Authored By: Sarah
11 Jul 2024

 Bring Your Own Device (BYOD) Market to grow by USD 101.02 billion between 2024-2028

According to a research report “ Bring Your Own Device (BYOD) Market” by Deployment (On-premises, Cloud) End-user (Retail, Healthcare, Government, Energy and utilities, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 101.02 billion at a CAGR of  15.49% during the forecast period. In the corporate sector, the Bring Your Own Device (BYOD) market is gaining significant traction due to the potential for reduced hardware expenses. BYOD is an IT strategy that empowers employees to utilize their own mobile devices, such as smartphones, tablets, and laptops, for enterprise data access. This approach fosters productivity enhancement and innovation, as employees are more proficient and familiar with their devices. However, proper implementation is crucial to mitigate potential risks and challenges..

Browse market data tables, figures, and in-depth TOC on “Bring Your Own Device (BYOD) Market” by Deployment (On-premises, Cloud) End-user (Retail, Healthcare, Government, Energy and utilities, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By Deployment, the On-premises segment is projected to dominate the market size in 2024.

In the burgeoning BYOD market, retail businesses are capitalizing on the consumerization trend, enabling customers to access information via cloud, mobile, and social media. Retailers prioritize data collection to enhance customer satisfaction and engagement. BYOD offers cost savings through lower device acquisition costs and provides retailers with valuable in-store performance insights. Employees' productivity is boosted, leading to heightened customer and employee satisfaction.

By End-user, Retail  segment is expected to hold the largest market size for the year 2024.

In the expanding BYOD market, on-premises solutions have gained traction. These solutions enable businesses to deploy and manage software within their own infrastructure. With on-premises, companies retain control over data accessibility and security, as all data is stored on their servers. IT teams assume responsibility for software installation, maintenance, and troubleshooting. Sensitive business information, including personal data and enterprise applications, can be efficiently managed due to the on-premises location.

North America is forecasted to hold the largest market size by region in 2024.

The North American market represents a robust growth opportunity for the Bring Your Own Device (BYOD) sector, driven by the increasing preference for employee mobility and the availability of advanced technologies. BYOD vendors have established a strong foothold in this region, fueled by the surge in smartphone and tablet usage for business-critical tasks. The adoption of BYOD solutions is further propelled by the expanding utilization of social media, mobile technology, advanced analytics, cloud computing, and IoT in industries such as manufacturing, retail, BFSI, healthcare, and government.

The Bring Your Own Device (BYOD) Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Accenture Plc
  • ALE International
  • AT and T Inc.
  • BlackBerry Ltd.
  • Broadcom Inc.
  • Capgemini Service SAS
  • Cisco Systems Inc.
  • Cloud Software Group Inc.
  • Forcepoint LLC
  • Fortinet Inc.
  • HCL Technologies Ltd.
  • Hewlett Packard Enterprise Co.
  • Honeywell International Inc.
  • International Business Machines Corp.
  • Ivanti Software Inc.
  • Microsoft Corp.
  • Oracle Corp.
  • Tata Consultancy Services Ltd.
  • Tech Mahindra Ltd.
  • Verizon Communications Inc.
.

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Research Analysis Overview

In today's business landscape, the Bring Your Own Device (BYOD) trend has gained significant traction, with employees utilizing fitness trackers, smartwatches, and connected devices for both personal and professional use. This phenomenon, accelerated by the pandemic and the shift to remote work, raises critical security concerns for businesses. A recent Bitglass study revealed that 60% of enterprises and small businesses experienced data breaches due to the use of unsecured smart devices on their corporate networks. The BYOD market encompasses various devices such as smartphones, tablets, laptops, and even wearables in the automotive and IT segments. While the benefits of BYOD, including reduced data and hardware costs, increased productivity, and employee satisfaction, are undeniable, businesses must address the associated risks. These risks include the potential theft of confidential business data, intellectual property, and client data. To mitigate these risks, businesses must implement robust security policies, including the use of secure networks, encryption, and multi-factor authentication. Operating expenditure and capital expenditure must be allocated to ensure the security of these devices and the data they access. In conclusion, while the BYOD trend offers numerous benefits, it also necessitates a proactive approach to security to protect against data breaches and maintain business continuity.

Market Research Overview

In today's industry verticals, such as Energy and Utility, Healthcare, and others, long-distance collaborations have become the new norm. Deployment of enterprise systems requires connectivity and storage capacity, as well as processing power, to ensure business continuity. The BYOD (Bring Your Own Device) market plays a significant role in this trend, with employee retention, morale, and job satisfaction increasingly dependent on work flexibility and efficiency. BYOD adoption is prevalent among small businesses and enterprises alike, driven by cost-effective solutions like 4G LTE and 5G connections. The use of wearable devices, such as fitness trackers and smartwatches, as well as connected devices like tablets and laptops, has become essential for remote work, especially during the pandemic. However, the BYOD market also raises security concerns. Confidential business data, intellectual property, and client data are at risk of data breaches through corporate networks and smart devices. Theft and unauthorized access are potential threats, especially in the Automotive and IT segments. Mobile developers must address data costs and hardware costs, which contribute to operating expenditure and capital expenditure. A recent Bitglass study revealed that 70% of organizations allow employees to use their own devices for work. This trend is expected to continue, making it crucial for businesses to implement robust security measures to protect their valuable assets.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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