According to the research report titled ‘Global Mobile Security Market Size study, by Offering (Solutions, Services), by End-Use (Individuals, Enterprise), by Industry Vertical (BFSI, Telecom & IT, Retail, Healthcare, Government & Defense, Manufacturing, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global mobile security market was worth USD 3.2 billion in 2019 and is projected to record 10.7% CAGR, to be remunerated at USD 7.2 billion by the year 2027.
 

Improvement in productivity of employees and enterprises through bring your own device (BYOD) policy, rising number of mobile threats and breaches, and surging penetration of smartphones are the key factors propelling global mobile security market growth.
 

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According to Statista, smartphone shipments in 2017 were recorded to be about 1.6 billion units, reflecting a 7.17% rise from 2014 (nearly 1.3 billion unit smartphone shipments). Likewise, as per International Data Corporation (IDC), smartphone manufacturers shipped a total of 369.8 million units around the world in the fourth quarter of 2019. China had approximately 690 million smartphone users in 2019, up from 480 million in 2014, cites the same source.
 

Notably, mobile security has become increasingly important in the world of mobile computing. These developments are causing significant changes in the organization of information systems within businesses, and as a result, mobile devices have become a source of new threats, accelerating the use and adoption of mobile security solutions around the world.
 

On the downside, hefty cost of mobile security solutions and complexities in designing these softwares are anticipated to impede worldwide mobile security industry expansion over the study period.
 

Citing the regional landscape, North America presently holds considerable portion of the overall market share, credible to presence of major vendors in the region, and increasing expenditure on security solutions among enterprises.
 

Meanwhile, Asia Pacific mobile security industry is projected to gain traction over the coming years, attributable to increasing penetration of smartphones in developing economies like India and China, along with surging data thefts and mobile data breaches.
 

Major contenders in worldwide mobile security market sphere are MobileIron Inc., Sophos Ltd., Quick Heal Technologies Limited, Microsoft Corp., McAfee LLC, Lookout Inc., IBM Corp., CrowdStrike Holdings Inc., Check Point Software Technologies Ltd., and BlackBerry Limited.