The news of authorities intending to fine British Airways nearly $230 Million spread like wildfire after media reported it on 8th July 2019. This amount almost equals to almost 1.5% of the airline’s annual revenue. The breach that took place in 2018 lead to over 500,000 people being diverted to a fake website where their contact information, payment information, bank details etc were taken and misused. This is a severe lapse on the front of the airline which has falls under the purview of the new European data protection law. This happened due to poor security measures undertaken by the airline for their online visitors, said officials from the Information Commissioner’s Office, the British agency which is in charge of reviewing data breaches.
This is one of the largest ever penalty likely to be levied on a company for privacy lapses and worldwide, businesses are taking note of this and realising the importance of data security and protection. Hence, a positive impact has been seen on the global mobile device management market, which is about increasing the need for mobile device management solutions. When different platforms can be streamlines through a single device, the control is in the hands of the administrator who can then continuously monitor the systems and protect them from these external attacks. Given the rise in data breaches and the increasing focus of companies towards implementing mobile device management solutions, the market is expected to generate nearly USD 6 Bn in revenue by 2023 growing at a compounded annual growth rate of 25.84% during 2018 to 2023. This is according to a report from market intelligence firm Research on Global Markets.
The growth in the global mobile device management market is expected to be driven by the Telecom Industry. As more and more cloud based as well as mid-sized enterprises come up, need for device management is going to increase. Currently, device management is the most promising segment of the Global Mobile Device Management market. It held the largest market share of nearly 41% in the year 2018. At the same time, the security management segment is also picking up on the back of rising security concerns and is likely to grow at a compounded annual growth rate of nearly 30% in year on year from 2018 to 2023.
North America is at the heart of global mobile device management market innovations. It currently occupies nearly 35% of the global market share as per the data from report published on Research on Global Markets. This can be attributed to the adoption of new technologies like Internet of Things (IoT), cloud computing and edge computing along with a state-of-the-art IT and telecommunication infrastructure. With these factors adding a positive spike in the curve, North America is likely to register a revenue of USD 2.35 Bn by 2023. Nonetheless, even Asia-Pacific is not far behind, the rate of adoption of newer technologies to support mobile device management solutions is fast in this region itself, leading to a compounded annual growth rate of 29% year of year till 2023 starting from 2018. Other regions like Latin America and Middle East and Africa are still at a nascent stage. Going forward it appears that the nations are going to embrace mobile device management solutions in order to curb data breaches.