- Growing Bring Your Own Device (BYOD) trend at the workplace poses a considerable security threat to enterprises
- Wearable device security solutions markets in Healthcare and Retail verticals expected to touch US$ 11,441.1 million and US$ 7,749.9 million, respectively by 2022
BENGALURU, India – September 8, 2016 – Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Worldwide Wearable Device Security Solutions Market: Drivers, Opportunities, Trends, and Forecasts, 2016-2022” (July 2016).
According to Infoholic Research, the healthcare industry will continue to dominate the worldwide wearable device security solutions market. As per the study, the market will experience significant growth in the coming years due to increase in government investments, rise in number of wearable device users and growing demand for health and sports/fitness wearables across the globe. The market is expected to grow at a CAGR of 51.4% during the period 2016-2022 to touch an aggregate of US$ 35.70 billion by 2022.
Figure 1. WORLDWIDE WEARABLE DEVICE SECURITY SOLUTIONS MARKET, 2016-2022
Note: A few readings are hidden in the above chart. You can find the complete Table of Contents of the report here.
Source: Infoholic Research, 2016
“Rise in availability of enterprise-focused wearable apps has made the handling of workloads easier. However, increased risk of security breaches is a distinct possibility, because now sensitive data can be easily transferred from one wearable to the other. Organizations should be prepared with security policies to ensure safety of sensitive corporate and customer data. To mitigate this risk, wearable device security solutions provide a robust technique to modern enterprises to improve their workflow, resource management, and enhance communications profitably,” stated Tariq Ahmed Shaik, Research Manager at Infoholic Research.
Key Customer Segments
The wearable device market will be driven by end-user segments such as healthcare, sports/fitness industry, and BFSI. The healthcare market, by aggregate of device security solutions, is expected to touch US$ 11,441.1 million by 2022.
Figure 2. RETAIL VERTICAL REVENUE BY WEARABLE DEVICE SECURITY SOLUTION, 2016-2022
Note: A few readings are hidden in the above table. You can find the complete Table of Contents of the report here.
Source: Infoholic Research, 2016
The chart in Figure 2 clearly indicates that aggregate Retail market revenue for all types of device security solutions is expected to reach US$ 7,749.9 million by 2022.
Key Geographical Segments
At present, Americas is leading the overall wearable device security market followed by Asia-Pacific. The healthcare, BFSI and sports/fitness industries are largely responsible for the growth of the wearable device security market in the Americas. Consequently, the Americas’ wearable device wireless security solutions market is expected to reach US$ 4,870.4 million by 2022.
“The growing number of wearable device users at the workplace is leading towards a potential threat to enterprise data. With the wearable device, it is relatively easy to enter the enterprise wireless network and tamper with data. Even from the consumer perspective, security of the wearable devices is a key concern, as users’ information can be easily stolen by accessing the device through short-range technologies like Bluetooth. Hence, this market offers a huge growth opportunity for the data security solution providers,” said Komal Sharma, Senior Research Analyst at Infoholic Research
Notes for Editors:
Infoholic Research defines the market via its indigenous methodology and arrives at the market size on the following grounds:
- “Top-Down” approach was followed for analyzing the Wearable Device Security Solutions Market, that is, the overall wearable device market was estimated and from that the security solutions market was estimated.
- The market is segmented according to the devices, security types, solutions, end-users and geographic regions.
- The device shipments, major players’ investments, that is, device manufacturers and security providers, and factors such as industry BYOD deployment trends, consumer market trends, government initiatives, region-wise IT spending were considered while estimating the market.
- Primary Interviews were conducted for wearable device manufacturers, security solution providers, and end-users. About 80% of the primary interviews were with CxOs.
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About Infoholic Research
Infoholic Research is a global ICT market research and consulting organization providing strategic and high-level market intelligence in emerging and niche technologies. Founded in 2014, we are headquartered in India with an office in the U.S.A. and with consultants working across the globe. Our market analysis powered by rigorous methodology and quality metrics provides information and forecast across all the emerging markets, technologies and business models. We aim at delivering high quality results to our clients providing them with in-depth industry insights to identify new business opportunities and nurture their business strategies. For more information, please visit www.infoholicresearch.com.