Increasing Adoption of Tablets, Laptops, and Smartphones Can Boost Bring Your Own Device Market

The Global Bring Your Own Device (BYOD) Market is projected to exceed 350 billion by 2022 from USD 94.15 billion in 2014. Widespread adoption of devices, like tablets, smartphones, and laptops can positively affect the market over the forecast period (2016 - 2024). BYOD enables employees bring their own devices to work. This not only reduces hardware & device costs but also boosts employee productivity & satisfaction.

4G LTE services offered by telecom companies can drive the BYOD market in both developing & developed economies. High demand for mobile phones owing to their low prices and low voice calling tariffs may boost the Asia Pacific market till 2024.

BYOD increases the possibility of security risks, such as device thefts, tracking data, and hacking. Oftentimes, when employees using their own personal devices at work, leave an organization, take with themselves crucial organizational data & information. Moreover, device seizure & data loss and governance & compliance issues can restrain market demand.

Browse Details of Report@ https://www.hexaresearch.com/research-report/bring-your-own-device-byod-industry

The BYOD market is fragmented into software, end-uses, devices, and regions. Software is divided into Enterprise Mobile Email Management (EMEM), Mobile Application Management (MAM), Mobile Devices Management (MDM), Enterprise Mobile Content Management (EMCM), and Telecom Expense Management (TEM). Improvements in IT technology can further increase the adoption of BYOD, thus propelling market growth.

Based on end-use, the industry is segmented into mid-to-large sized businesses and small businesses. A number of companies are taking to the ‘BYOD’ concept to minimize both operating expenditure (OpEx) and capital expenditure (CapEx). Employees too, share the costs incurred on their devices. This in turn, lowers the costs borne by the company.

Small & midsized businesses (SMBs) use MDM (Mobile Device Management) solutions to manage their mobile devices and to increase security. A number of vendors have also introduced tailor-made solutions for SMBs to capitalize on their growth prospects. With a 75% market share (in terms of revenue), mid-to-large sized businesses dominated the industry in 2013. BFSI (Banking, Financial services and Insurance) and healthcare will play a key role in driving the worldwide BYOD market. The growing need for coordinating with customers & co-workers and for remote access to information can boost the adoption of ‘BYOD’ in BFSI.

Based on devices, the industry is segmented into smartphones, tablets, and laptops. Owing to high demand & popularity, ‘smartphones’ dominated the market with a 55% share in total revenues in 2013. Since, tablets possess features of both laptops and smartphones, they are a widely preferred choice among consumers. This may aid in market penetration and greater adoption of tablets in BYOD.

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.