Mobile Security Market Growing at 21.1% CAGR and Expected to reach $22.1 Billion by 2030

• 27 Mar 2024
• TM Team
• 0 Comments

The mobile security industry was valued at $3.3 billion in 2020, and is estimated to reach $22.1 billion by 2030, growing at a CAGR of 21.1% from 2021 to 2030.

Growing adoption of smartphones, even in the most remote parts of the world has risen the threats of cyberattacks and mobile phone related crimes, which encourages consumers to purchase mobile security. Thus, with consumers getting aware of mobile threats, the demand for mobile security is growing rapidly.

The primary objective of mobile security is to safeguard the confidentiality of data stored on mobile devices while also bolstering the integrity of these devices. Mobile security applications offer a plethora of benefits, including protection against malware and cyber-attacks, as well as enabling remote access to data, all of which contribute significantly to the growth of the mobile security market.

Moreover, the increasing trend of online mobile payments and the growing adoption of Bring Your Own Device (BYOD) policies in workplaces are key drivers propelling market expansion. Additionally, the surge in demand for protecting video streaming content further fuels the growth of the mobile security market.

However, challenges such as the high cost of mobile security solutions and the complexity involved in designing embedded security solutions pose obstacles to market growth. Despite these challenges, the utilization of machine learning and artificial intelligence in mobile security applications presents promising opportunities for the expansion of the mobile security market.

In essence, the mobile security market continues to thrive driven by the pressing need for data protection, the proliferation of mobile technologies, and the continuous advancements in security technologies.

Region-wise, the mobile security market was dominated by North America in 2020, and is expected to retain its position during the forecast period, as mobile security threats are on the rise and the trend is bound to grow with the increase in number of people buying mobile devices. Nearly 81% of the North American population are internet savvy and this number increases on a yearly basis. However, Asia-Pacific is expected to witness significant growth during the forecast period, as it utilizes mobility solutions depending upon the need of the consumer. Increase in usage and reliance on mobile devices dramatically impacts the end user access to enterprise applications and data.

The key players that operate in the mobile security industry are Apple Inc., BlackBerry Limited, Broadcom Inc., Citrix Systems, Inc., Google LLC, International Business Machine Corporation, Mobileiron, Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., and VMware, Inc.