Mobile Security Market by Component (Solutions (Identity & Access Management, Data security & Encryption, Cloud security, Network security, Endpoint security, Web Security, Application Security & Others) & Services), Deployment (Cloud-based and On-premises), Organization Size (Small and Medium Enterprises, and Large Enterprises) and Vertical (BFSI, IT & Telecommunication, Retail, Healthcare, Government & Defense, Manufacturing & Others) - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030

Market Prospective

The global Mobile Security Market size was worth around USD 2.52 Billion in 2021 and is predicted to grow around USD 11.89 Billion by 2030 with a compound annual growth rate of roughly 21% between 2022 and 2030. The report analyzes the global mobile security market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile security market.

Mobile security is used for the protection of sensitive data transmitted and stored on computers, smartphones, wearables, tablets, and other portable devices. As the number of devices and the ways in which they are used have rapidly increased, protecting mobile devices has become more crucial. This presents a specific issue in the workplace when employee-owned devices connect to the company network.

The presence of more corporate data on devices makes them more appealing to cybercriminals who can use mobile malware to attack both the device and the back-end systems they connect to. Administrators enforce acceptable use regulations, and IT departments try to make sure that staff members are aware of them.

One of the key factors propelling the expansion of the mobile security industry globally is the rising smartphone adoption. Younger generations with higher education and income levels are focusing on digital connections for several purposes, including online shopping, banking, and chatbots, which has led to an increase in smartphone ownership globally in developing economies like India, Saudi Arabia, China, and Brazil.

The global revenue contribution of the mobile industry in 2019 was $4.1 trillion, or 4.7% of the global gross domestic product (GDP), according to the GSM Association's Mobile Economy 2020 study. Additionally, smartphone penetration was 65% in 2019 and is projected to increase to 80% by 2025. Hence, with an increased number of mobile customers, the requirement for mobile security.

Mobile data breaches have significantly increased as a result of the rise in mobile payments, which has had a big impact on the market for mobile data protection. Among all payment options, mobile payments are growing the fastest. Mobile data has increased as a result of this growth. The amount of mobile data traffic surpassed 11 Exabytes per month in 2017 and is expected to continue to grow quickly.

Moreover, the market for mobile data protection is anticipated to grow further as a result of the proliferation of mobile wallets like PhonePe, Apple pay, Google pay, Android pay, and Walmart pay. According to Statista, the usage of mobile wallet transactions in 2020 was around 5100 Billion and predicted to be around 9400 Billion by 2025.

Key Insights

• As per the analysis shared by our analyst team, the global mobile security market is estimated to grow annually at a CAGR of around 21% over the forecast period (2022-2030).
• In terms of revenue, the global mobile security market size was valued at around USD 2.52 Billion in 2021 and is projected to reach USD 11.89 Billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on component, the solution segment was predicted to show maximum market share in the year 2021
• Based on deployment, the cloud-based segment was the leading revenue-generating type in 2021
• On the basis of organization size, the large enterprises segment was projected to show largest share in the year 2021
• On the basis of vertical, the IT & telecommunication segment was dominating the market share in the year 2021
• On the basis of region, North America were the leading revenue generator in 2021

COVID-19 Impact

The COVID-19 has a positive effect on the development of the market growth. The market is projected to grow as work from home model gained popularity. Enterprises of all sizes have adopted this model to enable employees to work remotely till the effect of COVID-19 and then changed to hybrid model. When working in remote areas, employees prefer to connect the networks via public Wi-Fi leading the security ecosystem vulnerable. Additionally, the pandemic would drive people to spend more time at home, necessitating the adoption of mobile endpoint security solutions by enterprises.

Increasing Demand of Smartphones Across the Millennials to Propel the Market Growth

With the increasing usage of smartphones across the millennials are likely to propel the market growth. The need for effective mobile security solutions to stop malware outbreaks and cyberattacks is expanding significantly.

