Bring Your Own Device (BYOD) market size is set to grow at a CAGR of 15.1% during the forecast period 2020-2025 and projected to reach $485.5 billion by 2025. The rise in the need for an emerging BYOD policy in today’s businesses to meet workforce demands is allowing their employees to use company franchise applications and manage enterprise internal information. This policy eliminates the restrictions associated with geographical borders and long-distance collaborations within the team of an organization, in turn, offers convenience to connect and in case of accessibility to the required information. Thus, it is creating new avenues for industry players in line with changing lifestyles and contributing to the expansion of BYOD market size. Additionally, this supportive policy engaged in augmenting the productivity, obtaining improved business process efficiencies, facilitate employee collaboration, and provide secured mobile identity management, mobile device management and mobile content management. All these factors together acting as the driving factors of the BYOD market.
North America held a larger share in bring your own device market owing to the increment in the adoption rate of cloud-based services out of sheer convenience and advanced technologies across numerous end-use verticals.
The growing acceptance of bringing your own device policy to meet the increasing demand for enterprise mobility is likely to aid in the market growth of BYOD.
The rise in the prevalence of managed mobility services to increase the productivity of an enterprise are creating a significant number of opportunities for bringing your own device market during the forecast period.
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Component – Segment Analysis
Presently, the penetration of smartphones is high, which is amplifying the count of smartphone manufacturers. This is because the ease associated between smartphones and advanced wireless connectivity infrastructure is attributing the BYOD market demand. In addition to this, the increasing focus of mobile manufacturers to invest huge amounts as R&D to manufacture innovative smartphones integrated with advanced capabilities such that excel in supporting real-time communication. Hence these product launches within smartphones and tablets are elevating as best fits to utilize corporate network resources and provide effective real-time communication required within enterprise communication applications.
Application – Segment Analysis
The small business application segment of BYOD is projected to grow at a CAGR of 15% during 2020-2025. It is majorly due to the predominance of enterprise mobility solutions in providing efficient productivity to fulfill organizational needs. Furthermore, the SMEs are focused to expand their business presence both domestically and internationally to establish their footprints in the global marketplace. For this, they are increasing the requirement for the implementation of effective BYOD programs within employee devices. This also enables network security, infrastructure security, devices, data, and application security through encryption solutions.
Geography – Segment Analysis
North America’s bring your own device market share dominated the global bring your own device market, accounts for more than 28%, followed by APAC and Europe. It is majorly due to the increment in the share of the working population bringing their own devices to the workplaces, replicating the adoption of BYOD culture at a rapid rate. Whereas, APAC region is set to grow with the fastest CAGR during the forecast period. It is owing to the growing usage of tablets and smartphones and their successive impact on the IT sector, thereby increasing the demand for BYOD in the APAC region.
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Drivers – Bring Your Own Device Industry Outlook
The retail industry is boosting the growth of the BYOD market
Increased retailers focus on their consumerization to maintain effective customer management. presently, customers are using social, mobile, and cloud technologies. Thus, retailers are concentrating on data collection which supports improved customer satisfaction. As a part of this, organizations are implementing the BYOD policy to build the interaction of employees with customers and co-workers as well. This policy helps retailers by providing an engaging in-store experience to the customers. On the other hand, it reduces device procurement costs and offers enhanced visibility into in-store performance. The implementation of BYOD resulted in the improved accessibility of resources to the workers at their fingertips, thereby increasing productivity and customer satisfaction.
The organization’s goal to deal with smooth workflow is burgeoning the bring your own device market
The rise in the number of small and medium-sized enterprises, globally. In this contemporary world, the startup culture is in trend across both developed and developing economies. This is increasing the need to adopt the BYOD culture in order to reduce the infrastructure expenses in the early stage of the company establishment. It also assists in huge cost savings by shrinking the cost of procuring and maintaining devices used in the workplace. Further, they focus on the technologies or solutions which support a smooth workflow and rich file fidelity. For instance, in March 2018, BlackBerry and Microsoft signed an agreement of partnership, which is intended to empower the mobile workforce which deals with mobile identity management, mobile device management and mobile content management. This trending BYOD is gaining traction from enterprises to optimize the interaction between business partners and customers which fulfill the business requirements. The transformation of workspaces due to the influx of connected devices is anticipated to accelerate the BYOD market growth.
Challenges – Bring Your Own Device Industry
The possibility of fraud activities is hampering the growth of the bring your own device market
However, the integration of BYOD increases the scope of cyber threats and situates corporate data at risk of a data breach. This is estimated to hinder the global bring your own device market growth over the forecast period. Implementation of BYOD impacts IT departments to lose control over hardware and it creates difficulty in the case of the healthcare industry because of strict regulations while information distribution.
Acquisitions and collaborations are key strategies adopted by players in bring your own device market to offer innovative mobility solutions. In 2018, the market of bringing your own device has been consolidated by the top five players accounting for 30% of the share. The Citrix Systems Inc., International Business Machines Corporation, VMware Inc., MobileIron Inc., SAP SE, BlueBOX IT ( Lookout), Divide ( Google), Hewlett-Packard Company, Cisco Systems Inc., and Pareteum are the bring your own device top 10 companies.
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