The global mobile security market will reach $73.5 billion by 2022, KBV Research predicts. That works out to a compound annual growth rate (CAGR) of 46.6 percent over the forecast period, which spans 2016 through 2022.
The North American mobile security market is expected to reach $20.6 billion by 2022 for a growth rate of 43.4 percent.
Companies are increasingly paying attention to hardware security measures, rather than just software, and the widespread adoption of BYOD policies has compelled organizations to invest heavily in custom apps for mobile security, according to KBV, a market research firm.
North America dominated the global mobile security market in 2015 - the latest figures available when the report was compiled - with revenue of $1.78 billion, but that dynamic is expected to shift over the forecast period as Europe and Asia-Pacific claim larger market shares.
Asia-Pacific is expected to have the highest CAGR of 49.1 percent through 2022.
Within North America, it should come as no surprise that the U.S. dominated the mobile security market with $1.34 billion in revenue. However, Canada is expected to see the largest growth rate of 46.6 percent during the forecast period.
By Solution Type
Authentication solutions beat out mobile application management and mobile data protection in 2015, generating market revenue of $3.07 billion worldwide. However, mobile data protection is expected to see the highest growth rate of 55.3 percent during the forecast period.
Results and predictions followed the same pattern for North America, with authentication dominating the market in 2015 but data protection projected to see the largest rate of growth through 2022.
By Operating System
Android security dominated the worldwide market in 2015 with $3.22 billion in revenue, yet iOS is expected to see the highest growth rate going forward - 47.5 percent over the forecast period.
Android security also dominated the North American market, but iOS is expected to grow more quickly through 2022.
Unsurprisingly, the banking, financial services and insurance (BFSI) industry dominated the worldwide market for enterprise security with revenue of $1.05 billion in 2015.
Over the forecast period, the retail sector is projected to see the largest growth rate of 51.1 percent.
The pattern was the same for North America, with BFSI dominating the security market in 2015 and retail predicted to see the highest growth.