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The increase in smartphones around the world has also increased concerns related to devices security. Mobile phones security is now one of the most important concerns for users as a smartphone is now no longer just a phone but stores confidential data such as banking apps, NFC payments, currency wallets etc.
The rising concerns about the mobile phone security supported the growth of mobile phone security market.
The smartphone security market was about US$ 4 billion in 2019, which is expected to reach US$ 9 billion by 2025.
The growth in the market value of mobile security is due to the increasing demand of smartphones, storing confidential data in smartphones, such as email address and password, banks accounts and other official data stored in mobile phone.
One of the emerging drivers behind the increasing demand for mobile security is the BYOD concept, as it allows users to bring their own devices for office use. The growth in the adoption of BYOD encourages mobile manufacturers and security companies to increase mobile security, as weak security can compromise the whole enterprise network.
North America has the largest share in the mobile security market. It is one of the early adopters of technology. North America is also the home of the top security software companies and mobile manufacturers.
The Asia Pacific is considered to be the fastest-growing market in the future on the back of rising smartphones security demand for businesses.
Some of the key players in the mobile security market include Trend Micro, Symantec, Certicom, McAfee, Lookout, Kaspersky Lab, SMobile Systems, Good Technology, F-Secure, ESET, Columbitech, BullGuard and AVG Technologies.