Banking BYOD Security Market Expected to Reach $63.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Banking BYOD Security Market," The banking byod security market was valued at $8.4 billion in 2022, and is estimated to reach $63.3 billion by 2032, growing at a CAGR of 22.7% from 2023 to 2032.

The banking BYOD security market encompasses various technologies, solutions, and services aimed at securing these devices and mitigating the associated risks. This includes mobile device management (MDM) systems, which enable banks to control and monitor the devices accessing their networks, as well as implement security policies and enforce compliance measures. Furthermore, the market also includes solutions for authentication and access control, such as multi-factor authentication, biometric authentication, and virtual private networks (VPNs), to ensure that only authorized individuals can access banking systems and sensitive information.

Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in December 2020, Google LLC announced the launch of “Android enterprise essentials,” a mobile management and security solution intended for small and medium-sized financial business organization. This new launch has helped many institutions to manage the work and security at any place or at any time if the employees work remotely. Therefore, adoption of such strategy by users helps to grow the banking BYOD security industry.

On the basis of component, the solution segment attained the highest growth in 2022. This was attributed to the fact that banking BYOD security solutions provide features such as device encryption, remote data wipe, and policy enforcement to protect against unauthorized access or data breaches. Moreover, by implementing robust BYOD security solutions, banks can provide employees with the flexibility to work from their preferred devices while ensuring data security, which enhances the employees productivity and satisfaction. Therefore, such factors are expected to create market growth opportunities.

However, the service segment is considered to be the fastest growing segment during the forecast period owing to the adoption of BYOD, which has created a demand for robust security services. Companies can capitalize on this trend by developing advanced security services, offering consulting services, providing mobile threat intelligence, and delivering compliance and regulatory services tailored for the banking sector.

Region wise, North America attained the highest growth in 2022. This is because consumers in this region prefer mobile banking and banks are also developing user-friendly mobile applications that allow customers to perform a wide range of transactions conveniently. Furthermore, consumers in this region are using mobile banking services that offer features such as fund transfers, bill payments, mobile check deposits, and real-time account monitoring, which can witness serious cyber-attacks. Thus, adoption of banking BYOD security in North America is growing at a faster rate, which is driving the market growth in this region.

However, the Asia-Pacific region is considered to be the fastest growing region during the forecast period. This is because banks in this region are investing in digital platforms and mobile applications to provide convenient and accessible banking services to customers. Furthermore, banks in this region are adopting the practice of BYOD which in turn gives opportunities for the banking BYOD security to grow their market in this region, as the rate of hackers and cyber-attacks in countries such as India, Bangladesh and others is growing. Therefore, the adoption of banking BYOD security is projected to grow in this region.  

The impact of COVID-19 on the banking BYOD security market size can be described as mixed. On one hand, the pandemic accelerated the adoption of remote work and digital banking solutions, leading to an increased reliance on BYOD devices in the banking sector. This created opportunities for the growth of the BYOD security market as banks sought to secure sensitive data accessed through personal devices. On the other hand, the rapid shift to remote work also introduced new security challenges and vulnerabilities, requiring banks to invest in robust security measures to mitigate risks. Overall, COVID-19 has both positively influenced the banking BYOD security market trends by driving adoption and presented challenges that necessitate stronger security solutions.

Key Findings of the Study

• By component, the solution segment led the banking BYOD security market growth in terms of revenue in 2022.
• By device type, the laptop segment accounted for the highest banking BYOD security market share in 2022.
• By security type, the device security segment accounted for the highest banking BYOD security market share in 2022
• By region, North America generated the highest revenue in 2022.

The report analyzes the profiles of key players operating in the Banking BYOD security market such as Broadcom (Symantec), BlackBerry Limited., Cisco Systems, Inc., Check Point Software Technologies Ltd, Fortinet, Inc., IBM corporation, Palo Alto Networks, Inc, Sophos Ltd., Trend Micro Incorporated., and VMware, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the banking BYOD security market analysis.