Global Banking BYOD Security Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029.
BYOD or bring your own device refers to usage of personal devices by employees to connect to their organizational networks and to access work-related systems. These devices can include laptops, personal computers, smartphones, and tablets among others. Banking organizations utilizes BYOD security solutions to ensure the safety & privacy of sensitive business information. The increasing usage of personally owned devices and growing adoption of cloud security solutions as well as strategic initiatives from leading market players are key factors accelerating the market growth.
According to Statista – in 2020, the global market for cloud security software was estimated at USD 29.5 billion, and the market is projected to grow to USD 37 billion by 2026.
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Moreover, as per Statista – as of 2022, revenue in the global Cloud Security subsegment is estimated at USD 1.46 billion and the worldwide revenue is projected to grow at CAGR of 46.84%, between 2022 & 2027 to reach to USD 9.97 billion by 2027. Also, growing emergence of artificial intelligence and Machine Learning technologies in financial services industry and increasing usage of mobile devices amongst employees would create lucrative growth prospectus for the market over the forecast period. However, high cost associated with BYOD Security solutions coupled with security concerns associated with use of personalized devices impede the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Banking BYOD Security Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of market share due to factors such as presence of leading market players and rising expansion of banking & Finance sector in the region. Whereas Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising trend of work from home culture in post covid era as well as growing digitization in BFSI sector in the region.
Major market players included in this report are:
Microsoft Corporation
Cisco Systems Inc.
Blackberry Limited
Infosys Limited
IBM Corporation
Tata Consultancy Services Limited
SAP SE
Tech Mahindra Limited
AT&T
Capgemini
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Recent Developments in the Market:
In October 2020, Crestron Electronics, Inc. rolled out its “Crestron One” app with mobile room control. This new app enables a wide range of features including employee navigation, room automation, and content sharing over mobile device.
In December 2020, Google LLC announced launch of “Android enterprise essentials,” a mobile management and security solution intended for small and medium-sized businesses.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment
Cloud-Based
On-Premises
By Services
Managed Services
Professional Services
By Software
Mobile Device Management
Mobile Data Management
Mobile Application Management
Mobile Email Management
Others
By Security
Device Security
Email Security
Applications Security
Mobile Content Security
Network Security
Others
By Region:
North America
U.S.
Canada
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Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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