The BYOD Market was valued at USD 186.09 billion in 2019 and is expected to reach USD 430.45 billion by 2025, at a CAGR of 15% over the forecast period 2022-2031. High-speed like 4G and 5G services offered by telecom companies drive the BYOD market in both developing & developed economies. The increase in demand of smartphones have also supported the growth of Bring-your-own-Device (BYOD).
– Further, the increasing number of small and medium-sized enterprises, owing to the growing startup culture across developed and developing economies alike, has led to companies willing to adopt the BYOD culture to eliminate or restrict the initial infrastructure expenses which limit their early growth.
– In addition, organizations require employees to interact with customers and co-workers. The rise in the productivity of the organizations has led to the increased adoption of BYOD across varied industry verticals.
– To support a smooth workflow, in March 2018, BlackBerry and Microsoft partnered to empower the mobile workforce. By making Microsoft’s mobile apps seamlessly available from within BlackBerry Dynamics, enterprise users have a consistent experience when opening, editing, and saving a Microsoft Office 365 file such as Excel, PowerPoint, and Word on any iOS or Android device. This enabled users to work anytime, anyplace, with rich file fidelity.
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– To ensure a large number of devices are connected, in April 2018-ForeScout Technologies Inc. expanded their device visibility platform to protect the extended enterprise. This ensured the implementation of an extra layer of security and support a large number of devices
– However, the integration of such concepts attracts large amounts of cyber threats and puts corporate data at risk of a data breach. This is expected to hamper the overall market growth over the forecast period.
Scope of the Report
Bring your own device (BYOD) is an emerging technological trend, wherein an employee is encouraged to utilize their own devices to access the company’s enterprise system and data. Nowadays, many people and organizations face restrictions regarding geographical borders and long distance collaborations within the team, and BYOD conveniently manages to connect them and allows access to the required information. This is opening new avenues for the industry players, thus having a positive impact on market growth over the forecast period. In North America, the major share of the working population brings their own devices to their respective organizations. However, Europe is lagging behind, when compared to North America, in terms of the adoption BYOD.
Key Market Trends
Retail Industry is Expected to Have Significant Growth in the Market
– Consumerization of retail where customers have increased access to information via technologies such as cloud, mobile and social is creating a new opportunity for retailers. To boost customer engagement, retailers are focused on data collection now more than ever before so that they help the customers to get better satisfaction. Organizations require employees to interact with customers and co-workers.
– BYOD is helping retailers to take advantage by providing more engaging in-store experiences to customers, reducing device procurement costs and gain visibility into in-store performance. BYOD helps the workers’ tip to acces resources at their fingertip increasing productivity and driving great employee and customer satisfaction.
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– According to the Financial Impact of BYOD study, employees tackle work tasks the moment they receive them, accomplish them more quickly and gain some extra minutes, 37 minutes per week to be exact. United States BYOD users ranked highest on that scale, with an average 81 minutes saved per week. For retailers with a large number of associates, the regained minutes can quickly add up, translating into improved customer service that results in increased sales.
– With the increase in the number of connected wearable devices, the workers can keep themselves updated in real time information which will help them to take decision quicker and serve the customer as soon as they get the query.
Asia-Pacific to Witness the Highest Growth Rate
– The population of Asia-Pacific is booming because of the tech-savvy generation and increasing consumption of mobile devices among potential customers. Hence, organizations are adopting BYOD trends so as to retain the employees by providing benefits, such as flexible timing, internet use, and mobile technology for private as well as professional use.
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– Additionally, rising IT spending across diverse sectors coupled with various government initiatives such as smart city, smart nation, digitization, etc., are anticipated to fuel growth in Asia-Pacific BYOD market in the coming years.
– Apart from this, the Asia-Pacific region has observed a change in the attitude of employees to adopt work from home culture which has improved their efficiencies, which in return Asia Pacific is an upcoming market for BYOD.
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