Valuates Reports believes that the international mobile security market will skyrocket in the next few years. The firm specifically predicts that the market will hit $188.89 billion by 2027, based on a 2019 valuation of $19.83 billion and a CAGR of 25.8 percent for the forecast period.
According to Valuates, that growth reflects the rising interest in online payments, and the increasing popularity of Bring Your Own Device policies in the workplace. Technology providers need to be able to ensure that mobile devices are secure in order to build trust with customers and make the public feel more comfortable using those channels.
The anticipated growth of the mobile security market suggests that technology providers will spend the next few years working to meet that demand. Valuates also noted the mobile landscape has shifted in response to COVID-19. The pandemic forced many organizations to transition to a remote work environment, which in turn created a sudden need for more robust mobile infrastructure and security solutions that could protect a decentralized network.
By the same token, Valuates expects to see more mobile OS security patches as providers try to guard against a rising number of mobile-oriented malware attacks. The expanding mobile ecosystem will draw the attention of cybercriminals, and new security apps will be needed to respond to that emerging threat, especially as more people start to use their mobile devices for banking and other financial applications.
North America is currently the largest market for mobile security solutions, and is expected to remain so thanks to large investments from the enterprise sector. However, the Asia-Pacific region will display the most growth, due to increased smartphone usage and expanding network connectivity.
Valuates has previously predicted that the gesture recognition market will hit $34.3 billion by 2025. MarketsandMarkets, meanwhile, expects the overall security market to reach $373 billion as early as 2022.