Concerns Pertaining to Usage of Free Mobile Security Solutions Hampering the Market Growth

The increasing usage of free mobile security solutions are hampering the market growth. The development of the market is further hampered by the high cost of mobile security solutions and the difficulty of building embedded security solutions.

Integration with IoT and Machine Learning Will Create Opportunities for the Market Growth

The introduction of technology like the internet of things (ioT) and machine learning has made it possible for businesses to encourage employee enterprise mobility. In the upcoming years, it is anticipated that around three-fourths of American workers would be exposed to a mobile working environment, per a report by Soti, Inc.

Concerns Pertaining to Limited Awareness Could Challenge Market Growth

The limited awareness associated with mobile security are likely to be challenging the growth of the mobile security market. Largely people use smartphones or handheld devices has access to a wide range of applications. Limited awareness of websites which are prone to privacy policies to which malware attacks can happen are also impacting negatively to the market growth. Numerous individuals visit unreliable websites on their computers or mobile devices while downloading unsafe software, making these devices more susceptible to cyberattacks. The market is not growing due to people are not aware of the hazards to mobile devices and the security solutions available to protect.

Segmentation Analysis

Based on product, the solution segment is further bifurcated into identity & access management, data security & encryption, cloud security, network security, endpoint security, web security, application security & others. The identity & access management dominating the market share owing to the rising attacks of phishing, malware, ransomware or Trojan as digitalization is also growing across the developing regions.

On the basis of deployment, the market is bifurcated into cloud-based and on-premises. The cloud-based segment is dominating the market share owing to growing incidences of large organizations investing upon cloud-based installations and digital services, in turn, escalates the risk of cyberattacks.

Based on organization size, the global market segments are small and medium enterprises, and large enterprises. The large enterprises segment is dominating the market share owing to the investment in mobile security solutions to strengthen organizational defense against any assaults or thefts in response to the growing dangers and phishing attacks on mobile devices.

On the basis of vertical, the market is bifurcated into BFSI, IT & telecommunication, retail, healthcare, government & defense, manufacturing & others. The IT & telecommunication is dominating the market share owing to the huge amount of consumer and business data are stored to which security is required. The risk of malware and data theft has increased for enterprises with the introduction of digital automation technologies.

Recent Development

April 2022- Zimperium has partnered with Carahsoft to provide mobile security protection for the public sector including federal, state, and local government to implement its mobile endpoint and application security solutions, and strengthen their defense against growing mobile threats.

November 2021- NowSecure has integrated with Github for the testing of mobile app security into mobile app developer workflows directly inside GitHub repos.

North America is Dominating the Market Share

North America is dominating the market share of the global mobile security market owing to increased spending on information security solutions is expected to increase significantly over the projected period. For instance, the U.S. Department of Homeland Security (DHS), collaborated with Science and Technology Directorate (S&T) and the Cybersecurity and Infrastructure Security Agency (CIST), to develop new standards and mobile security R&D programs in April 2019 to address security flaws in communications over mobile networks.

The United States accounted for the greatest revenue share in North America in 2019 and is anticipated to keep the lead throughout the projected period. Growing usage of mobility devices among various sectors, such as government and defence and retail, is propelling the regional market. 

Competitive Landscape

Microsoft, IBM Corporation, VMware, Inc., BlackBerry Limited, Trend Micro Incorporated, Bitdefender, Check Point Software Technologies Ltd., Avast Software s.r.o., Ivanti, NowSecure, Fortinet, Inc., CrowdStrike, Broadcom, Zimperium, McAfee, LLC, Sophos Ltd amongst others.

The global Mobile Security market is segmented as follows:

By Component

• Solutions
  • Identity & Access Management
  • Data security & Encryption
  • Cloud security
  • Network security
  • Endpoint security
  • Web Security
  • Application Security
  • Others
• Services

By Deployment

• Cloud-based
• On-premises

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Vertical

• BFSI
• Telecom & IT
• Retail
• Healthcare
• Government & Defense
• Manufacturing
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
• Benelux Reunion
  • Belgium
  • The Netherlands
  • Luxembourg
• Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America