Prospects of considerable revenue are what have attracted several new players to seek a foothold in the global enterprise mobility market. Transparency Market Research (TMR) notes that a growing number of new entrants are investing on developing new products and technologies that meet the current and a wide diversity of needs of end users. Top players are relying substantially on strategic mergers and acquisitions to retain their stronghold in the enterprise mobility market. Large-sized companies are foraying into the market to tap into emerging streams of revenue. The landscape in the global enterprise mobility market is fairly fragmented but increasingly competitive, observes TMR.
Some of the players holding sizeable stakes in the global enterprise mobility market are AT&T Inc., Alcatel Lucent S.A., Symantec, IBM Corporation, MobileIron, and Citrix Systems Inc.
The global enterprise mobility market is projected to rise at stellar CAGR of 24.7% during 2015–2022. By the end of this period, the global market will reach a worth of US$510.39 billion by 2022. The market stood at US$86.36 billion in 2014.
On the regional front, North America currently holds the major share in the global enterprise mobility market. However, in the coming years, Asia Pacific is expected to surpass this and hold sway by the end of the forecast period. The regional market will rise at phenomenal CAGR of 25.7% during 2015–2022. The growth is fueled by vast uptake of mobile devices in workplaces and the deployment of cloud infrastructure.
Among the various end-use industries, banking, financial services and insurance (BFSI) is anticipated to display the most attractive growth rate the global enterprise mobility market over the forecast period. This is attributed to the widespread adoption of mobility solutions by businesses in the industry.
Rising Trend Increasing Trend of Bring Your Own Device across World bolstered Expansion
The increasing trend of bring your own device (BYOD) among employees, which was characterized by the rising use of employee-owned devices, set the pace for BYOD policies in various industries. This is a key factor that led to the steady evolution of the enterprise mobility market. This trend was increasingly fueled by growing inclination of employees to work remotely. The momentum traction, especially in developed nations, from the potential benefits of adopting enterprise mobility in productivity.
The enterprise mobility market gained substantial momentum from constant developments in communication infrastructure that can integrate seamlessly with a range of computing devices for enterprise use. The staggering rise in number of smartphones and laptops used for BYOD is also boosting the enterprise mobility market. Intensifying focus of IT departments of companies on enterprise mobility management has paved the way for embracing of successful enterprise mobility strategy.
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Embracing Granular Enterprise Mobility Security Measures help Industries address Key Challenges
However, the steady growth of the enterprise mobility market is hampered by several limitations pertaining to the use of BYOD devices. Low device lifecycle, lack of end point ownership, lack of standardized operating systems, and the risk of costly security lapses are few of the most notable ones, impeding the demand for enterprise mobility solutions.
Nevertheless, constant focus toward embracing robust and comprehensive enterprise mobility security measures to address security lapses is contributing momentum to the market. Growing focus on mobile application management and identity and access management is a recent case in point. Recent strides in mobile application development is likely to create new avenues in the market.