Proliferation in the smartphone industry is expected to fuel the smartphone security market over the coming years. The market is anticipated to observe USD 2965 million by the end of 2020. Also, further increase in demand for this market is attributed for rising smartphone internet subscribers.
There is increasing usage of the internet for shopping, e-ticketing, application downloading and accessing social networking sites. This factor contributes further towards increasing the demand for the smartphone security market.
The pivotal factors propelling the market are rising cyber attacks, rapid growth in smartphone internet subscribers and affordable prices of smartphones. However, lack of proper knowledge regarding smartphone security is projected to restrain the smartphone security market.
The smartphone security market can be segmented into four major categories, including operating systems, security features, applications and geographies. The market, on the basis of operating systems, can be further divided into windows, symbian, blackberry, iOS and android.
The security features market can be subdivided into anti-theft, antivirus, anti-phishing, anti-spam and data encryption. The applications market includes personal users and business purposes. Globally, Europe dominated the smartphone security market. It was followed by Asia Pacific and North America. This was due to increasing cyber attacks and growing smartphone and internet subscribers.
Asia Pacific is experiencing the fastest growth. Augmented demand for smartphone security from developing economies, including China and India is expected to boost the smartphone security market. Also, rising smartphone users and growing usage of internet on smartphone devices are anticipated to steer the smartphone security market ahead.
Information Source: Radiant Insights