In 2012, the global Bring Your Own Device (BYOD) Market was worth around USD 64.95 billion and is predicted to reach around USD 318.41 billion with a compound annual growth rate (CAGR) of 15.38% during the projected period.
Key Growth Factors of Bring Your Own Device (BYOD) Market
Increased expansion of smart phones and the widespread of services like 4G LTE are anticipated to propel the industry growth in both developed and developing countries. Since the employees are more familiar with the devices which they personally owned and also they can execute tasks more proficiently with their own devices, thus promoting work productivity.
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Employees have exhibited a greater preference for employing the same device for professional as well as personal applications with the aim of avoiding the troubles like inconvenience and theft which is attributed to carrying two different devices.
The requirement for carrying various devices and shifting from work to personal devices or vice versa is terminated. Defeating security worries offered by BYOD execution is among the key challenges for enterprises taking up this model.
Potential security risks involve an unregulated intermediary approach to sensitive data, challenges in evaluating vulnerability to risk and tracing device theft, employees, and data with these gadgets leaving the company.
Device Outlook of Bring Your Own Device (BYOD) Market
Tablets, smartphones, and laptops are the major devices by which BYOD programs are enforced. In 2013, smartphones reported for around 55% of the global market revenue share, which can be assigned to the fact that cell phone developers have introduced numerous applications that are redolent of popular programs like Microsoft Excel, Microsoft PowerPoint, and Microsoft Word that assist employees to attain an efficient blend of personal lives and work. Laptops are anticipated to show a stable growth during the projected period due to an acquaintance with the abovementioned programs while working, which aid employees to build an office-like working situation at home. Rising tablet’s popularity, which present users the benefits of both laptops and smartphones, is anticipated to activate a rebellion in BYOD implementation. Tablet plans are anticipated to experience a rise in requirement as they are alleged as best solutions to widen access with the same time to limit price.
Regional outlook of Bring Your Own Device (BYOD) Market
In 2013, North American regional BYOD market was worth around USD 25 billion. This region is anticipated to continue its supremacy during the forecast years. In 2013, the North America region has bestowed to the global industry share and is projected to remain the leading market during the forecast years. Numerous companies in the United States present their employees a choice to work from home, on account of which in North America, the infiltration is very high.
Asia Pacific regional BYOD market has been boosted by the expansion of tablets and smartphones together with IT’s consumerization. Even though a lot of users in this region utilize their devices all through work, the shortage of official regulations for BYOD support is a dispute. Employees in India and China show a strong inclination for working after the office hours too, this trend is not noticed in the many of the European countries and the United States.
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