing capabilities enabled by smart devices allow for a highly mobile and productive workforce. Consequently, the popularity of smart devices is an increasingly attractive target for cybercriminals with regards the potential value of personal data found on a device."
"Handheld electronics have become such an integral part for everyone," says Felipe Pimineto of Drywired Nanocoating Technologies. The Los Angeles, Calif.-based company is applying its nanocoating technology to the fast-growing mobile industry by offering water repellants that protect smartphones, tablets, and their accessories from damage.
The bulk of growth in the mobile security market appears to be in apps and software. However, providers in hardware protection are likely to see increases in revenue as well given the growing sophistication of smartphones and tablets.
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