The mobile data protection market is evaluated at $1.949 billion for the year 2019 and is projected to grow at a CAGR of 32.53% to reach a market size of $13.999 billion by the year 2026, according to ResearchAndMarkets.
Mobile data protection (MDP) is a technique that manages data encryption on a workstation’s primary storage system in various data storage platforms, such as solid-state disks, portable media, and hard drives, and is used in conjunction with smartphones and workstations. It comprises a removable media offline/stand-alone agent, a target device active endpoint agent, and a central console.
Data on mobile storage systems, such as removable media, cellphones, and laptops, is protected by mobile data protection (MDP). It also offers a single set of protection policies that may be used across various platforms.
Information technology managers must grasp the nuances of mobile operating systems, select which devices to allow in the office, and understand native data security to secure mobile data. Keeping business data safe from theft or loss is a top responsibility for every company. Data breaches are expensive and traumatic, with ramifications ranging from regulatory fines to brand harm.
Secure device wipe and native device-level encryption are not always supported. As a result, it’s usual for IT managers to take a two-pronged strategy to protect mobile data. First, they enforce and create minimal requirements for outside devices ready to connect to the corporate network, and then they backfill platform flaws with third-party mobile security technology.
Remote data wipe for mobile devices, mobile device locks, mobile activity monitoring, and audit, and encryption of stored data on mobile devices are all options for safeguarding mobile data.
Benefits for the companies
Mobile data protection (MDP) has been widely used by businesses to improve business efficiency while also ensuring data security. With the growing adoption of BYOD (Bring Your Own Device) policies, there is an increased risk associated with data loss. This is leading to a growing implementation of MDP solutions to secure the enterprise data and minimize the threats.
Inclining adoption by the BFSI sector to contribute to market size
Banks and financial institutions work in a sector that is heavily regulated. Over the last several years, the BFSI (banking, financial services, and insurance) industry has seen several technological advances.
Because of the perceived worth of the underlying data, the digitalization of financial services, insurance claims, and information collecting has resulted in huge data possession, making it one of the major data breach targets.
The escalating the amount of personal data available is to propel the market growth
Much of the new online activity in the global information economy is now powered by personal data. Every day, huge volumes of data are transferred, stored, and gathered throughout the world, allowing tremendous advances in computer and communication capacity. Mobile phone use and increased internet access have allowed online social, economic, and financial activity in developing nations.
Expanding online exposure to aid mobile data protection market development
As more commercial and social activities move online, data privacy and protection are becoming increasingly important, not least in the context of international commerce, which is helping the market develop. Many companies have adopted cloud computing, which has resulted in a rise in data management problems.
Furthermore, data transfer has increased the risk of data loss, illegal data processing, and theft. With all of the above risks, it’s more important than ever to develop solutions to secure data.
Inclining usage of small devices to augment mobile data protection market growth
Expanding usage patterns of small devices among businesses have resulted in a significant risk of data loss, prompting the adoption of mobile data security systems.
Likewise, the evolving work culture in businesses of all sizes is typically adopting trends such as bring your own device, cloud, and online media, as well as strict rules for mobile data protection, which are likely to aid in the growth of the mobile data protection market.