The BYOD Market Will Record A Compound Annual Growth Rate Of More Than 15% Until 2024

The BYOD (Bring Your Own Device) market is expected to record a compound annual growth rate (CAGR) of more than 15% over the next five years.

What Is BYOD?

BYOD (Bring Your Own Device) is an emerging technological trend, in which employees are encouraged to use their own devices to access the organization’s business data and system. Today, many people and organizations face restrictions such as geographical boundaries and long distance collaborations within the team, and BYOD allows them to be connected and facilitates access to the required information.

In North America, most of the active population already brings their own devices to their workplace. However, Europe is lagging behind the United States, in terms of the adoption of the BYOD culture.

What Factors Are Influencing The Growth Of The BYOD Market?

1) The high-speed 4G and 5G services offered by telecommunications companies drive the BYOD market in both developing and developed economies.

2) The increase in the demand for smartphones also supports the growth of the BYOD culture.

3) Small and medium businesses (SMBs) adopt BYOD to eliminate or reduce initial infrastructure costs.

4) Organizations require employees to interact with customers and co-workers. Therefore, the increase in the productivity of organizations has led to a greater adoption of BYOD in several vertical sectors of the industry.

Why Will The Retail Industry Have Significant Growth In The Market?

1) Consumerization (a growing trend in which new information technologies arise first in the consumer market and then spread to commercial and government organizations) is creating a new opportunity for retailers. Users have greater access to information through technologies such as the cloud, mobile devices and social networks. To boost user participation, retailers are more focused on data collection to help improve their satisfaction.

2) BYOD helps retailers reduce device acquisition costs and workers access resources at their fingertips, increasing productivity and boosting employee and user satisfaction.

3) According to the BYOD financial impact study, employees approach work tasks at the time they receive them, perform them more quickly and get some additional minutes, 37 minutes per week to be exact. US BYOD users obtained the highest score on that scale, with an average of 81 minutes saved per week.

4) With the increase in the number of connected portable devices, workers can stay updated in real time, which helps them make decisions faster and serve users as soon as they receive the query.

Asia-Pacific Will Have The Highest Growth Rate

The population in the Asia-Pacific region is booming and the large generation of technology experts is increasing the consumption of mobile devices, resulting in a large base of potential customers. Therefore, organizations are adopting BYOD trends to retain employees, providing benefits such as flexible hours, Internet use and mobile technology for private and professional use.

In addition, the increase in IT spending in various sectors, along with several government initiatives, such as smart cities, digitalization, etc., is expected to drive growth in the Asia-Pacific BYOD market in the coming years.

On the other hand, the Asia-Pacific region has observed a change in the attitude of employees to adopt the culture of work from home thus improving their efficiency.