PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1332537
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1332537
The Mobile Data Protection Market size is expected to grow from USD 8.13 billion in 2023 to USD 20.90 billion by 2028, at a CAGR of 20.78% during the forecast period (2023-2028).
Mobile data protection (MDP) products and services are software security techniques that protect access to encrypted data stored on end-user workstation mass storage systems to enforce confidentiality standards.
Data has become more accessible than ever due to the rise of mobile devices worldwide and the advancement of data accessibility strategies. Businesses have benefited by making quick business judgments thanks to the permission to utilize smart devices for accessing corporate data anywhere.
Also, these significant improvements in mobile data accessibility have increased company profitability and boosted their corporate efficiency. However, this large amount of data that resides within the organizations and regularly goes over the network runs the continual danger of being altered and exploited. Enterprises have been seriously exploring using mobile data protection solutions to safeguard this data uniformly.
To improve mobile data security, the mobile data protection industry is gaining pace across various end-user sectors. The market is observing a strong trend that includes growing BYOD acceptance among enterprises and increasing the volume of mobile data being used, among other factors.
Furthermore, data transfer has increased the risk of data loss and unauthorized data processing theft, along with discovering strategies to protect data, as mobile production might hamper the market growth.
Due to COVID-19, commercial and social activities moved to online data privacy, and protection was increased, positively impacting the market's growth.
Mobile data breaches have dramatically increased due to the rise in mobile payments, which has significantly impacted the mobile data protection market. Among all payment options, mobile payments are growing the fastest. Mobile data has increased as a result of this growth.
Additionally, the market for mobile data protection is anticipated to grow further due to the proliferation of mobile wallets like Apple pay, Android pay, and Walmart pay. Over the projection period, there will likely be a rise in demand for mobile data protection due to the increasing use of smartphones for making payments.
Retail has evolved into a mobile function with the rise in mobile e-wallets. Security problems in digital wallets must drive the mobile protection market because the arrival of 5G will accelerate retail technology innovation, benefiting customers.
Similar to how trends like "bring your device," "cloud computing," and "online media," as well as strict legislation for mobile data protection, are expected to support the growth of the mobile data protection industry across enterprises of all sizes.
Also, the proliferation of smartphones worldwide and the growth of the e-commerce sector in the developing mobile payments data protection market are the main factors driving the industry's rise.
Due to the early adoption of data security by American businesses and the presence of numerous mobile data protection vendors in the region, which would help to consolidate the majority of revenues in the mobile data protection market, North America is predicted to dominate the global market for mobile data protection. Also, this region has a relatively high acceptance rate for cloud technology.
North America is the most significant contributor to the global IT BFSI market, which is the primary market for mobile data protection. Furthermore, businesses that offer security services are working due to strict government rules. Also, the area leads the market for mobile data protection because it has one of the highest smartphone usage rates among all industries.
Also, a significant trend for the North American industry is the growing use of IoT devices, such as BYOD, to access banking and healthcare services, which indicates a significant market opportunity for mobile data protection.
Moreover, these significant developments in mobile data protection have increased their profitability and corporate productivity across the region. The demand for mobile data protection solutions is growing as enterprises utilize mobile data protection solutions to protect data in a unified manner.
The Mobile Data Protection Solutions Market is a highly fragmented, niche market with a limited number of vendors. The key industry players primarily engage in partnerships and acquisitions to develop innovative products. The market is highly fragmented and intensely competitive, marked by a constantly-evolving technological landscape and standards. There has been a rise in manufacturers offering data and information management solutions using their resources and capabilities. They are further extending their product portfolios by undertaking mergers & acquisitions.
In February 2023, Hewlett Packard Enterprise Development LP announced the expansion of its connected edge-to-cloud offering with the acquisition of Athonet. This private cellular network technology provider delivers mobile core networks to enterprises and communication service providers. They are combined with the HPE telco and Aruba networking portfolios. With enterprises facing complex connectivity challenges across large and remote sites, private 5G offers high coverage, reliability, and mobility across campus and industrial environments.
In November 2022, Trend Micro Incorporated has announced a new protection deployment model that delivers excellent value to security and development teams. The new offering directly responds to security teams sharing how they often battle to keep pace with the speed of application change in public cloud environments. Developers rapidly deploy new and updated application resources, and security controls must be effectively deployed for all resources.