The BYOD Market Will Have An Annual Growth Rate Of More Than 15% Until 2023

According to a Mordor Intelligence report, the growth prospects for the BYOD market will be very positive until 2023. Thus, this market will grow at a compound annual rate of more than 15% between 2018 and 2023 worldwide.

Bring Your Own Device (BYOD) is an emerging technology trend in which employees use their own devices to access the company’s system and data. This improves the area of innovation among employees and offers a better balance between personal and work life, increasing employee satisfaction.

However, BYOD also poses a challenge to IT companies in terms of data management and protection to avoid any misuse or data leakage from connected devices.

On the other hand, the BYOD concept helps reduce operating costs, resulting in considerable savings for the organization. In addition, employees always keep their devices updated with the latest and emerging technologies, a fact that helps even more to increase satisfaction and innovation within the company.

What Are The Main Benefits Of BYOD (Bring Your Own Device)?

• Facilitates communication within the organization.
• Time saving of the workflow.
• Cost savings.
• Better access to information.
• Employee satisfaction and greater 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 different positive effect on market growth. In addition, mobile computing is highly preferred compared to the laptop or tablet, as it provides flexibility to the workflow and the business application can be efficiently rewritten by taking advantage of the ubiquity and power of mobile devices.

The Cloud Will Have 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 into the cloud will ensure the prevention of the loss of physical data and boost market growth during the forecast period.

Asia Pacific Will Experience The Greatest Growth In The BYOD Market

Currently, the penetration of BYOD technology is low compared to other regions; however, it is expected to increase due to the growing economy. In addition, new companies in this region are encouraging the use of BYOD in their company, which is expected to drive market growth at a significant rate. In addition, 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.