BYOD Market Projected to Reach at a USD 587.3 Billion by 2030 With Healthy CAGR of 16.20% - Report by Market Research Future (MRFR)
Bring Your own Device Market expanding at a 16.20% CAGR by Bring Your Own Device Policies – Key Trend in Enterprise IT
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “BYOD Market Research Report: by Component, Device, Deployment and Vertical- Forecast till 2030”, the global bring your own device market is projected to grow USD 587.3 BN by 2030, expanding at a 16.20% CAGR throughout the review period (2022-2030).
The global bring your own device market is growing rapidly, witnessing the shift to cloud and growing adoption of remote work & BYOD policies across organizations of all sizes. BYOD is becoming a major trend in the field of enterprise IT, driving business IT decisions. Many organizations are increasingly alleviating their policies for BYOD, leaving customization up to the end users. The rising proliferation of IoT technology and smart & connected devices such as smartphones support the market growth. Moreover, the growing trend of BYOD and mobility among enterprises foster the growth of the market.
Players leading the global BYOD market include
- Cisco Systems Inc.
- Tech Mahindra Limited
- Microsoft Corporation
- Honeywell International
- Oracle Corporation
- Alcatel-Lucent SA
- SAP SE
- Duo Security
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Bring Your own Device Market Competitive Analysis
The well-established bring your own device market is adorned by several large and small players having an international presence. Matured players incorporate collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage. The market demonstrates high growth prospects, which would attract several new entrants, further boosting the market competition.
For instance, on Sept. 20, 2022, Nova Labs announced its partnership with T-Mobile for crypto-powered Helium Mobile services. The partnership would allow Helium Mobile subscribers to access the Helium 5G crowdsourced network and T-Mobile's network throughout the US.
The service designed with a bring-your-own-device (BYOD) approach is developed by working with smartphone makers to create specialized, crypto-friendly cell phone devices efficient in validating network coverage. This will allow users to earn more Mobile token rewards compared to generic, BYOD phones.
Bring Your own Device Market Report Scope:
|Revenue forecast in 2030||USD 587.3 Billion|
|Growth Rate:||CAGR of 16.20% from 2022 to 2030|
|Key Market Opportunities||Information assortment to help improve consumer loyalty|
|Key Market Drivers|| Expanded efficiency and diminished equipment costs.|
The developing conspicuousness of oversaw versatility administrations
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The benefits of an effective BYOD strategy are numerous, allowing organizations to save time and costs. The standardization of the policy has a positive impact on product and service quality and compliance. Organizations also gain the goodwill of employees who feel empowered using their own devices, which can lead to lower turnover rates.
This enhances their understanding and instills a sense of ownership, fostering the culture throughout the organization. Many organizations are increasingly establishing eLearning environments that can allow their employees to grow and boost their productivity. Using their own devices gives employees the freedom to control what they learn and access learning around the clock and at their preferred time.
They can proceed at their own pace, repeat sessions as needed, and track their own progress. However, these organizations with a bring-your-own-device approach need to support an open-ended list of devices to prepare for the additional resources. They use technologies like artificial intelligence and natural language processing to go deeper and explore advanced tools for digital analysis.
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Increasing demand for faster response time and decreased downtime of websites creates substantial demand. Surging growth in uses of smart and connected devices and high-speed internet connectivity substantiate market growth. The expanding activities of video streaming over the Internet among users accelerate market sales. Additionally, rising awareness of the benefits of the BYOD approach fosters market growth.
The increasing availability of mobile learning applications and professional expertise in digital learning influence the growth of the market. Advances in telecommunication technologies and growing implementations of IT security contribute to market growth. Moreover, the rising demand for high-performance content delivery networks increases the market size.
The BYOD trend is quickly getting adopted by the leading B2B software providers, where most business applications are accessed and used from a mobile device. However, there are several risk factors involved in BYOD programs, which hamper the growth of the market, restricting companies from having an official BYOD program.
Nevertheless, increasing developments of mobile device management (MDM) solutions and management methods would support the market growth throughout the assessment period, seamlessly striking a balance between the risks for employees and companies.
Bring Your own Device Market Segments
The BYOD market report is segmented into components, devices, deployments, verticals, and regions. The component segment is sub-segmented into solutions, security, and services. The device segment is sub-segmented into smartphones, tablets, laptops, and others. The deployment segment is sub-segmented into cloud and on-premise. The vertical segment is sub-segmented into BFSI, healthcare, manufacturing, transportation, and others. The region segment is bifurcated into the Americas, Europe, Asia-Pacific, and rest-of-the-world.
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Bring Your own Device Market Regional Analysis
North America leads the global bring your own device market. The large presence of notable players such as Cisco, AT&T, and Microsoft and the early adoption of smart devices drive the growth of the regional market. Moreover, considerable technological advances, alongside the proliferation of the Internet, IoT, and smart connected devices, boost regional market growth.
Europe is another rapidly growing market for bring your own device solutions. Also, the rise in demand for a lower latency network due to the information on multiple servers and direct user content influences the region's market shares. With the growing adoption of on-demand cloud services and the rapid demand for a highly-efficient delivery network, Germany, the UK, France, and Italy account for major shares in the regional market.
APAC is an emerging market for bring your own device technologies. Factors such as rising disposable income and the increasing demand for high-speed internet connectivity provide impetus to market growth. Countries, including China, Japan, and India, are the largest bring your own device markets in the region.
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