Increased Efficiency And Work Life Balance Of Employees
Implementation of BYOD helps employees increase their work flexibility and balance between work life and personal life, owing to which employee are able to save time and thereby concentrate in work, which is increasing their work efficiency. Owing to such factors, employers are shifting their focus towards BYOD implementation.
Reduced Cap-ex and Op-ex
With the use of BYOD, enterprises are able to save on their capital expenditure and operational expenditure. Startup companies are much benefitted to the implementation of BYOD owing to reduced costs.
Availability of Supporting Resources
The developers of applications that support smartphones are trying to make it convenient for the employees to use same device for personal and work use for instance Microsoft has partnered with BlackBerry to make Microsoft mobile apps available on BlackBerry smart devices such that it is possible for the employees to access files anytime, anywhere. The improved internet services and speed has resulted in improved file accessibility which is anticipated to improve the market growth.
Data Security – A Concerning Factor
The lack of security and privacy of the data of the organization is anticipated to be the restraining factor. Since personal devices are connected to office networks and databases, there might be the probability for confidential data hack or leakage, which might affect the profitability of the organization. All of these factors Are anticipated to act as key restraints to the growth of the bring your own device (BYOD) market.
The global bring your own device market is anticipated to record a CAGR of around 16% over the forecast period 2019-2027 owing to rise in awareness about the benefits about this system. The system results in overall productivity of the firm by reducing capital and operational expenditure and improving employee efficiency. Furthermore, BYOD helps in increasing communication flow with the help of applications such as dashboards, workflow management applications and profitability dashboards among others, between employees inside an organization, as well as in-between the employee and customer.
The market is segmented by device type into tablet, laptop and smartphones, out of which, the smartphones segment is anticipated to hold largest market share on the back of rising sales of smartphones around the globe, coupled with the ease of portability, varied functional power in the hand, and also for providing balance work and personal life to the employees. Furthermore, with the availability of varied number of apps meant for official purposes and the added security features to these apps, helps the enterprises to maintain confidentiality of data, and also helps in larger employee engagement rate and increased concentration in work places, which are also adding to the growth of the segment.
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Our-in depth analysis of the bring your own device market includes the following segments:
By Deployment Type
By Device Type
On the basis of regional analysis, the bring your own device (BYOD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is anticipated to hold leading shares in the market on the back of rise in technological developments and enterprise mobility in the region. Furthermore, advancements in the work culture of enterprises, where employers intend to provide free and flexible workplace to its employees, and the adoption of cloud technology and services by enterprises is also contributing to the growth of the market in the region.
Asia-Pacific is anticipated to witness significant growth in market share owing to increased smartphone demand coupled with benefits for instance low cost, high productivity and better customer satisfaction. The increase in IT sector in the region with technically skilled individuals is anticipated to improve the market. Additionally, enterprises are trying to provide better work environment for employee retention for instance flexible work hours, work-from-home facilities and others, which are anticipated to impact the market.
The Bring Your Own Devices market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.