- The stringent regulation of government around the globe for data security and protection serves as a primary driver of market growth.
- During the forecast period, the healthcare segment is estimated to grow significantly.
- North America’s market is expected to dominate the global mobile data data protection market.
The market for mobile data protection solutions and services is set to grow over the forecast period with a CAGR of 21.5%. Increasing adoption of cloud computing and advanced technologies across the organization drives the global mobile data protection solution and services market.
The amount of data generated is also mounting as organizations shift to digital technologies. As a result, there is also a need to protect the data from leakage of malicious activities. This increases the demand among businesses for mobile data protection solutions.
The stringent regulation of government around the globe for data security and protection also serves as a primary driver of market growth. Several regulations and guidelines for data protection across industries were launched by governments around the world. For example, the General Data Protection Regulation for data protection in Europe, the U.S. Health Insurance Portability and Accountability Act. These regulations mandate the enterprises to use data protection solution, which in turn drives market growth.
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The mobile data protection solution and services market is segmented in the BFSI, government & public sector, healthcare, manufacturing, media & entertainment, retail, telecommunications & IT sector based on the application. It is estimated that IT & Telecom accounts for majority market share. The growing digitalization across the industry is the primary factor that supports market growth. However, during the forecast period, healthcare is estimated to grow significantly.
A rise in the number of mobile payments has resulted in a significant increase in cases of mobile data breach, thus acting as a major driver of the mobile data protection market. Mobile payment growth is the highest among other methods of payment. Mobile data has also increased this growth. The mobile data traffic reached 11 Exabyte’s a month in 2017, climbing fast into the future.
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Due to its early adoption of data security by companies in the United States, North America’s market is expected to dominate the global mobile data data protection market, coupled with the presence of a huge number of mobile data protection vendors in the region, helping to consolidate the majority of revenues on the mobile data protection market. Additionally, cloud technology adoption is also very high in this region.
Also, North America is the largest contributor to the global IT BFSI market, the main mobile data protection market. In addition, stringent regulations by the government result in companies working to provide security services. The region also has one of the industry’s highest smartphone adoptions, making it a prominent market leader in the mobile data protection market.
Increasing the use of IoT devices such as BYOD to access healthcare and banking services is also a key trend for the North American market, showing great scope for the mobile data protection market.
Due to the rapid penetration of smartphones and internet connectivity across geographies in Asia, Asia-Pacific will be the fastest growing market. Other countries such as India have developed policy regulations to encourage electronic transactions to reduce the overall cost of providing last-mile banking services.
In addition, the mobile data protection market is expected to develop with an increasing number of mobile wallets, such as Apple pay, android pay, and Walmart pay. Nearly 2.1 billion consumers worldwide are estimated to use a mobile wallet to make a payment or send money by 2019, up nearly 30% from 2017. The demand for mobile data protection is expected to increase over the forecast period with the increasing adoption of smartphones for payments.
It is also expected that the ever-increasing adoption of AR and contactless smartphone payments will further increase demand for mobile data protection solutions. For example. As per RBI, the number of registered customers increased by 54 per cent to 251 million at the end of March 2018 from 163 million at the end of March 2017-RBI, whereas the number of registered customers increased by 92 per cent and 13 per cent respectively in terms of volume and value.