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TheExpressWire

Published

June 22, 2022

The global mobile security market size is likely to gain momentum by exhibiting a promising 14.6% CAGR between 2020 and 2027

The global mobile security market size is likely to gain momentum by exhibiting a promising 14.6% CAGR between 2020 and 2027. This is ascribable to factors such as increasing adoption of advanced mobility solutions and increasing cyberattack incidents across the globe. The report further mentions that the market was worth USD 34.94 billion in 2019 and is projected to reach USD 103.45 billion by 2027.

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Increasing Adoption of Enterprise Mobility Solutions to Promote Growth

Enterprise mobility solutions ensure that the organizations enable the employees to adopt secure mobile devices. In addition to this, it involves securing corporate data present in the mobile devices of the employees to prevent data theft and economic loss. Furthermore, emergence of technologies such as internet of things (ioT) and machine learning is enabling the enterprises to promote enterprise mobility among its employees. According to a report by the Soti, Inc., about three fourth of the employees in the United States are expected to be introduced to the mobility working environment in the forthcoming years. Moreover, increasing risk of cyberattacks and malware is expected to drive the demand for the global mobile security market during the projected horizon.

North America to Remain at the Forefront; Increasing Adoption of Mobile Security Solutions to Augur Growth

Among the regions, the market in North America was worth USD 10.38 billion and is expected to gain major global mobile security market revenue during the forecast period. This is ascribable to factors such as increasing adoption of advanced mobile security solutions owing to rise in cyberattack and malware incidents in the region. Asia-Pacific, on the other hand, is likely to witness significant growth during the forecast period. This is attributable to factors such as massive development in the IT industry. Furthermore, special impetus by the governments in countries such as India and China on fortifying cyber world by establishing stringent data security regulations will contribute to the market growth between 2020 and 2027.

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V-Key Collaborating with TONIK Digital Bank to Aid Growth

Fortune Business Insights with its quantitative and qualitative detailed analysis observes that the market comprises of several players trying to consolidate their position in the global mobile security market during the forecast period. Adoption of strategies such as collaboration, merger and acquisition, and product launches by the companies will bode well for the market growth. For instance, in May 2020, V-Key announced its collaboration with TONIK digital bank. As per the collaboration, V-key will provide security to the mobile banking platform of TONIK’s new customers based in Philippines. Greg Krasnov, CEO of TONIK, said on the sidelines of the development, “We choose V-Key owing to its history with major banks across the region, wherein their security solutions have been tested and validated. Furthermore, their technology is protected by a global patent with proven track record of delivering security and trust to the customers.”

Industry Development:

September 2019- F-Secure, a Finnish cyber security firm, announced its launch of consultancy services across 11 different locations spread across four continents of the world. According to the company, the primary aim of their consultancy services is to defend cyberattacks for the organization by adopting emerging technologies.

List of the Companies Operating in the Market: