Delaware, March 22, 2016 (GLOBE NEWSWIRE) -- Bring Your Own Device (BYOD) market size is estimated to be valued at USD 366.95 Billion by 2022, as per a new research report by Global Market Insights, Inc. growing consciousness about advantages of adopting of this system will be critical for industry growth over the coming seven years. Effective application also aids in increasing organizational productivity and this is expected to propel industry growth. In addition, it also helps in minimizing operating as well as capital expenditure.
U.S. BYOD market size was valued close to USD 30 Billion in 2014 and is anticipated to grow at a CAGR of over 15% from 2015 to 2022. Asia Pacific is predicted to be the most attractive region and it is projected to grow at a CAGR of 20.8% over the coming seven years. Declining hardware prices, increasing mobile user workforce and high smartphone penetration are the factors responsible for increasing BYOD market share across the region. Increasing personal technology along with IT consumerization is also expected to boost the industry.
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Increasing employee preference towards using a single device for professional as well as personal use may positively impact the industry demand over the several coming years. In addition, use of single device helps in avoiding hassles such as theft, loss, and inconvenience caused by carrying separate devices. In addition, as employees use their personal devices, they feel more comfortable while working; this in turn might improve job satisfaction level. It also aids in increasing productivity at work.
Factors such as economical handset prices, low calling rates, in addition with development and implementation of new technologies and high investment by mobile operators in building infrastructure is anticipated to boost BYOD market size. Surging use of smartphones and high speed internet services such as 4G LTE is expected to positively impact the industry over the forecast period.
Increasing application of BYOD is expected to pose various security threats such as potential theft of device, data location and management, challenges in measuring risk exposure and tracking data, employees with BYOD devices leaving the organization and unregulated third-party access to sensitive information. Choose Your Own Device (CYOD) is likely to offer employees an advantage to select one among several enterprise-approved systems and this is predicted to eliminate standardization and security challenges of BYOD system.
Key insights from the report include:
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