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Bring Your Own Device (BYOD) Market To Witness Enhanced Demand From Banking And Healthcare Sectors Till 2020 | Million Insights

Bring Your Own Device (BYOD) Market To Witness Enhanced Demand From Banking And Healthcare Sectors Till 2020 | Million Insights

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According to new report available with Million Insights, It is anticipated to foresee significant growth throughout the forecast period. Surging use of Smartphone and rise in the various services including 3G and 4G LTE are anticipated to boost the growth of the market in developed as well as developing countries. Since employees are used to their personal devices, they can execute task efficiently leading to the increased productivity.

Industry Insights

The global bring your own device (BYOD) market was valued at USD 75.99 billion in 2013. It is anticipated to foresee significant growth throughout the forecast period. Surging use of Smartphone and rise in the various services including 3G and 4G LTE are anticipated to boost the growth of the market in developed as well as developing countries. Since employees are used to their personal devices, they can execute task efficiently leading to the increased productivity.

Employees use a solo device for dual work i.e. professional and personal work so as to avoid inconvenience and theft from carrying separate devices. Such an environment eliminated the need to carry many devices or changing among personal and professional devices.

Full Research Report On Global Bring Your Own Device (BYOD) Market Analysis available at: https://www.millioninsights.com/industry-reports/bring-your-own-device-byod-market

One of the major challenges for enterprises while adopting this model is overcoming security concerns which are presented by BYOD implementations. Probable risks to security are unauthenticated access to private information, challenges in tracking data and measuring the risk exposure of data, theft of devices and the employees escaping the organization with these devices.

Device Insight

BYOD programs are carry-out through tablets, laptops, and Smartphone. Smartphone’s dominated the market in 2013 and has a revenue share of over 55% that can be associated with the fact that mobile developers have come up with various applications which have several computer-built programmers which includes Microsoft Excel, Microsoft PowerPoint and Microsoft Word which are of immense importance to employees for the both the personal and professional work.

Laptops are anticipated to shoe constant growth over the forecast period due to its familiarity with the above-mentioned programs thus creating a working environment at home.

Tablets are offering features of both the Smartphones and laptops which is becoming popular and are anticipated to cause transformation in the adoption of BYOD.

End-Use Insights

Enterprises of all size which includes small businesses to mid-to-large sized businesses have begun to adopt BYOD programs as reducing both the capital and operating expenditure. Employees bring their personal devices at work which eliminates the cost of device or hardware. In addition, a large number of employees also bears the data costs that is incurred on their devices which help to reduce the overall cost of the organization.

Mid-to-large sized businesses held the share of 75% in 2013; this can be associated with the availability of a large number of resources as well as advanced communication networks along with provisions for security. Small businesses are also gaining a noble step and are anticipated to grow at a CAGR greater than the global average.

A noticeable proportion of SMBs (Small and Medium-sized business) used an MDM (Mobile Device Management solution to govern and manage mobile devices to reduce concerns about security. To educate employees and establish policies around mobility are the plan for Several SMB’s IT executives. Mid-sized businesses have driven demand for MDM adoption.

Banking, Financial services and Insurance (BSFI) along with healthcare are anticipated to arrive as key verticals to adopt such programs throughout the forecast period. Provision of remote access to account information as well as facilitating collaboration with customers and co-workers are anticipated to penetrate into the BFSI sector.

Doctors need access to mobile as they also work outside the hospitals. Issues of liability under Health Insurance Portability and Accountability Act (HIPAA) have authorized ensuring applications of PHI (Protected Health Information) on mobile.

Different Agency such as defense also came across threats to cyber security. A policy such as COPE (Corporate-Owned Personally Enabled) needs to be adopted by them including devices that are customized, thus creating niche opportunities to provide solutions in large numbers for merchants.

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Regional Insights

The market of North America was valued at over USD 25 billion in 2013 and is anticipated to remain dominant over the forecast period. Several U.S companies are allowing their employees to work from home due to which penetration is high in North America.
Asia Pacific BYOD industry has been grown by the use of Smartphone and tablets in large number coupled with the consumerization of IT. Though a higher number of people is using devices during their work, lack of policies which are formalized for support of BYOD is challenging one. Employees in the countries of India and China are working even outside the office hours which are not observed in the U.S and most of the European countries.

Competitive Market Share Insights

The market mainly includes hardware device providers along with enterprise mobility management solution providers. The participant focuses on giving assistances which include talent retention, simplification of operation through an approach that is unified. Cisco Systems, Alcatel-Lucent, Good Technology, IBM, and MobileIron were the leader in the BYOD market share in 2014.

Market Segment:

BYOD Device Outlook (Revenue, USD Billion, 2012 – 2020)
• Smartphones
• Tablets
• Laptops

BYOD End-Use Outlook (Revenue, USD Billion, 2012 – 2020)
• Mid-to-Large Sized Businesses
• Small Businesses

BYOD Regional Outlook (Revenue, USD Billion, 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW

Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/technology

About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

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