The global mobile security market size is expected to grow from USD 3.0 billion in 2019 to USD 7.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. Major growth drivers of the market are the increasing numbers of mobile phone subscriptions around the world and the increasing adoption of third-party applications.
Source : Markets&Markets
Among solutions, the endpoint detection and response segment to grow at a higher CAGR during the forecast period
The mobile security market is segmented by solution into the Endpoint Protection Platform (EPP) and Endpoint Detection and Response (EDR). The EDR segment is expected to be a faster-growing segment in the mobile security market, due to the growing need for detection and remediation of threats during any mobile security breach or an attack. These technologically advanced solutions help detect and remediate the most recent known and unknown threats. It forms the first level of defense for organizations to secure endpoints.
Among deployment modes, the cloud segment to grow at a rapid pace during the forecast period
Most vendors in the mobile security market offer cloud-based mobile security solutions. The adoption of cloud-based mobile security solutions is expected to grow due to benefits, such as easy maintenance of generated data, cost-effectiveness, scalability, and effective management of these solutions. The cloud deployment mode offers web-based management and enterprise-class protection for endpoints. It enables users to deploy endpoint protection without the need for an IT staff to manage the software.
Source : Markets&Markets
North America to hold the highest market share during the forecast period
North America is expected to hold the highest share in the global mobile security market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The enterprises in APAC need to develop a robust cyber-defense strategy to tackle data thefts and mobile data breaches. Lack of a common legislation framework among the APAC countries has led to an inconsistent and complex cyber landscape in the region, forcing the enterprises to implement advanced cybersecurity solutions. The governments in Asian countries such as China, Singapore, and Japan are investing a significant amount of federal budgets for developing the nations’ cybersecurity.
North America is the most significant revenue contributor to the global mobile security market. The region is witnessing significant developments in the mobile security industry. In North America, the high penetration of this technology can be attributed to encouraging government initiatives to improve and maintain cybersecurity across all federal departments and government agencies. This would drive the adoption of mobile security solutions in the US and Canada.
Key market players
Major vendors in the global mobile security market include Microsoft (US), CrowdStrike (US), Symantec (US), Trend Micro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), VMware (US), IBM (US), ESET (Slovakia), BlackBerry (Canada), MobileIron (US), Samsung (South Korea), F-Secure (Finland), Check Point (Israel), Panda Security (Spain), Bitdefender (Romania), OneSpan (US), Quick Heal (India), Fortinet (US), Citrix Systems (US), Webroot (US), Keeper Security (US), Amtel (US), and Codeproof (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global mobile security market.
Microsoft offers the Microsoft Endpoint Manager for the protection of mobile devices. Microsoft offers its mobile security solutions through an integrated management solution. This integrated platform is a combination of enterprise mobility and security capabilities. The platform helps protect and secure enterprises, thus providing the flexibility of working remotely using enterprise mobility management and Bring Your Own Device (BYOD) security. The company caters to a wide range of industry verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and Information Technology (IT) and telecommunications. The company adopts a mix of organic and inorganic growth strategies to strengthen its market position. In November 2019, Microsoft launched the Endpoint Manager, which includes the capabilities of both Configuration Manager and Intune, along with additional Microsoft services and products. Endpoint Manager enables enterprises to manage a large number of devices used by their employees. In June 2017, Microsoft acquired Hexadite, a provider of automatic incident investigation and remediation solutions, to help organizations secure their businesses from cyberattacks.
Recent developments
In October 2019, Fortinet acquired enSilo, an advanced endpoint security solutions provider, to enhance its current security portfolio with real-time automated detection and response features for the protection of mobile endpoints.
In May 2019, Microsoft launched its Endpoint Manager, which includes the capabilities of both Configuration Manager and Intune, along with additional Microsoft services and products. The endpoint manager enables enterprises to manage a large number of mobile devices, which are used by their employees.
In August 2019, Broadcom, a global technology provider of semiconductor and infrastructure software solutions, acquired the enterprise security business of Symantec. The integration of Symantec's enterprise security portfolio with Broadcom’s existing solution portfolio would significantly expand Broadcom's infrastructure software footprint.
In October 2018, Trend Micro launched XGen endpoint security; it is a mixture of cross-generational threat defense systems that intelligently applies the right solution, resulting in more effective and efficient protection against threats.
In April 2018, CrowdStrike launched CrowdStrike Falcon Endpoint Protection Platform (EPP) solutions with the combination of the EPP technology. The EPP technology comprises a skilled and experienced Falcon endpoint protection team.
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