Lower Costs and Improved Efficiency are Driving the BYOD Market Boom, says Market.us
BYOD markets both developed and developing economies will see a rise in smartphone use and roll-outs of 4G LTE services. Employees will be more familiar with their devices and can do more work efficiently, which will increase productivity at work.
Employees are more inclined to use a single device for personal and professional purposes. This is in order not to be inconvenienced by theft or other problems that can arise from carrying multiple devices. This environment eliminates the need to carry multiple devices and switch between personal and work devices.
Enterprises that adopt this model face significant challenges in overcoming security concerns. Unregulated third-party access to sensitive information, difficulties in tracking risk exposure and data tracking, device theft, and employees leaving with these devices are all possible security risks.
According to Market.us, “The BYOD Market is estimated to reach USD 1,122,917.37 Million by 2032, up from USD 277,568 million in 2022. It will grow at a CAGR of 15% over the forecast period of 2023-2032.”
BYOD or bringing your gadget alludes to the expanding pattern of utilizing representative-possessed gadgets inside an undertaking. The report allows workers to choose from a variety of gadgets. This allows access to information and non-sensitive frameworks.
The Bring your own device policy offers many benefits, including cash reserves and the ability to buy new gadgets for each representative. It increases profitability and gives the representatives the satisfaction of handling their gadgets. This creates a sense of community. As clients continue to update their gadgets, they will also have state-of-the-art innovation.
Innovators such as Cisco Systems, Inc., Blackberry Limited, Infosys Limited, IBM Corporation, Tata Consultancy Services Limited, SAP SE, Tech Mahindra Limited, AT&T, Honeywell International, Capgemini, Oracle Corporation, and Cisco Systems, Inc. are key players in the global Bring Your Own Device market share.
Gaurav Yadav, a senior research analyst at Market.us, said, ” The key factors driving the growth of the BYOD Market are efficiency improvements and lower equipment costs. The market’s development is also driven by the increasing prominence of oversaw versatility administrations.”
The forecast period will see a steady increase in laptop sales due to employees’ familiarity with these programs. BYOD programs can be implemented through smartphones, tablets, and laptops. Over 55% of 2013’s overall revenue share was attributed to smartphones. Mobile developers have created many applications that are similar to popular programs like Microsoft Word, Microsoft Excel, and Microsoft PowerPoint. This helps employees create a balance between work and home life.
Tablets are expected to be a major driver for BYOD adoption. They offer both the benefits of smartphones and laptops. As tablets are seen as the best solution to increase access while limiting cost, tablet plans will see a rise in demand.
The revenue share of mid-to-large-sized companies accounted for more than 75% in 2013. This can be attributed largely to increased resources and the development of sophisticated communication networks that have adequate security provisions. The growth of small businesses is also expected to be steady and higher than the global average.
Many SMBs have used a Mobile Device Management solution (MDM) to manage mobile devices and reduce security risks. Many IT managers in SMBs are concerned about educating employees and setting policies regarding mobility. MDM adoption is increasingly popular among mid-sized businesses.
These programs have been adopted by businesses of all sizes, from small businesses to large enterprises. They help reduce both capital and operating expenses. The program allows employees to bring their own devices to work. This reduces hardware and device costs. A large number of employees are also responsible for data costs that they incur on their devices. This helps to lower overall costs.
Over the forecast period, healthcare and BFSI will be the most prominent verticals to adopt such programs. Remote access to account information and the ability to collaborate with customers and coworkers will play an important role in the penetration of the BFSI industry.
Each agency is vulnerable to its own cyber-security threats. The Corporate-Owned Personal Enabled (COPE), the policy must be adopted by the latter, along with customized devices. This creates niche opportunities for vendors who are able to offer their solutions in large quantities.
Mobile access is essential for doctors in healthcare because they work outside of the hospital. The Health Insurance Portability and Accountability Act (HIPAA), which governs liability, has mandated that protected health information (PHI) be available on mobile apps.
The market is dominated by a hardware device and enterprise mobility solution providers. Some vendors are experts in application development while others specialize in core communication features. Industry participants stress the importance of bringing benefits like cost reduction, talent retention, and simplification to their operations through a unified approach.
To capitalize on the potential high-growth opportunities that this domain will present, vendors have begun to offer solutions specifically for SMBs.
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