The mobile security software market is expected to witness significant growth in the coming years with the increased adoption of mobile devices. For instance, the number of smartphone users in the Middle East and Africa increased by 101% in 2020 compared to that in 2014. Besides, the growing use of mobile devices for banking has necessitated the need for effective mobile security software. Many such factors are creating significant demand in the market.
Technavio expects the global mobile security software market to grow by $2.75 billion between 2020 and 2025, expanding at a CAGR of 9.68% during the forecast period.
The increasing incidence of cyberattacks is identified as the major factor driving the growth of the market. Cyberattacks are becoming more advanced and sophisticated. Hackers are finding new ways of stealing information and disturbing both businesses and individuals. In addition, the rapid adoption of social media has further increased the number of cyberattacks worldwide. Many such security concerns are driving end-users in the market to adopt mobile security software, which is driving the growth.
In addition, the growing penetration of smartphones across the globe will offer immense growth opportunities. However, the availability of free mobile security software will reduce the growth potential in the market.
Mobile security software market 2021-2025: Segmentation
By end-user, the adoption of mobile security software is high among enterprises. The segment is driven by the increasing digital transformation among businesses. In addition, the increasing popularity of work-from-home and BYOD concepts are driving the growth of the enterprises segments.
By geography, the market will witness maximum growth in North America. The region currently holds 40% of the global market share. The high adoption of the latest technologies by businesses operating in the US and Canada is driving the growth of the mobile security software market in North America. Also, the expansion of business operations by both regional and international vendors is contributing to the growth of the regional market.
Market trends such as increasing focus on BYOD in various enterprises is likely to emerge as one of the primary drivers of the market. However, factors such as the availability of free mobile security software may threaten the growth of the market.