Global BYOD Market - Segmented by Deployment (On-Premise, Cloud), End-user Vertical (Retail, Healthcare, Government, Energy and Utility, Automotive), and Region - Growth, Trends, and Forecast (2018 - 2023)
BYOD Market is expected to register a CAGR of over 15% during the forecast period (2018 - 2023). The scope of the report is limited to deployment including on-premise and cloud and end-user vertical such as retail, healthcare, government, energy & utility, automotive, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of BYOD in accordance with diverse application and future prospect of the same.
Bring your own device (BYOD) is an emerging technological trend wherein an employee is encouraged to utilize their own devices to access the company’s enterprise system and data. This enhances the area of innovation among employees and offers better work-life balance leading to total satisfaction. However, it emphasizes a considerable challenge to the IT companies to manage and secure data and the connected devices preventing any misuse or data leak. Moreover, BYOD concept helps in mitigating the operating cost wherein there a significant cost shift from an employer to an employee. As a result, there is a massive amount of savings owing to which the organizations are looking forward to adopting thereby fueling the market growth over the forecast period. Additionally, the employees are always updated with the latest and emerging technologies, which further helps in increasing satisfaction and innovations resulting in an organization’s growth. Although there are several benefits of implementing BYOD, there are diverse sets of risk involved associated with security wherein the businesses must understand the implications and their entail and offer an extra layer of protection to prevent leak of vital data.
Rising Smart Devices Penetration
The use of smartphones has changed the way of communication, personally and professionally. The spread of smartphones across the world has compelled the companies to adopt BYOD technology, which will different positive effect on the market growth. Additionally, mobile computing is highly preferred over laptop or tablet as it provides flexibility to the workflow and business application can efficiently be rewritten leveraging the ubiquitous and power of mobile devices.
Cloud to be the Fastest Growing
The increasing utilization and penetration of BYOD have propelled the risk for data security owing to which the organizations are adopting towards software as a service (SaaS). The incorporation of BYOD with cloud will ensure the prevention of loss of physical data loss. For instance, the utilization of Google bundled apps, such as Gmail and Google Drive with BYOD will enhance the security and minimize the error of data loss, which is expected to fuel the cloud adoption in BYOD thereby propelling the market growth over the forecast period.
Asia Pacific to Witness the Highest Growth
Currently, the penetration of BYOD technology is low as compared to other regions, however, it is expected to increase owing to the growing economy. Additionally, the startups in this region are encouraging the utilization of BYOD in their company, which is expected to fuel the market growth at a significant rate. Moreover, the rising smartphone penetration in Asia Pacific countries coupled with increasing number of companies, especially in India and Japan is likely to boost the market over the next six years.
Key Developments in the Market
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