U.S. Bring Your Own Device Market worth USD 30 billion in 2014, is expected to show a speedy growth curve at an annual rate of 15% over half a decade period. Asia pacific being another major region is also witnessing rapid expansion in this industry. The decline in hardware prices and increasing penetration of smartphones in this region is spurring the industry growth. APAC BYOD market is forecast to grow lucratively at a CAGR of 20.8% over the period of 2016-2022.
Businesses ranging from small to large scale enterprises, are collectively contributing toward bring your own device market. Demand from small scale business is experiencing a noticeable growth and is expected to surpass a revenue of USD 90 billion by 2022, with a projected CAGR of 19.7% over 2016 -2022. Global bring your own device industry expansion from mid-to-large sized business is projected to be the dominant sector with revenue record set to exceed USD 90 billion by 2022.
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Smartphones, tablets, and laptops are the three major devices through which the concept of bring your own device is implemented. Surging demand for smartphones coupled with high-speed data services is expected to boost the overall market size. Bring your own device industry for smartphones will exhibit robust growth, with a projected annual rate of more than 17% over 2016-2022. Mounting popularity of tablets is anticipated to bring a revolution in the global bring your own device market. Tablets based bring your own device industry is forecast to record a revenue of more than USD 130 billion in the next five years.
Employees are inclined toward using a single device for both professional and personal applications in order to dodge the cyber hassles, thefts and other inconveniences. Addressing the security concerns is one of the vital factors influencing the enterprises to implement bring your own device model. Key participants in bring your own device market include Good Technology, IBM Corporation, Alcatel-Lucent, Cisco, and MobileIron.
The trending demand for enterprise mobility to efficiently perform business tasks, is expected to be the driving force behind BYOD market’s rapid expansion. Increase in employee productivity, reduced hardware cost, and strong claim for mobility software in large scale enterprises are some of the pushing factors influencing the market globally. Many companies have already embraced this program to increase their organization productivity. According to Global Market Insights Inc., “Bring your own device market worth USD 94.15 billion in 2014, is poised to exceed a revenue of USD 350 billion by 2022.” Furthermore, the noticeable trend observed among employees to prefer their own device for professional as well as personal usage is likely to uplift the industry trends in the coming years.
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