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Bring Your Own Device Market size 2022: What Will Be The Future Growth Opportunities?

Author : Ronak Bora | Published Date : 2019-05-28 

Bring Your Own Device Market size is attributed to the employee convenience and increasing demand for smartphones, tablets, and laptops. Employees preferring single device for professional commitments and personal use fuels the adoption of BYOD policy. Furthermore, the proliferation of smartphones and 4G LTE is expected to fuel the market growth. A smartphone is expected to be the most preferred device, as it simplifies handling of both personal life and office work. The tablet segment is forecast to witness substantial growth over 130 billion in a predicted time frame.

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Use of Internet of Things (IoT) enables users to connect and monitor multiple devices simultaneously. The companies have growth opportunities by integrating this technology for smooth and secure business operations. Companies mandating the security software installation in employee device helps in safeguarding the proprietary data. On the basis of device, smartphones dominated the bring your own device market share owing to considerable number of employees opting for smartphones to carry out business operations. The demand for tables employing this business model is estimated to cross USD 130 billion by 2022.

Healthcare, financial services and insurance industry segments are predicted to be most key verticals. Moreover, both mid-to-large sized and small scale businesses have started adopting the system and are predicted to further the growth. Midd to large enterprises are estimated to account for more than 70% of the total bring your own device market size. Rapid adoption of this policy in financial, healthcare and insurance companies resulted in these segments contributing significantly to the overall revenue. Substantial growth is expected in small organizations owing to increased use of portable communication devices.

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The trending demand for enterprise mobility to efficiently perform business tasks, is expected to be the driving force behind bring your own device market rapid expansion. Increase in employee productivity, reduced hardware cost, and strong claim for mobility software in large scale enterprises are some of the pushing factors influencing the market globally. Many companies have already embraced this program to increase their organization productivity. According to Global Market Insights Inc., "BYOD market worth USD 94.15 billion in 2014, is poised to exceed a revenue of USD 350 billion by 2022." Furthermore, the noticeable trend observed among employees to prefer their own device for professional as well as personal usage is likely to uplift the industry trends in the coming years.

Based on global trends, U.S. is the most promising region thriving the global market. U.S. bring your own device market size worth USD 30 billion in 2014, is expected to show a speedy growth curve at an annual rate of 15% over half a decade period.

Asia pacific being another major region is also witnessing rapid expansion in BYOD market. The decline in hardware prices and increasing penetration of smartphones in this region is spurring the industry growth. APAC bring your own device market is forecast to grow lucratively at a CAGR of 20.8% over the period of 2016-2022.

Employees are inclined toward using a single device for both professional and personal applications in order to dodge the cyber hassles, thefts and other inconveniences. Addressing the security concerns is one of the vital factors influencing the enterprises to implement bring your own device model. Key participants in bring your own device market include Good Technology, IBM Corporation, Alcatel-Lucent, Cisco, and MobileIron.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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