There has been significant growth in the Bring-Your-Own-Device (BYOD) market, and this is expected to continue in the coming years. Growth is so intense that BYOD and the enterprise mobility market is expected to grow from $71.93 billion in 2013 to $266.17 billion in 2019, increasing at a compound annual growth rate (CAGR) of 25.2% during the forecast period.
This prediction was revealed in “Bring Your Own Device (BYOD) & Enterprise Mobility Market [Mobile Device Management, Mobile Application Management, Telecom Expense Management, Content Management and Email Management] — Global Advancements, Market Forecast and Analysis (2014 – 2019)”, a report from MarketsandMarkets (www.marketsandmarkets.com).
Due to the consumerization of IT, most enterprises are exploring how to embrace mobility. Meanwhile, enterprises have become more open to adopting BYOD policies due to the increase in mobile application users in the workforce. In fact, North America (NA) is expected to have the largest market share in the overall BYOD Market followed by Europe (EU) and Asia Pacific (APAC) in 2014, according to the report. The same trend is expected to continue through 2019.
The driving factors for the BYOD market are cloud infrastructure adoption, reduced hardware cost for enterprises, and emergence of the mobile business user workforce. While these factors are encouraging more enterprises to adopt BYOD, IT infrastructure plays a vital part in the implementation of personal devices within the workspace, the report explained.
Even though organizations are rapidly adopting this technology, the primary challenge is to build networks that are more secure and accessible. That said, enterprises need to adhere to the policies and guidelines related to BYOD and must adapt the network security, accordingly, the report said.
The good news is that current BYOD vendors provide interactive software solutions and security technologies that can be implemented successfully through smart devices, such as smartphones and tablets, to enable effective task management and information delivery, the report said.