Mobile Device Management Market to Grow over $7.8 Billion by 2023 at a CAGR of around 23%

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According to a new report published by Global QYResearch titled “Mobile Device Management Market (Types: Cloud, On-Premises; Application: Device Management, Application Management, Security Management)”, the global market for mobile device management is estimated to grow at a significant rate of around 23% CAGR and reach the market value of over $7.8 billion by 2023. The cloud deployment type is anticipated to seize a bigger market share in the mobile device management market by 2023. The global adoption trend of on-premise mobile device management solutions is on slower side across enterprises, while the adoption rate of cloud-based mobile device management solutions is expected to get privileged due to its features such as flexibility, consistency, pay-per-usage model, swiftness in accessing information, and inferior installation and maintenance expenses.
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Rising Productivity of Both Organization and Employees
The growing penetration of smart phones across businesses, security concerns, and managing different operating systems using a sole console are projected to be some of the major factors driving the mobile device management market. Conversely, refuse in the adoption of bring your own device (BYOD) devices is expected to curb the mobile device management market growth.
Banking, Financial Services, and Insurance (BFSI) is Estimated To Hold Major Share
Among the business verticals, the BFSI sector is estimated to lead the market through the forecast period. Rise in the acceptance of mobile device management solutions in BFSI sector credited to the boom in financial services, IT automation, and reforms in economy and banking services, globally. Mobile device management solutions help BFSI organizations to reform their business operations, improve their work efficiency, enhance their consumer experience, and ensure their regulatory policies and compliances.
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Asia-Pacific is Projected To Grow At The Highest CAGR
In terms of the technological development, Asia-Pacific is projected to grow at highest CAGR during the forecast period. The Asia-Pacific region is anticipated to record continuous growth graph due to advancements in different industry verticals, including education, government, healthcare, retail, and transportation & logistics.
Key Players
Some of the key players included in this report are BlackBerry, IBM, Microsoft, MobileIron Inc., VMware, Citrix Systems, ManageEngine, SAP, Sophos, SOTI and more.
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