Bring-your-own-Device (BYOD) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bring-your-own-Device (BYOD) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The BYOD Market registered a CAGR of 15% over the forecast period 2022 - 2027. The BYOD industry in developing economies is driven by high-speed services like 4G and 5G provided by telecom firms. Bring-your-own-device (BYOD) culture has expanded due to the rise in smartphone demand.

Key Highlights

• Businesses are increasingly adopting the BYOD concept to save infrastructure costs and boost productivity. The ability to extend faith and trust in the employee, resulting in a highly dedicated workforce, has helped BYOD become extremely popular. With the widespread adoption of the concept, it is estimated that the global BYOD market is now at its mature stage, characterized by intense rivalry. BYOD provides new opportunities for market players, which will favorably affect market growth throughout the projection period.
• Millions of consumers have bought high-end mobile devices for personal use due to technological improvements and the widespread use of smartphones. Most of the world's workforce uses these devices at work and incorporates them into daily tasks. Additionally, organizations are more ready to adopt the BYOD culture due to the rise in small and medium-sized businesses due to the expanding startup culture in developed and emerging countries. Additionally, it motivates the IT industry to prioritize employee productivity while maintaining security and boosting company mobility. According to a report by Cisco, 89% of IT teams allow BYOD in some capacity.
• The growing trends of BYOD have many benefits, including increased employee productivity, satisfaction, and reduced costs. In addition, organizations require employees to interact with customers and co-workers. The rise in the productivity of organizations has led to the increased adoption of BYOD across varied industry verticals. Security Magazine estimates that the global market for BYOD and enterprise mobility is set to double from $61.4 billion in 2021 to $157.3 billion by 2027. A BYOD-carrying employee works, on average, two extra hours per day, and the company generates additional income by simply offering them the option.
• However, incorporating such concepts attracts many cyber threats and increases the chance of a data breach for company data. This is anticipated to hamper the market growth. Organizations should rethink the control process involving technological control, policies, procedures, and user awareness training programs to address the growing list of legal, security, and privacy challenges with BYOD.
• According to a Bitglass study, due to the COVID-19 epidemic, almost 85% of organizations already permit bring-your-own-device (BYOD) environments for partners and workers. The epidemic has also caused a significant change in the way that employees work, with most firms now embracing BYOD practices.

Key Market TrendsRetail Industry is Expected to have Significant Growth in the Market

• A new opportunity for retailers is being created by the consumerization of retail, where customers have more access to information through technologies like cloud, mobile, and social. Retailers are putting more emphasis on data collection to help increase customer satisfaction to increase customer engagement.
• Employers expect employees to communicate with clients and coworkers. Merchants can benefit from BYOD by giving customers a more engaging in-store experience, which lowers device acquisition costs and gives retailers visibility into in-store performance. BYOD enables employees to have resources at their disposal, boosting productivity and improving both customer and employee satisfaction.
• According to the Financial Impact of BYOD study, employees start working on tasks as soon as they receive them, finish them more quickly, and gain some extra time. On that scale, US BYOD users came out on top, saving an average of 81 minutes each week. The minutes reclaimed by stores with many employees can soon add up, translating into better client relations that boost revenue.
• With the increase in the number of connected wearable devices, the workers can keep themselves updated in real-time, which helps them make decisions quicker and serve customers as soon as they get the query.

North America to Witness the Highest Growth Rate

• North America is anticipated to hold a significant proportion of the BYOD market due to the region's increased technological developments and enterprise mobility. The use of cloud technology and services by businesses is another factor boosting the market in the area. Employers now seek to give their employees a free and flexible workspace, and work cultures have evolved, enabling market growth in the region.
• Moreover, the region has a strong foothold on BYOD vendors. Some companies supporting the market expansion in this region are Cisco Systems Inc., IBM Corporation, Oracle Corporation, and BlackBerry Limited. The vendors operating in the area are collaborating to improve digital transformation solutions. For instance, In December 2021, Google Cloud and Kyndryl announced a partnership to accelerate their clients' digital transformations and help them grow into more advanced, data-driven, and long-lasting businesses. In addition, Kyndryl and Google Cloud use their combined knowledge in infrastructure modernization, applied AI, and analytics to assist clients in discovering new perspectives and make it simple to use on the BYOD platform.
• BYOD solutions are anticipated to become more prevalent in North America over the next few years as a result of the growing adoption of social media, mobile technology, advanced analytics, cloud, and Internet of Things (IoT) (SMACT technologies) across a variety of industries, including manufacturing, retail, BFSI, healthcare, and government.
• The shift to providing employees access to business-critical information regardless of location has accelerated the adoption of BYOD solutions. Over the projection period, BYOD usage in the region is anticipated to develop rapidly due to the rise in the adoption of smartphones and tablets for accessing information essential to company operations. Furthermore, BYOD employees prefer smartphones over other devices.
• Organizations operating in the region encourage employees to buy tablets of their own choice by offering various compensation programs. This has accelerated the region's BYOD market's expansion.

Competitive Landscape

The competitive rivalry in this market is high because of dominant players like VMware, Inc., Citrix Systems, Inc., IBM, SAP SE, BlueBOX IT, Cisco Systems, Inc., etc. The players in this industry are constantly working on developing their product portfolio to gain competitive advantages with mergers and acquisitions, partnerships, and constant innovation.

• In April 2022, Salesforce introduced updates to the Customer Data Platform, new conversational intelligence powered by AI, and mobile offline access to relevant information, to name a few of the new Service and Marketing Cloud features. With the aid of these technologies, service teams and marketers can create tailored interactions that strengthen long-lasting client relationships across all industries, including healthcare, manufacturing, and retail.
• In January 2022, Apple announced some exciting and sweeping changes to how they will manage Apple devices in the future. Workspace ONE 2111 and iOS 15 improve BYOD with  User Enrollment and Required App enhancements. To improve user experience and promote higher rates of BYOD adoption for businesses, this new process in iOS 15 is more straightforward and faster than its predecessor.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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