According to a recent report published by Allied Market Research, titled, “Mobile Security Market by Operating System, End User, Enterprise Solution Type, Industry Vertical and Enterprise Size: Opportunity Analysis and Industry Forecast, 2020–2027,” the global mobile security market was valued at $19.83 billion in 2019, and is projected to reach $122.89 billion by 2027, growing at a CAGR of 25.8% from 2020 to 2027.
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Increase in the trend of mobile payments, rise in adoption of BOYD in workplaces, and surge in need to provide protection to video streaming content drive the growth of the global mobile security market. On the other hand, high costs of mobile security solution and complexity in designing embedded security setup impede the growth to certain extent. However, rapid usage of machine learning and artificial intelligence in mobile security application are expected to create multiple opportunities in the industry.
Based on operating system, the android segment accounted for more than half of the global mobile security market share in 2019, and is expected to rule the roost by the end of 2026, owing to faster deployment of this operating system across the globe. The iOS segment, on the other hand, would portray the fastest CAGR of 27.2% throughout the forecast period.
Based on end-user, the enterprises segment contributed to more than four-fifths of the global mobile security market revenue in 2019, and is expected to retain its dominance till 2026. This is due to growing adoption of mobile security solutions among various industry verticals. Simultaneously, the individuals segment would manifest the fastest CAGR of 29.2% during the study period. Increase in demand from individuals to secure their mobile devices fuels the segment growth.
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Based on region, North America held the major share in 2019, generating more than one-third of the global mobile security market. Enterprises in the region are adopting security solutions that minimize data security threats without hampering the personal data of the employees which drives the market growth in this region. At the same time, the Asia-Pacific region would grow at the fastest CAGR of 26.9% from 2020 to 2027. This is attributed to the growing drive of BOYD and rise in adoption of mobile security solutions by government offices in the province.
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