Business Impacts of COVID-19 on Virtual Mobile Infrastructure Market | Strategies of Major Industry Competitors

The rising need for data security is also a key factor responsible for the increasing adoption of virtual mobile infrastructure. This is mainly due to the fact that VMI allows the storage of data on secure servers and thus ,removes the need for storing data on personal devices. The soaring penetration of 5G network is expected to significantly boost the adoption of VMI in future primarily on account of the fact 5G network offers much higher speed and bandwidth than the 4G network and this will considerably enhance the overall VMI user experience, thereby leading to its high demand.

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Powered by the above-mentioned factors, the global virtual mobile infrastructure market is expected to increase its value from $115.8 million in 2018 to $194.3 million in 2024, with a CAGR of 9.7% during the forecast period (2019–2024). VMI is used in multiple sectors namely IT & Telecom, government, healthcare, and banking, financial services, and insurance (BFSI). Amongst these, the BFSI sector, owing to the rising need for enhanced data security, recorded the highest adoption of VMI in 2018 and is also predicted to demonstrate the fastest growth in the adoption of VMI during the forecast period. 

The faster growth is predicted to be registered by the service division, which is further bifurcated into managed and professional. When industry is taken into consideration, the virtual mobile infrastructure market is primarily categorized into healthcare, banking, financial services, and insurance (BFSI), government, and information technology (IT) & telecom.

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The VMI market is currently witnessing shifting preference toward the use of cloud-based VMI platforms across the globe. Cloud-based solutions commonly include Software as a Service (SaaS) model, in which consumers can virtually access the VMI platforms, through the internet. The cloud-based deployment of VMI platforms offer several advantages to the users such as lower IT infrastructure costs, greater affordability, and higher scalability and flexibility, as compared to the conventional modes of deployment.