Virtual Mobile Infrastructure Market by Component (Platforms and Services), Deployment Type (Cloud and On-premises), Vertical (BFSI, Healthcare, Manufacturing, and Government), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2024
Increase in smartphone penetration and reduced hardware and operating cost using VMI are major factors driving the growth of the Virtual Mobile Infrastructure (VMI) market
The global VMI market is expected to grow from USD 113 million in 2019 to USD 173 million by 2024, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. Increase in smartphone penetration, need to increase the productivity of employees, and reduced hardware and operating cost using VMI are the major factors driving the growth of the global VMI market. Android application compatibility and technical issues is a key restraint for the global VMI market.
Healthcare vertical to grow at the highest CAGR during the forecast period
Healthcare is one of the lucrative segments in the VMI domain. This segment faces many technological challenges, which includes the rising number of regulations. Technological developments in the healthcare segment have transformed healthcare operations from physical to digital. The healthcare segment works on critical and time-based operating arrangements that need real-time data and instructions, which mobile and system connectivity has made possible. VMI is one such solution that has benefited this segment on a large-scale due to higher adoption of telemedicine trend. The mobile health applications have millions of smartphone users. The healthcare segment is said to be witnessing growth in terms of adoption of VMI technology. This segment varies across the regions in terms of population, number of patients and hospitals, and other similar factors.
BFSI vertical to account for the largest market size during the forecast period
The BFSI vertical is estimated to lead the VMI market in 2019. Companies in the BFSI industry have already adopted BYOD and enterprise mobility solutions, even though there is a considerable amount of security risk involved. One of the biggest concerns about mobility in BFSI organizations is data security and privacy. To address the data security needs, companies are gradually adopting the VMI platform and services. Moreover, BFSI vertical is expected to hold the largest market size owing to the adoption of VMI solutions that help protect organizational data, increases operational efficiency, and improves business savings.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
APAC is home to various developing economies, and a mobile subscription landscape in APAC is changing rapidly owing to the highest CAGR during the forecast period. According to the report The Mobile Economy Asia Pacific 2019, published by GSMA, mobile technologies and services generated 5.3% of GDP across APAC, in 2018. The report also stated that, at the end of 2018, 1.9 billion people across APAC were connected to the mobile internet with the addition of 200 million new subscribers as compared to its earlier year. Additionally, according to the report, in APAC, two-thirds of new subscribers are expected to be from India and China by 2025. Hence, the increase in mobile subscriptions and the growth of mobile technologies and services are the factors making APAC one of the most attractive VMI markets to invest.
The breakup of the profiles of the primary participants is given below:
By Company: Tier 1 – 52%, Tier 2 – 31%, and Tier 3 – 17%
By Designation: C-Level – 45%, Director Level – 30%, and others- 25%
By Region: North America – 40%, Europe – 30%, APAC – 25%, and RoW – 5%
The key vendors profiled in the report are as follow:
Trend Micro (Japan)
Avast Software (Czech Republic)
Intelligent Waves (US)
Pulse Secure (US)
Prescient Solutions (US)
The VMI market has been segmented based on component (platforms and services), deployment type (cloud and on-premises), vertical (BFSI, healthcare, manufacturing, IT and telecom, government, and others), and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; products; key growth strategies; new product launches and product enhnacements; partnerships and agreements; mergers and acquistions; and competitive landscape associated with the global VMI market.
Reasons to Buy the Report
The report would help the market leaders/new entrants in the following ways:
It comprehensively segments the VMI market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.
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