New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "BYOD Security Global Market Report 2023" - https://www.reportlinker.com/p06486607/?utm_source=GNW
, Alcatel–Lucent S.A., Trend Micro Inc., BlackBerry Limited., Broadcom Inc., Kaspersky Lab, ALE International SAS., Aruba Networks, McAfee Corporation, and Sophos Group Plc.
The global BYOD security market is expected to grow from $42.72 billion in 2022 to $57.86 billion in 2023 at a compound annual growth rate (CAGR) of 35.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The BYOD security market is expected to reach $192.93 billion in 2027 at a CAGR of 35.1%.
The BYOD security market includes revenues earned by providing services like choose your own device (CYOD), company-owned, personally enabled (COPE) devices, company-owned, business-only (COBO), and related services like passwords, zero trust policies, VPNs, and back-up devices.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
BYOD security refers to the policies, procedures, and mechanisms put in place to guarantee data protection and security when workers utilize personal devices for work purposes within a business. BYOD (Bring Your Own Device) is a policy that allows employees to use their own devices for work-related activities.
North America was the largest region in the BYOD security market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in BYOD security report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of devices for BYOD security are laptops, smartphones, and tablets.Smartphones refer to mobile phones that operate on an operating system that allows users to upgrade the operating system and install new software packages on their handsets.
They are utilized for mobile device management, mobile application management, mobile content management, and mobile identity management and are deployed in on-premises and cloud modes. They are used by various end users, such as large enterprises, small and medium-sized enterprises, and government organizations.
A surge in cyberattacks and data breaches is expected to propel the growth of the BYOD security market going forward.Cyberattacks and data breaches provide hackers the opportunity to gain illegal access to computer systems or networks and steal the private, sensitive, or secret financial and personal information of clients or users that is kept there.
BYOD security gives employees the ability to access organizational resources remotely or while teleworking and assuring that an organization’s data is secure when accessed through personal devices. For instance, according to AAG IT Services, a UK-based provider of IT products and services, globally, there were over 236.1 million ransomware attacks, and 53.35 million US citizens were affected by cybercrime in the first half of 2022. Further, in May 2022, according to a report published by HISCOX, a Bermuda-based insurance company, the overall frequency of cyberattacks grew by 12% year on year, with 48% of organizations reporting a cyber assault in the previous 12 months, up from 43% the previous year. Therefore, the surge in cyberattacks and data breaches is driving the BYOD security market.
Product innovation is a key trend gaining popularity in the BYOD security market.Companies operating in the BYOD security market are innovating new products to sustain their position in the market.
For instance, in August 2022, Seraphic, an Israel-based provider of enterprise-grade browser security solutions, launched Security, an Enterprise-Grade Browser Security Solution, to safeguard the hybrid workforce and secure business data.The solution works on every browser and device, guaranteeing secure browsing and the enforcement of company regulations across public sites and SaaS (Software as a service) and internal corporate applications.
With the development of remote work, greater use of bring-your-own-device (BYOD) settings, and increased usage of web-based SaaS apps by organizations, the browser has become the major productivity tool for employees.
In November 2020, Barracuda Networks Inc., a US-based manufacturer of networking gear and storage, security, and cloud services, acquired Fyde for an undisclosed amount. With the acquisition, Barracuda CloudGen would enhance the Secure Access Service Edge (SASE) platform with Fyde’s Zero Trust Network Access (ZTNA) capabilities. Fyde is a US-based organization that provides BYOD and Zero Trust Network Access (ZTNA) solutions.
The countries covered in the BYOD security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The BYOD security market research report is one of a series of new reports that provides BYOD security market statistics, including BYOD security industry global market size, regional shares, competitors with a BYOD security market share, detailed BYOD security market segments, market trends and opportunities, and any further data you may need to thrive in the BYOD security industry. This BYOD security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06486607/?utm_source=GNW
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