2 min
Bring Your Own Device (BYOD) has established itself as an emerging technology trend. In fact, according to the report “BYOD Market: Growth, Trends and Forecast (2018-2023)”, prepared by Mordor Intelligence, the BYOD market is expected to reach a compound annual growth rate of more than 15% over the next five years.
BYOD allows employees to use their own devices to access the company’s system and data. This trend of business mobility improves the area of innovation among employees and offers a better balance between work and personal life that favors worker satisfaction. However, BYOD presents a significant challenge for IT companies to manage and protect data and connected devices that prevent any misuse or data leakage.
In addition, the concept of BYOD helps to save costs internally in companies. As a result, more and more organizations are implementing this technology, thus fueling market growth during the forecast period analyzed in the report (between 2018-2023). In addition, employees are always updated with the latest and emerging technologies, which further helps to increase the satisfaction and innovations that result in the growth of an organization. Although there are several benefits of implementing BYOD, there are several sets of risks associated with security in which companies must understand the implications and offer an additional layer of protection to avoid the loss of vital data.
What are the main benefits of BYOD for companies?
- Easy communication within the organization.
- Saving workflow time.
- Cost savings.
- Greater access to information.
- Employee satisfaction.
- Improvement of innovation.
Increased Penetration of Smart Devices
The use of smartphones has changed the way of communication, personally and professionally. The expansion of smartphones around the world has forced companies to adopt BYOD technology, which will have a positive effect on market growth. In addition, mobile computing is preferred compared to laptops or tablets, as it provides flexibility to the workflow and the business application can be rewritten efficiently taking advantage of the ubiquity and power of mobile devices.
The Cloud Will Experience the Fastest Growth
The increasing use and penetration of BYOD has boosted data security risk because organizations are adopting software as a service (SaaS). The incorporation of BYOD with the cloud will guarantee the prevention of physical data loss, which will boost the adoption of the BYOD in the cloud, thus boosting market growth during the forecast period.
Asia Pacific Will Be the Region That Will Grow the Most
Currently, the penetration of BYOD technology in the Asia Pacific region is low compared to other regions; however, it is expected to increase due to the growth of the economy. In addition, new companies in this region are encouraging the use of BYOD, which is expected to drive market growth at a significant pace. In addition, according to the report, the growing penetration of smartphones in Asia Pacific countries, together with an increasing number of companies, especially in India and Japan, will probably boost the market in the next six years.
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