LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global mobile security software market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global mobile security software market for 2016-2020. The report considers the sales of mobile security applications and mobile device management (MDM) software for smartphones across the world to arrive at the market size.
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Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global mobile security software market:
- Increased access to high-speed internet with 3G and 4G networks
- Growing popularity of mobile applications
- Rise in number of online transactions
- Privacy concerns of mobile users
Increased access to high-speed internet with 3G and 4G networks
Technological advances in mobile networks are one of the major factors contributing to the growing adoption of mobile security software. In developed countries, mobile operators are investing heavily to expand 3G and 4G networks.
Mobile operators are offering high-speed mobile broadband services that have enabled users to use bandwidth-intensive applications. High-speed internet services also increase security issues for individual customers, and they need effective mobile security software to avoid internet-centric malware attacks. Thus, the availability of 3Gs connection and 4G networks will increase the adoption of mobile security software during the forecast period.
Growing popularity of mobile applications
The is growing demand for mobile applications that improve device functionalities. Business applications such as e-mail, calendars, and teleconferencing and entertainment applications are readily available for free for mobile device users. Mobile applications are an easy, quick, and practical way of accessing favorite and important things on smartphones.
“However, with the increased use of these applications, smartphones have become more vulnerable to virus attacks, increasing the need for mobile security software. The rise in mobile app development across the globe will lead to higher demand for mobile security software during the forecast period,” says Amrita Choudhury, a lead analyst at Technavio for IT Security research.
Rise in number of online transactions
Consumers are becoming more and more reliant on the internet for a number of transactions, especially banking and e-commerce transactions. Online transactions are gaining prominence among individual consumers because they are very easy, quick, and convenient. Consumers are using smartphones to make online transactions at any time.
However, these banking and e-commerce transactions are vulnerable to cyber-attacks. Cyber-attacks are increasing in lucrative sectors such as banking, financial services, and insurance, payment card, and retail. “Security threats such as identity theft and phishing are on the rise because of the increase in the number of online transactions. Thus, the need for mobile security software is increasing with the rise in online transactions,” says Amrita. In order to make online transactions secure, a number of vendors in the market, such as Gemalto, are providing mobile payment security software to prevent fraudulent activities.
Privacy concerns of mobile users
The mobile threat landscape continues to grow because of the growing internet speed, cloud services, and a number of apps available on mobile devices for every age group. Hundreds of malicious apps have been found in Google Play Store and Apple App Store. Even though Google and Apple remove the malicious apps from the app stores, some of the infected apps still make it through the security screening process and reach smartphones. This is leading to growing security concerns for the smartphone users.
There are a number of free apps with vulnerabilities and malicious codes that have access to personal information. These harmful apps can access sensitive data and photos from mobile devices, monitor and track a user's activity, make unauthorized calls, and send SMSs.
The built-in vulnerabilities are also present within a device management tool that carriers and manufacturers embed in smartphones and tablets to remotely configure them. In 2014, the two phones with the highest level of exploitation were the HTC One M7 and the Blackberry Z10. All of these factors necessitate the use of mobile security software, which augurs well for the growth of the market.
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