Mobile Security Market 2020 and Forecast 2021-2027

                                          
Report Overview: Global Mobile Security Market


The global mobile security market size was valued at USD 2.19 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 09.6% from 2021 to 2027. An increase in the adoption of smartphones, tablets, laptops, and other portable devices both for personal and professional use is a key factor driving the overall market. Furthermore, the rise in the bring your own device (BYOD) trend among enterprises has increased security challenges for both the organization and employees. As a result, adoption of the mobile unified endpoint security products that include firewall tools, antivirus and malware protection solutions, organization size security solutions, and mobile device management solutions has increased among businesses.


The market is further expected to grow with the growing trend of work from home policies. Enterprise of all sizes is leveraging their corporate strategies to allow their employees to work remotely. The Covid19 pandemic has forced organizations to take a good look at the business continuity plans and assess their remote working readiness. Working in remote areas create extend weak link in the security ecosystem as employees tend to connect network across public Wi-Fi. Moreover, the Covid19 outbreak would require people to confine themselves at home for a prolonged period, thereby influencing organizations to adopt security solutions for mobile endpoints.

The overall market is growing with the rise in the number of mobile-related cyberattacks. The threat actors in the mobile ecosystem have become proficient with the advancement in technologies and operational experience. Currently, hackers and threat actors are targeting mobile users with advanced malware to skim sensitive information from individuals. For instance, in 2019, numerous incidents of digital credit card skimming attacks, i.e. Magecart attacks, were observed across the globe. The Magecart attacks targeted mobile users of e-commerce platforms and online hotel booking platforms to skim their payment transactions. Increasing vulnerabilities and awareness regarding Magecart motivated individuals and businesses to adopt solutions to strengthen their security.

The market continues to grow with the evolving mobile device landscape and secured mobile operating system (OS) patches. Currently, mobile OS is increasingly embedding security patches and tools to reduce the downloads of third-party vulnerable apps. Furthermore, an increase in mobile malware attacks from third ads is another factor responsible for market growth.
In 2018, according to a mobile threat report released by McAfee, LLC, an increase in the malicious banking trojan, such as Marcher malware, was observed that victimized millions of Google play users. The malicious trojan impersonated legitimated apps for games, flash players, and system utilities to generate small payments frequently from users by exploiting ad clicks. In an attempt to protect mobile devices from trojans and malware, consumers seek to buy solutions to secure their sensitive information. As a result, it creates an opportunity for the overall market to grow.

Offerings Insights: Global Mobile Security Market

The market for mobile security can be segregated based on the offerings provided by IT security vendors into solutions and services. In 2019, the solutions segment held the largest market share of 59.0% owing to rise in malware, trojans, and phishing attacks in mobile devices. Furthermore, a rise in demand for mobile organization size security and device security to reduce vulnerabilities from third-party apps and data breaches is influencing the individuals to adopt mobile security solutions.

The services segment is expected to emerge as the fastest-growing segment over the forecast period 2021-2027. Need for an effective remediate solution for data breaches, theft, and cyberattacks in personal mobility devices related to organizational workspaces has motivated small and medium enterprises (SMEs) and large enterprises to opt for consulting and maintenance services. The mobile security vendors analyze the existing infrastructure and policies of organizations and provide tailored security solutions that fit their requirements. The security vendors also offer training and support services to the IT departments of organizations to efficiently implement security solutions within their infrastructure.

Industry Vertical Insights: Global Mobile Security Market

Based on the industry vertical, the market for mobile security can be segregated into BFSI, telecom and IT, retail, healthcare, government and defense, manufacturing, and others. The telecom and IT segment held the largest market share of 21.7% in 2019. Incumbents of telecom and IT sector store a huge amount of consumer and organizational data. Furthermore, with the advent of digital automation solutions, the risk of data theft and malware reflects high business loss to the organizations. Additionally, organizations in the sector are more prone to Distributed Denial of Service (DDoS) attacks, insider threats, and vulnerabilities from unsecured network connectivity among enterprise portable endpoint devices. As a result of an increase in threats, enterprises from the IT and telecom sectors adopt endpoint threat detection and remediation solutions. The healthcare sector is expected to expand at the highest CAGR over the forecast period. The majority of players are developing new solutions for patient monitoring, workforce management, and EHR management owing to increasing cyberattacks in the healthcare sector.

