Product Code: 56938
The enterprise mobility security market was valued at USD 4.90 billion in 2020 and is expected to reach a value of USD 13.35 billion by 2026, at a CAGR of 33.8 % during the forecast period (2021 - 2026). Enterprise mobility or business mobility is recognized as the growing trend among businesses to offer remote working options, which also allows the use of personal mobile/laptop devices for business purposes and make efficient and effective use of cloud technology for data access.
- The enterprise's adoption of cloud-based services has been a massive enabler for vendors, as this provides the flexibility of delivering solutions that can be offered based on the number of users and can also be updated without disrupting the services while doing so. Since these solutions are difficult to switch from one solution provider to another, the competition in getting new customers is high. It requires a considerable amount of time and money to create an infrastructure that can be supported.
- The vendors in the market studied offer cross-platform support for their solutions to address the need of enterprises to support multiple devices types used by their employees. Android, Windows, iOS, macOS, and Samsung Knox are few such platforms that are supported. The EMS can provide secure business productivity by providing either or all these services, such as a unified launcher to access all apps, secure browser, email, calendar, contacts or cards, separate corporate identity on personal devices, secure instant messaging, secure notes, and access to cloud-stored files.
- In a modern workspace, where bring-your-own-device (BYOD) and mobility scenarios are gaining increased significance, EMS helps IT administrators meet the challenges of data protection and risk management. A study excerpt from Microsoft indicates that out of an average of 16,000 employees, 8,000 open emails within 88 seconds, 2000 click the link, and 800 open the attachment that can result in compromised corporate data if access is done from a personal system and over a public network.
- The introduction of 5G is expected to shape the landscape of enterprise mobility further. This is because 5G will be able to make remote working faster and easier. It will provide a more reliable experience and will also offer businesses and their employees greater flexibility. However, it also comes with its threats, where EMS can play a major role.
- Market vendors face challenges in the market as multiple enterprises have legacy OS still functional in their enterprises. Such challenges make it necessary for the market players to provide support for older versions of OS as a one-time switch cost to a new platform, making it a complicated option for multiple vendors. For instance, Windows 7 is still used by banking/insurance and government bodies. Microsoft Corporation ended the support for it but mentioned that it would support updates for the government bodies in the United States till the US presidential election in 2020 is over.
- The spread of COVID-19 is expected to increase the demand for EMS solutions. According to Owl Labs, about 16% of the global companies are fully remote, whereas 40% offer in-office and remote work, which is in line with what most employees prefer. This number is expected to increase soon as companies embrace work from home culture.
Key Market Trends
Banking/Insurance Industry to Hold Significant Market Share
- Banking/insurance services have experienced an enormous transition in the past two decades. With digitization, internet services and international transactions require fast redressal. Banking, financial services, and insurance (BFSI) have evolved from being a service that requested the customers to visit for the service to a bank that reaches to customers at their home. BFSI stores critical financial and personal data of the customer and clients and uses them to provide services.
- With the changing banking ecosystem, the banking officers need to access the core services on the move and use public network connectivity services to create a unique user experience. Emerging technologies, such as blockchain and voice command integration, are expected to emerge as mainstream for the BFSI over the forecast period, with multi-factor authentication becoming a norm in the market segment.
- Savvy financial institutions are employing a modern approach to cybersecurity - the Zero Trust model. Adopting this model can help banks strengthen their security posture, so they can confidently support initiatives that give employees and customers more flexibility. EMS is attaining this.
- The adoption of EMS has been majorly driven, owing to the need to meet the security compliance in the BFSI sector. Device provisioning, for instance, aids the BFSI organizations to remotely configure mobile devices and provide access to corporate data resources and enterprise apps. BFSI apps include tools, such as wealth management, mortgages, and insurance, which the employees need to access financial apps through the tablets outside the banks to connect to the customers. EWS solutions make the provisioning of such devices easy and seamless.
- The market segment's opportunity is majorly in the small-scale and cooperative banks, who still have the scope for digitization and adoption of such services. The emergence of video-based banking services is expected to create an opportunity for enterprise-level banking and insurance businesses.
Asia-Pacific to Witness the Highest Growth
- Companies in the Asia-Pacific region are embracing BYOD when it comes to increasing employee satisfaction and productivity. More than half of the world's mobile subscribers live in Asia-Pacific, especially in China and India. The growth in high-speed network coverage and smartphone adoption leads to a surge in the use of mobile data in Asia-Pacific. According to the GSMA Intelligence Report 2019, the mobile ecosystem supported more than 17 million jobs in 2018, and the number of smartphones is expected to grow to 3.9 billion by 2025.
- The startup ecosystem in Asia-Pacific is proliferating, with the number of active tech hubs in the region's emerging markets doubling over the last year and venture funding into South/Southeast Asian countries tripling since 2016. This indicates a change in the workforce working style. Mobile is also playing a pivotal role in tackling various social and economic challenges, as outlined by the UN's Sustainable Development Goals (SDGs). Thus, there is a need for mobile security.
- Due to the outbreak of COVID-19, banking and financial service providers in India focus on ensuring the safety of the employees while maintaining productivity, adjusting operating models and services to support customers, minimizing operational disruption to keep services running while meeting regulatory, compliance obligations, and managing risk.
- Banks have activated remote working tools, allowing their employees to work from home. Financial service providers have deployed live-stream events moving from physical to virtual customer events, and online training for remote servicing is picking up. However, these kinds of scenarios are expected to increase the demand for mobility security services.
The enterprise mobility security market is moderately fragmented. Players in the market adopt strategic initiatives such as mergers and acquisitions, partnerships, and new product offerings due to increasing awareness regarding mobility security among enterprises. Some of the recent developments in the market are:
- July 2020 - Microsoft announced to extend Advanced Threat Protection for Azure Storage that holds documents held in Azure Files and Azure Data Lake Storage Gen 2. This goes in line with the company's vision of providing extra security intelligence layer that would capture malware, which is sent to the cloud storage accounts.
- March 2020 - Bitdefender announced Free Enterprise Grade Security for healthcare organizations. The Enterprise Grade security shall enable hospitals/clinics to protect patient data, against ransomware and other cyber threats. The machine learning-powered security technologies shall further strengthen compliance.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Assessment of COVID-19 Impact on the Enterprise Mobility Security Market
5 MARKET SEGMENTATION
- 5.1 By Device
- 5.1.1 Smartphones
- 5.1.2 Laptops
- 5.1.3 Tablets
- 5.2 By End User
- 5.2.1 Banking/Insurance
- 5.2.2 Healthcare
- 5.2.3 IT and Telecom
- 5.2.4 Government
- 5.2.5 Other End-user Industries
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Blackberry Limited
- 6.1.2 MobileIron
- 6.1.3 AirWatch
- 6.1.4 Citrix Systems Inc.
- 6.1.5 Microsoft Corporation
- 6.1.6 Cisco Systems Inc.
- 6.1.7 McAfee LLC
- 6.1.8 Symantec Corporation
- 6.1.9 SAP SE
- 6.1.10 Oracle Corporation
- 6.1.11 Honeywell International Inc.
- 6.1.12 IBM Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS