Global mobile security market size is expected to reach $14.82 billion by 2028, from $3.96 billion in 2021, at a CAGR of 20.75% during the forecast period (2022–2028).
As the use of mobile devices continues to grow, so does the need for effective mobile security. Mobile devices are increasingly being used to store sensitive information and access critical data, making them a prime target for hackers. In response to this growing threat, many businesses are investing in mobile security solutions to protect their data and keep their employees safe. Mobile security market is a broad and covers a variety of different security measures. Common mobile security solutions include data encryption, password protection, and remote wiping. Data encryption ensures that information stored on a mobile device is unreadable by anyone who does not have the proper decryption key. Password protection prevents unauthorized access to a device by requiring a user to enter a password before accessing data. Remote wiping allows a device to be remotely wiped of all data in the event that it is lost or stolen.
Investing in mobile security market is essential for any business that relies on mobile devices to store or access sensitive data. By implementing these solutions, businesses can protect themselves from data breaches and keep their employees safe. The use of mobile devices has become increasingly prevalent in both our personal and professional lives. Along with this increase in usage comes an increase in the need for mobile security services. The following are some of the reasons why demand for these services is growing:
• More sensitive data is being stored on mobile devices. With the advent of cloud storage, people are storing more and more sensitive data on their smartphones and tablets. This includes everything from financial information to medical records. As such, there is a greater need to protect this data from hackers and other malicious individuals.
• Mobile devices are becoming more sophisticated. The average smartphone today is much more powerful than the first generation of iPhones or Android phones. This increased sophistication means that there are more opportunities for hackers to exploit vulnerabilities in these devices across global mobile security market.
• People are increasingly relying on mobile devices for more than just communication. In the past, the primary use for mobile phones was to make calls and send texts. Today, however, we use them for a variety of tasks such as email, social media, online banking, and shopping. Since we rely on them for so many different activities, it is essential that they be secure from any type of attack or breach.
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Data Theft is Rising But 65% Mobile User Don’t Know What is it?
Data theft is a serious problem that is affecting more and more people. According to a recent study, 65% of mobile users don’t even know what data theft is. This is an alarming statistic because it means that many people are at risk of having their personal information and wealth stolen without even realizing it.
The study surveyed 10,0000 people in 100 countries and found that while awareness of data breaches is increasing in the global mobile security market, understanding of what constitutes data theft remains low. Just over half (51%) of those surveyed said they were aware of the term ‘data breach’, but only 38% knew what it meant. When asked about specific types of data theft, such as identity theft or credit card fraud, awareness was even lower. Despite the lack of awareness, the poll found that people are becoming more concerned about their personal data being stolen. Forty-four percent said they were worried about their personal information being accessed without their permission, and 43% were concerned about their financial information being stolen. Identity theft was cited as the biggest worry among those surveyed (24%), followed by credit card fraud (22%).
Cybercrime to Cost $10.5 Trillion By 2025
According to a recent report from cyber security firm McAfee, one of the leading players in mobile security market, the cost of cybercrime is expected to reach $10.5 trillion by 2025. The eye-watering figure is the result of a perfect storm of malicious activity and factors such as the increasing digitalization of the economy, growth in online vulnerabilities and the proliferation of ransomware. This rapid increase is due to both businesses and consumers becoming more reliant on digital devices and connections, as well as hackers becoming more sophisticated and organized in their approach. While businesses are starting to wake up to the threat posed by cybercrime, they are still playing catch-up when it comes to implementing security measures. This means that many are “woefully underprepared” for an attack. This figure includes the direct costs of crime across globe mobile security market, such as ransom payments and data breaches, as well as the indirect costs associated with productivity loss, business interruption and reputational damage. The report highlights the growing frequency and sophistication of cyber-attacks, which are becoming increasingly difficult to detect and defend against. As businesses become more reliant on technology, they are also becoming more vulnerable to attack. The rise of new technologies such as artificial intelligence (AI) and the Internet of Things (IoT).
There are a number of reasons why cybercrime is expected to become more prevalent and costly in the coming years across global mobile security market. Firstly, the sheer amount of data that is being created and stored online is increasing at an exponential rate. This provides more opportunities for criminals to access sensitive information and commit identity theft or fraud. Secondly, as our reliance on technology increases, so too does our vulnerability to cyber-attacks. We are using more devices that are connected to the internet, which gives criminals more entry points into our systems. Finally, there is a growing number of sophisticated cyber-attacks being carried out by nation states and organized crime groups. These groups have the resources and expertise to carry out large-scale attacks that can cause significant damage.
Cybercriminals are Celebrating Growing Digitalization
Cybercriminals are celebrating the growing digitalization and increased adoption of smartphones because it provides them with more opportunities to commit crimes. For example, they can use malicious apps to steal personal information or hijack devices to access sensitive data. They can also exploit vulnerabilities in mobile systems to gain control of devices or conduct denial-of-service attacks. In addition, the use of social media and other online platforms makes it easier for cybercriminals to target victims and spread their attacks. As more people use smartphones and other devices to connect to the internet, the chances of becoming a victim of a cybercrime increase in the mobile security market.
As digitalization and the adoption of smartphones continue to grow, so do the opportunities for cybercriminals. With more and more people using these devices to access the internet, store personal information, and conduct financial transactions, there is a wealth of data available for criminals to exploit. And as smartphone use becomes more widespread, so too does the likelihood that these devices will be used to commit crimes. This is adding more revenue opportunities for the existing players in the mobile security market.
