New York, Feb. 03, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Virtual Mobile Infrastructure Market” – https://www.reportlinker.com/p05842897/?utm_source=GNW
S., Canada, Germany, U.K., France, Russia, Spain, China, Japan, India, South Korea, Saudi Arabia, Brazil, Turkey, U.A.E) – Industry Opportunity Analysis and Growth Forecast to 2024
In 2018, the global virtual mobile infrastructure (VMI) market reached a value of $115.8 million and is expected to attain $194.3 million in 2024, witnessing a 9.7% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the increasing penetration of smartphones and rising adoption of bring-you-own-device (BYOD) policy. The VMI platform allows enterprises to host corporate data and apps within a secure mobile operating system on centralized servers. Zero apps and data are stored on the employee’s device as the environment is remote, reducing the chances of data theft.
In terms of offering, the virtual mobile infrastructure market is divided into service and platform. The platform division dominated the market during the historical period (2014–2018) and is further going to hold the larger share of the market during the forecast period. This is because of the growing adoption of the VMI platform by different industries in order to prevent data loss/leakage caused by the lack of security in the employees’ devices. The faster growth is predicted to be registered by the service division, which is further bifurcated into managed and professional.
When industry is taken into consideration, the virtual mobile infrastructure market is primarily categorized into healthcare, banking, financial services, and insurance (BFSI), government, and information technology (IT) & telecom. Out of these, the BFSI category accounted for the major share of the market during the historical period and is going to retain its position during the forecast period. The industry makes use of VMI solutions for gaining remote access to customer relationship data while making sure that no sensitive information, such as account numbers or social security numbers, gets leaked from an end user’s device.
One of the key driving factors of the virtual mobile infrastructure market is the rising adoption of BYOD policy, the reason for which is the increasing demand for mobility in the workplace. The implementation of such policies aids the organizations who are looking for ways to increase the productivity and efficiency of their employees. Under the BYOD policy the employees are allowed to carry their own devices, including smartphones and laptops. VMI helps such enterprises to host their mobile apps on servers and provide remote and personalized access to enterprise resources from any device.
The surging penetration of smartphones is another factor driving the virtual mobile infrastructure market. The smartphone penetration across the world is predicted to rise to 79% in 2025 from 60% in 2018. The innovative technology of smartphones has made the integration and implementation of business solutions across mobile devices easier. With the help of VMI, the development team only needs to write code for a single platform and every user runs the same version of the application in iOS and android operating system. This reduces the software development and maintenance costs for organizations.
The growing focus on security is a major trend that is being observed in the virtual mobile infrastructure market. Due to the rising adoption of BYOD, merely relying on user name and password authentication is not enough for sensitive applications and confidential data. Hence, in order to prevent certain users from gaining access to sensitive data, VMI providers are integrating multi-factor authentication with VMI platforms for implementing an additional layer of security, which requires the user to authenticate via possession, knowledge, and inherence factors in order to gain access to the organizations’ resources.
Thus, the market is growing significantly due to the rising penetration of smartphones and growing adoption of BYOD policy.
Read the full report: https://www.reportlinker.com/p05842897/?utm_source=GNW
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