BYOD market becoming lucrative opportunity for device makers

Hang onto your BYOD devices. The BYOD device market is expected to soar to $238.4 billion in just six years, a three-fold increase from last year's figure, according to the latest forecast from Grand View Research.

The most popular of these devices is currently the smartphone, while the popularity of tablets is expected to grow as its processing power grows. On the other hand, the popularity of laptops is expected to decline.

Enterprises are happy about the reduction in device costs that BYOD provides, but not so happy about the data security risks and management challenges that BYOD entails, the research firm notes.

Among the solutions enterprises are employing to address these security and management concerns are mobile device, application and content management; infrastructure provisioning; virtualization; and containerization.

Surprisingly, given their status as regulated industries, financial and healthcare firms have been among the most active BYOD adopters, the firm finds.

Small businesses are increasingly turning to cloud-based products to enable them to manage and secure BYOD devices, notes Grand View.

But, as FierceMobileIT related earlier this week, there are a number of questions that small businesses need to ask before they allow BYOD: Does your firm have a strong BYOD policy in place? Have you communicated that policy effectively to employees? Do you need a third party to help plan and manage your BYOD strategy?

BYOD can offer companies cost savings and increased worker productivity, but BYOD technologies and policies need to be put in place to ensure that BYOD does not lead to increased security risks and data theft.

For more:
- check out the Grand View release

Related Articles:
3 questions to ask before allowing BYOD
Mobility, BYOD spurs $4.5B mobile security market 
Only half of enterprises have a mobile strategy, security the biggest challenge, says report
BYOD certification: Defining the IT skill set