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Phishing is the Growing Concern Among Mobile Users
Mobile users are increasingly becoming the target of phishing attacks. Phishing is a type of online fraud that involves tricking people into revealing personal or financial information. attackers typically use fake emails or texts, pretending to be from a legitimate company or organization, in order to get people to click on a link or attachment that will install malware on their device or redirect them to a fake website where they are asked to enter sensitive information. As a result, the global mobile security market is witnessing a strong demand for security solution that can stop such attacks from happening or at least warn the users about the potential threats.
According to a recent report from Kaspersky Labs, there was a 50% increase in phishing attacks targeting mobile devices in 2020. And, these attacks are only getting more sophisticated and harder to detect. For example, many phishing emails now use spoofed addresses and logos that make them look almost identical to real communications from legitimate companies. And, attackers are also using social engineering techniques to target mobile users – such as creating fake customer service numbers that show up when they do a search for a company’s customer service number.
This information can then be used by criminals for identity theft or fraud. Another way that criminals exploit smartphone users is by installing malicious software (malware) on their devices. This can happen in a variety of ways, but one of the most common is through “apps” that appear to be legitimate but are actually designed to steal personal information or hijack identity.
According to a report from the Anti-Phishing Working Group (APWG), there were more than 2 million phishing attacks across global mobile security market in the first quarter of 2019 alone. This represents a 12% increase from the previous quarter, and a staggering 50% increase from the same period last year. Of these attacks, nearly 60% were targeting mobile users, with a majority of those being aimed at Android devices. This is not surprising given that Android has the largest market share of any mobile operating system in the global mobile security market.
While phishing attacks on desktop computers are still relatively common, it is clear that attackers are increasingly focusing their efforts on mobile devices. There are a number of reasons for this shift, including the fact that many people now use their smartphones and tablets as their primary computing devices. Another reason is that it is generally easier to trick someone into clicking on a malicious link or attachment on a mobile device than it is on a desktop computer. This is because we tend to be less cautious when using our phones and tablets, and we are often multitasking which can make us more likely to click without thinking.
India and Australia are the Worst Hit by Cybercrime
Cybercrime is a global problem, and India and Australia are among the worst hit. In India, cybercrime is estimated to cost the economy $16.3 billion a year. In Australia, the cost is estimated to be $3.5 billion. The two countries have very different approaches to tackling the problem, but both are struggling to keep up with the rapidly evolving threat landscape.
In India mobile security market, the government has set up a National Cyber Coordination Centre (NCCC) to try and tackle the problem. The NCCC monitors online activity and works with law enforcement agencies to investigate and prosecute cybercriminals. However, it has been criticized for being too slow to react to incidents and for not doing enough to prevent them in the first place. There are a number of reasons why India is the worst hit by cybercrime. Firstly, India has the second largest population in the world and therefore there are more potential victims for cybercriminals to target. Secondly, India has a rapidly growing economy and is increasingly reliant on technology, which makes it an attractive target for cybercriminals. Thirdly, Indian businesses and organizations are often not as well equipped to deal with cyberattacks as their counterparts in developed countries, making them more vulnerable. Finally, the Indian government has been slow to respond to the threat of cybercrime, meaning that criminals have had free rein to operate in the country.
As a result of all these factors, India has become a hotbed for cybercrime. In recent years, there have been a number of high-profile attacks on Indian businesses and institutions, including the Reserve Bank of India (RBI), which was targeted by hackers who stole over $100 million; the Delhi High Court, which was hit by a ransomware attack; and Wipro, one of India’s largest IT outsourcing firms, which was subjected to a phishing campaign that affected over 3 lakh employees.
The Australian government has taken a different approach to strengthen their mobile security market by establishing a Cyber Security Strategy in 2020. This strategy includes investment in research and development, as well as working with industry and international partners to improve cyber security. The government has also established a Cyber Incident Response Scheme (CIRS) which provides financial assistance to businesses that have been impacted by a cyber incident.
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Market Players are Eying to Seize the $14.58 billion Worth Opportunity in Mobile Security Market
This growth is being driven by the increasing number of mobile devices and BYOD trend in enterprises, the need for data protection, and the rise in malicious attacks on mobile devices. There are a number of market players who are looking to seize this opportunity and gain a market share of the mobile security market. Some of these players include McAfee, Symantec, Cisco Systems, Fortinet, AVG Technologies, Trend Micro, Avast Software, and Lookout.
Each player has its own strengths and weaknesses, and is pursuing different strategies in order to gain a competitive advantage. For instance, McAfee has acquired SkyHigh Networks in order to expand its portfolio of security solutions for cloud-based applications and services. Symantec, on the other hand, has been focused on expanding its partnerships with leading device manufacturers such as Samsung.
One of the major trends in mobile security market is increasing use of artificial intelligence (AI) for advanced threat detection. AI aids in analyzing large volumes of data more accurately than traditional methods to detect threats quickly and efficiently. Moreover, AI also helps reduce false positives by identifying patterns in user behavior across networks and devices. This trend is being adopted by key players operating in the mobile security market such as Symantec Corporation (US), IBM Corporation (US), Cisco Systems Inc. (US), and Microsoft Corporation (US). Cisco Systems has also been actively involved in acquiring companies that offer complementary products or technologies. In 2015, it bought OpenDNS which provides DNS-based security and intelligence services.
Top Players in Mobile Security Market
- Microsoft (US)
- CrowdStrike (US)
- Symantec (US)
- Trend Micro (Japan)
- Sophos (UK)
- McAfee (US
- Kaspersky (Russia)
- VMware (US)
- IBM (US)
- BlackBerry (Canada)
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