Proliferation of mobile devices has led to a dichotomy between ease-of-use and security and is becoming a major concern for the financial institutions and end users. With surge in incidences of identity thefts and data breaches, consumers and businesses are becoming more concerned about protecting their data while processing transactions. As smartphones are increasingly replacing various accessories such as calculators, cameras and flashlights, customers continue to remain reluctant to swap their wallets with their pockets for digital counterparts. Moreover, high-profile retailer data braches are making has led to apprehensions of sharing the information of their credit cards. Growing advancements in the mobile payment security have eased the trepidations of the businesses and consumers to an extent. In order to offer secure mode of transaction to customers, companies are introducing tokenization, which safeguards customer’s information while conducting the transaction.
According to Transparency Market Research, the global consumer mobile security app market is expected to represent a value of nearly US$ 13,000 Mn by the end of 2026.
Incidences to Security Breaches to Impact Global Market Growth
As more organizations and companies are going mobile, the executives and managers continue to look for better solutions. Moreover, communication continues to be an important aspect in an organization in order to conduct business and convey critical information. Increasing demand for the security breaches while communicating with the clients and other members of the organization could lead to significant losses. Growing need to secure the information communicated among the organization members and clients has led to surge in demand for consumer mobile security apps globally.
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Product Launches to Underscore Significant Growth Opportunities
In order to ensure robust security, manufacturers are developing consumer mobile security apps in line with the Mobile Application Security Verification Standard (MASV), which is increasingly used by the software developers and architects to ensure the consistency and completeness of the test results. Moreover, leading tech giants are increasingly focusing on offering mobile applications services for the Android users, which will indicate a warning signal when other apps and websites collect information and personal data without the consent of the end users.
Further, increasing number of organizations are opting for applications that are developed with a weak database. Mobile applications with weaker database and security enables the hackers to conveniently retrieve personal information of the customers. Capitalizing on this, the leading tech giants are developing applications that can allow the end users to monitor transaction of information and if the data is being retrieved in stealth.
However, some of the mobile consumer mobile security apps are incompatible with various versions of the mobile phones. Moreover, various applications are checked by a stringent approval system before they are launched for the end users. Bound to these factors, the global market growth of consumer mobile security apps is likely to witness an inhibiting growth.
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Sales to Remain High Through Integrated App
With the growing need to secure user information and data on the mobile phones has led to increasing demand for applications that can be integrated according to the requirements of the end users. On the basis of type, the integrated app segment is expected to represent the highest revenue growth, accounting for a value of nearly US$ 3,000 Mn by the end of 2026. On the other hand, the standalone app type segment is expected to register a robust CAGR during the forecast period.
Based on operating system, the android segment is expected to generate significant revenues, recording a value of over US$ 2,000 Mn by the end of 2026. However, the iOS operating system segment is expected to register the fastest growth in the global consumer mobile security app market throughout the forecast period.
Leading market players operating in the global consumer mobile security app market include Symantec, TrendMicro, VMWare Airwatch, TrustGo, Norton, Sophos, McAfee, AT&T, ZoneAlarm and Webroot.