BYOD market size for smartphones was valued at over USD 50 billion in 2014, growing at a CAGR of over 17% from 2015 to 2022.

Sellbyville, DE -- (SBWire) -- 11/03/2018 --North America dominated the bring your own device market acquiring more than 30% share owing to high demand from the consumers. Early adoption of the enterprise mobility model by the companies in this region are among the chief drivers of this trend.

Asia Pacific BYOD market is estimated to exhibit a CAGR of over 20%, largely due to the proliferation of smartphones and related devices, as well as changing company policies.

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Bring Your Own Device (BYOD) Market is set to reach USD 350 billion by 2022. Growth is attributed to the employee convenience and increasing demand for smartphones, tablets, and laptops. Employees preferring single device for professional commitments and personal use fuels the adoption of BYOD policy.

The software companies developing applications for supporting smartphones are focused towards increasing the convenience of using a single device for professional and personal use. Growing adoption of 4G LTE led to increased internet speeds, and increasing the overall accessibility and availability. Favorable policy framework by employers, including SMBs and enterprises alike helps the companies in reducing the operating and capital expenditure. This also results in companies saving on purchasing cost of these devices which increases net profits of the company.

Employees connected to the company's network through communication device and internet connection brings in the factor of security. Potential security breaches or data loss poses a veritable threat to adoption. Loss of critical business information owing to theft of device is restricting the adoption of the BYOD facility. Securing crucial data and confidentiality of client information are the major challenges faced by the bring your own device market these are managed through enterprise mobility management initiatives.

Use of Internet of Things (IoT) enables users to connect and monitor multiple devices simultaneously. The companies have growth opportunities by integrating this technology for smooth and secure business operations. Companies mandating the security software installation in employee device helps in safeguarding the proprietary data.

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On the basis of device, smartphones dominated the bring your own device market share owing to considerable number of employees opting for smartphones to carry out business operations. The demand for tables employing this business model is estimated to cross USD 130 billion by 2022.

Midd to large enterprises are estimated to account for more than 70% of the total bring your own device market share. Rapid adoption of this policy in financial, healthcare and insurance companies resulted in these segments contributing significantly to the overall revenue. Substantial growth is expected in small organizations owing to increased use of portable communication devices.

Some of the BYOD market participants include IBM Corporation, Alcatel-Lucent, MobileIron, Cisco Systems, etc. The companies are focusing on providing secure operations and software to the consumers.

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