The soaring number of smartphone users across the world is one of the major factors responsible for the skyrocketing demand for mobile security solutions. In China, India, Brazil, and Saudi Arabia, a majority of the younger generation, owing to their higher education levels and purchasing power, are increasingly adopting digital connections and systems for a plethora of purposes such as online banking, shopping, and chatting, which has significantly boosted the usage of smartphones.
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As per the Mobile Economy 2020 report by GSM Association, the global smartphone penetration is expected to increase from 65.0% in 2019 to 80.0% by 2025. The increasing prevalence of mobile frauds and the rising awareness amongst the people about data security and privacy are the other major factors propelling the demand for effective mobile security solutions across the globe.
Moreover, the rising adoption of bring your own devices (BYOD) policies in workplaces and increasing popularity of cloud-based solutions and services are further pushing the need for mobile security solutions. As a result, the global mobile security market is predicted to observe exponential growth during the forecast period (2020–2030). Several companies all around the world, both small and medium enterprises (SMEs) and large organizations, are increasingly adopting mobile security solutions and availing of associated services.
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Moreover, the increasing digitization and rising smartphone usage have resulted in the large-scale adoption of mobile security solutions and services. Between the two, the mobile security solutions recorded higher demand in 2019. This is mainly attributed to the availability of numerous mobile security softwares for specific mobile applications such as application management, data encryption, and authentication, which offer device and data security against frauds and malicious attacks.