BYOD (Bring Your Own Device) Market – 2019-2025
The global BYOD (Bring Your Own Device) market is growing at a fast pace. According to some estimates, the global BYOD market crossed a staggering figure in the year 2018. The field is about to grow at a compound annual growth rate of 15 percent between the year 2019 to the year 2024. Several facts boost the market, and the market is about to cross a significant milestone by the year 2024.
The development of high-speed internet coupled with easier access to smartphones and other electronic devices, has enabled the growth prospects of the industry. Furthermore, cheap data plans, coupled with the development of online entertainment platforms, has helped the industry grow leap and bound.
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The key players covered in this study
Good Technology Inc.
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Reasons for the Flourishing Markets
One of the most important reasons on why the global BYOD (Bring Your Own Device) is flourishing every year is the pressing needs to startups which allow their employees to bring their own device to work. The infrastructural cost has been a great overhead for the smaller companies, and as the global markets expand, the need for BYOD is increasing day and night. Furthermore, the ability to work anywhere and increasing collaboration needs have a positive impact on how the market is perceived.
In addition to that, more and more companies are implementing solutions that can be used on a range of devices. The BYOD (Bring Your Own Device) culture has enabled individuals to work on all of their devices. The growth of cloud-based solutions has boosted the adoption of BYOD sector in private industries all over the world.
But on the other hand, the increasing cyber threats and the risk of losing crucial data has been hampering the growth prospects of the industry. In response to that, a growing number of companies have been working on solutions that are open-sourced and has the highest security standards. This has helped companies grow leap and bound every year.
The global BYOD (Bring Your Own Device) industry has been a great geographical presence. The end users are executives who collaborate on various aspect. The country that has adopted the trend most is the United States of America. Following the lead, countries like Canada, European countries like Germany, France, UK, Italy, and other the Middle East and Asian countries have been adopting the trend. The companies constitute the primary end-users and implement solutions that are either cloud-based or customized on-premises solution that is tailored according to the needs.
Primary Industry Players
The BYOD (Bring Your Own Device) has several big players in its name. Namely, these companies include IBM, Cisco Systems, Good Technology, and Alcatel-Lucent. These companies have developed a complete range of software that is beneficial for both companies and professionals alike.
The industry shows some promising signs of growth. Companies these days allow employees to work on their device so that they have the flexibility to work on their own devices. This breeds comfort. On the other hand, crucial information is only available to the desired personnel only. This makes sure that employees have the freedom to work anywhere and whenever he or she wants to.
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