Mobile Device Security To Double in Next 5 Years, Report Says
By 2022, the mobile device security market is poised to reach $37 billion, representing a compound annual growth rate of 14.7 percent over the next five years.
In a year where cybersecurity attacks have seemingly been constant threats, there’s good news for the future of mobile device security.
While it goes without saying that mobile security threats will continue evolving with technology, a BCC Research report, called “Mobile Security: Global Markets to 2022,” shows that the mobile device security industry will reach $37 billion by 2022–an increase of $18.6 billion in 2017 and growing at a compound annual growth rate of 14.7 percent.
Contributing to that growth, the report sates, are “the sheer number of mobile devices and their increasing technological complexity.”
Case in point, by 2020 it’s expected that nearly 72 percent of the world’s population will use one or more mobile device which–as we know–are becoming more sophisticated as they adapt similar technologies as an internet browser or computer system, BCC Research notes.
With that in mind, software technologies are also poised to grow significantly, doubling to $25.6 billion by 2022 from $12.6 billion in 2017.
“Security needs to be introduced in the design phase through both hardware and software solutions,” Michael Sullivan, BCC Research senior editor, said in the report’s note.
On that note, a Cybersecurity Ventures Mobile Security Report from earlier this year highlighted that BYOD and mobile apps will be major contributors in terms of security threats over the next eight years or so.
“There is no turning back from BYOD, but accessing corporate data from mobile devices poses threats to the enterprise and has security practitioners searching for ways to mitigate the risks inherent in mobile security,” the report reads. As such, it’s inevitable that mobile device security threats will only get worse.
“Digital traffic continues to increase as we sprint into the Zettabyte Era, with global annual totals projected to triple in three years. By 2020, wireless and mobile device traffic will account for two-thirds of total global IP traffic,” said Jon Stewart, senior vice president, chief security and trust officer at Cisco (NASDAQ:CSCO) said in the Cybersecurity Ventures report.
Other key highlights from the Cybersecurity Ventures report include:
- 30 percent of IP traffic coming from smartphones by 2020–up from eight percent in 2015, Cisco states, while Cybersecurity Ventures predicts that by 2025, smartphones will account for roughly 55 percent of IP traffic; and
- WiFi and mobile devices will account for 66 percent of IP traffic by 2020, according to Cisco, whereas Cybersecurity Ventures projects that WiFi and mobile devices will total 80 percent of IP traffic by 2025.
In short, the growth of the mobile device security market also means there’s plenty of investment opportunities to be had in the overall cybersecurity industry–including these 10 top cybersecurity companies.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.