The rising adoption of bring your own device (BYOD) in workplaces, owing to the burgeoning need for higher mobility in workplaces in order to increase the productivity and efficiency of employees, is one of the biggest factors propelling the demand for virtual mobile infrastructure across the world. The BYOD policy plays a major role in reducing information technology (IT) expenditure and set-up times in companies. Moreover, virtual mobile infrastructure (VMI) allows companies to host their mobile apps on servers and thus, offer remote and personalized access to these apps from any device.
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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.
Powered by the above-mentioned factors, the global virtual mobile infrastructure market size 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 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.
Globally, North America, owing to the rapid technological innovations, rising number of smartphone users, increasing internet penetration, and the presence of an established BFSI, healthcare, and IT & telecom sectors and a well-developed IT infrastructure, registered the highest adoption of VMI technology in 2018. The fastest growth in the demand for VMI technology is expected to be observed in Asia-Pacific (APAC) during the forecast period. This is attributed to the surging smartphone penetration, higher IT spending, and rapid economic growth in various APAC countries such as India and China.
Thus, it can be concluded that the demand for virtual mobile infrastructure will witness tremendous growth in the coming years, primarily on account of the soaring investments in the IT sector, increasing adoption of cloud computing, burgeoning need for data security, and rising utilization of BYOD in workplaces.
