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Growing Bring Your Own Device (BYOD) trend at the workplace poses a considerable security threat to enterprises
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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, 2016Infoholic 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.
(US$ BILLION)
“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.
(US$ MILLION)
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.
