A research study titled, “BYOD Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the BYOD Market Is Projected To Be Around $318.41 Billion By 2022.
In 2012, the global Bring Your Own Device (BYOD) market was worth around USD 64.95 billion and is predicted to reach around USD 318.41 billion in 2022 with a compound annual growth rate (CAGR) of 15.38% during the projected period. Bring Your Own Device (BYOD) is also referred as bring your own phone (BYOP), bring your own Personal Computer (BYOPC), and bring your own technology (BYOT). It concerns to the guidelines of allowing employees to carry their personally possessed devices like smartphones, tablets, and laptops to their office, and to employ those devices to approach confidential company applications and information. The trend is frequently cited as IT consumerization. Business organizations around the world are encouraging the utilization of BYOD devices, thus permitting their staff to bring these portable gadgets for work-related activities at the suitable locations. BYOD idea allows the workforce to access information at real-time, thus assisting them in taking quick decisions.
The global BYOD market is expected to witness substantial growth while registering a significant compound annual growth rate over the forecast period of 2012 to 2022. As people are more familiar with their individually owned gadgets, they can execute tasks more proficiently, thus fueling productivity at the office and as result driving the growth of the global BYOD market. Additionally, rising recognition of tablets, which present users the benefits of both laptops and smartphones, is anticipated to actuate a revolution in the adoption of BYOD concept. Furthermore, as, employees carry personally owned devices to the workplace to perform their work-related tasks, this ensued in the elimination of hardware cost of the organization which encourages the growth of the global BYOD market.
The major industry players for the BYOD market are; Alcatel-Lucent, Cisco Systems, MobileIron, Inc., IBM Corporation, and Good Technology. According to the device type, the global market is classified as; Smartphones, Tablets, and Laptops. On the basis of the end-user, the market is divided into; Mid-to-Large Sized Businesses and Small Businesses. Geographically, the global BYOD market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the BYOD market