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Mobile device security software is growing in importance as businesses continue to invest in their IT infrastructures. According to a recent report released by Infonetics Research, the portable software market is projected to grow exponentially over the next four years.
The Silicon Valley-based international market research firm found that enterprises worldwide spent a total $1.3 billion on mobile device security software in 2013, a figure that’s forecasted to grow as high as $3.4 billion by 2018.
Business intelligence tools are becoming an industry mainstay for companies that wish to enhance operational flexibility because employees can access company data from remote locations through their own devices through cloud-based systems, according to principal analyst for security at Infonetics Jeff Wilson.
“The triple threat of ‘bring your own device’ as a dominant enterprise trend, an increasingly hostile threat environment, and the deluge of frightening revelations about privacy courtesy of the NSA is forcing enterprises and consumers to invest real money in mobile device security,” Wilson said. “The mobile device security software market grew 40 percent to cross the billion-dollar mark in 2013 and we expect it to grow to $3.4 billion in 2018.”
The fourth quarter of 2013 saw global revenue increase 10 percent to $385 million. Regionally, Asia Pacific accounted for the most revenue with 34 percent, while North America followed at 32 percent, according to CIOL.com. The Europe, Middle East and Africa region raised the third-highest revenue at 31 percent. Asia’s large volume of mobile and smartphone production likely reflects its high software sales.
The report also found that enterprise mobile clients made up more than half of the software security market at 51 percent, while general consumer mobile security comprised 49 percent.
Younger employees are demanding the access to company information via tablets, smartphones and other devices to increase productivity and enable mobility, according to Information Week. Since these devices aren’t as secure, enterprises may suggest that workers not access data on public wireless broadband to ensure maximum security until the mobile software market fully matures.
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