Growth to be driven by increasing usage of applications in smartphones
The worldwide smartphone security market will grow from $387.15m in 2010 to $2.96bn by 2016, according to a report from business research firm MarketsandMarkets.
The report "Global Smartphone Security Market by Operating Systems, Ownership & Features (2011 – 2016) said that the security market for Android OS will grow fastest at CAGR of 65.05% from 2011 to 2016.
This growth will be primarily due to the need of security on smartphones spurred by increase in constant connectivity and demand for high bandwidth applications.
This growth is particularly higher in geographies such as Europe and APJ due to the most widely used mobile payments application, especially for making payments for mobile digital and physical goods, the report said.
The research firm expects that the overall smartphone security market will increase with a CAGR of 43.9%, primarily driven by high penetration of smartphones and rise in number of smartphone applications while lack of awareness among the masses remains the restraining factor.