End-Use Insights: Global Mobile Security Market

By end-use, the market for mobile security can be segmented into individuals and enterprises. The enterprises segment lead the market in 2019 with a share of around 73.0% and is anticipated to maintain its lead throughout the forecast period. Rise in BYOD and mobility in workspace is influencing enterprises of all sizes to adopt unified endpoint mobile security solutions to help enterprises reduce data threat exposure. Moreover, the need to reduce the burden from IT administrators in managing organizational frameworks of portable data storage and data sharing has compelled organizations to deploy both cloud-based and standard mobile security solutions.
The individuals segment is anticipated to expand at the highest CAGR over the forecast period. Increasing mobile cyberattacks and growing awareness related to online threats are motivating end consumers to adopt security solutions across the globe. According to a 2017 research study on Consumer View on Mobile Security by Allot, a security and network intelligence solution provider, 61% of the mobile consumers across the globe bought mobile security services and 69% of the consumers were aware of the malware. Furthermore, the study highlighted that only a small percentage of the consumers pay for their device protection. Although, increasing awareness related to cyberattacks and its widespread destruction is influencing the consumers to adopt security solutions.

Organization Insights: Global Mobile Security Market

Based on the organization, the market for mobile security can be segregated into SMEs and large enterprises. The large enterprises segment held the largest market share of approximately 75.0% in 2019. As cloud-based deployments and digital services expand in large enterprises landscape, the threat from cyberattacks increases. With the increasing threats and phishing attacks in mobile devices, large enterprises are spending on mobile security solutions to increase organizational defense against any attacks or thefts.

Digital disruption in services and increasing usage of connected devices in the organization provide employees with unparalleled business information. Providing critical business information to the employees over their mobile devices offers several benefits, such as improvement in workforce productivity, but they also expose to business security risks, such as data breaches and data theft. According to a 2019 security report released by Check Point Software Technologies Ltd., a cybersecurity solution provider, 27% of organizations across the globe were impacted by cyberattacks that involved mobile devices. Furthermore, the rise in BYOD concepts increases complexities for the IT departments of businesses to manage their employees’ workspace on personal mobile devices with stringent processes and policies. Thus, it becomes essential for organizations to adopt mobile endpoint security solutions to manage BYOD devices in a secure and controlled manner.

Regional Insights: Global Mobile Security Market

North America lead the overall market with a share of 41.4% in 2019. The region is anticipated to witness considerable growth over the forecast period owing to the rise in spending on information security solutions among enterprises. For instance, in April 2019, the U.S. Department of Homeland Security (DHS), along with some federal agencies such as Cybersecurity and Infrastructure Security Agency (CIST) and Science and Technology Directorate (S&T), are developing new standards and mobile security R&D programs to remediate security gaps in mobile networks communications. In North America, the U.S. accounted for the largest revenue share in 2019 and is expected to maintain its lead throughout the forecast period. Growing adoption of mobility devices among various sectors, such as government and defense and retail, is driving the regional market.

Asia Pacific is expected to expand at the highest CAGR over the forecast period. Growing smartphone users, advancement in mobile device technologies, and advanced network connectivity in the region are some of the essential factors that anticipate the rise in mobile security challenges. Furthermore, government initiatives towards digitization and booming digital transaction apps are resulting in malware and phishing attacks in mobile devices. As a result, individuals and enterprises are gradually pacing their efforts to adopt security solutions for their portable devices.

Key Companies & Market Share Insights: Global Mobile Security Market

Market players are involved in numerous strategic initiatives, such as collaboration, partnerships, acquisitions, and geographical expansion, to improve their business growth and market position. For instance, in 2019, Lookout, Inc. expanded its geographic footprints in Europe and Asia Pacific to meet the rising demand for mobile threat defense solutions. Owing to the expansion, in February 2020, the company announced a record in its fiscal-year growth. The growth of the company was primarily due to an increase in enterprise consumers that demand its mobile endpoint security solutions, App Defense, and Phishing solutions.

Mergers and acquisitions have remained one of the key strategies among the majority of market players. For instance, in February 2019, BlackBerry Limited acquired Cylance (California), which is a cybersecurity and artificial intelligence company. This acquisition is expected to help BlackBerry use Cylance’s technology and provide security solutions to their customers. Some of the prominent players in the mobile security market include:

Key companies Profiled: Global Mobile Security Market Report

 	
Microsoft
 	
IBM
 	
VMware, Inc.
 	
BlackBerry Limited
 	
Trend Micro
 	
Check Point Software Technologies Ltd.
 	
Lookout, Inc.
 	
Mobileiron
 	
CrowdStrike
 	
McAfee, LLC
 	
Sophos Ltd.
 	
Quick Heal Technologies Limited.

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global mobile security market report on the basis of offerings, end use, organization, industry vertical, and region:

Offerings Outlook (Revenue, USD Million, 2016 - 2027)

 	
Solutions
 	
Services

End-Use Outlook (Revenue, USD Million, 2016 - 2027)

 	
Individuals
 	
Enterprises

Organization Outlook (Revenue, USD Million, 2016 - 2027)

 	
SMEs
 	
Large Enterprises

Industry Vertical Outlook (Revenue, USD Million, 2016 - 2027)

 	
BFSI
 	
Telecom & IT
 	
Retail
 	
Healthcare
 	
Government & Defense
 	
Manufacturing
 	
Others