30 March 2021
Visiongain has published a new report on Bring Your Own App (BYOA) Market Report to 2031: Forecasts By Platform (Smartphones, Laptops, Tablets), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises). PLUS, Profiles of Bring Your Own App Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global bring your own app market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Bring your own app (BYOA) refers to the trend of allowing the employees to use third-party cloud application services in the workplace. Increasing penetration of smartphones and other connected devices, rising adoption of cloud applications and services, and the need among enterprises to lower capital expenditures on software purchases and licensing are the factors driving the growth of the BYOA market. The market seeks growth opportunities from growing need to boost employee productivity and collaboration and commercialization of 5G technology. However, concerns related to data security and privacy, regulatory compliance, high risk pertaining to malware and other cyber attacks are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on Bring Your Own App Market
The coronavirus has affected the businesses and livelihood of the people at an unprecedented rate. A nationwide lockdown imposed across the globe to minimize the further spread of the virus led to the shutting down of on-premise business processes. The cloud computing technology has witnessed a significant demand during the pandemic owing to the work from home initiatives adopted by the enterprises. The technology allowed the businesses to continue their operations by offering availability and accessibility to the enterprise data, thereby leading to the adoption of the BYOA trend. However, the enterprises are sceptical about adopting the trend owing to the high data security concerns and the compliance requirements which is expected to hinder the market growth.
Rising Adoption of Cloud Applications and Services
The businesses of all sizes across the sectors are showing interest in cloud services. The spending on cloud infrastructure & applications is increasing due to the features offered such as scalability, reliability, and accessibility, among others which proves beneficial for the enterprises to achieve cost-effective operations. The cloud-based apps follow a subscription model in which the customer is only charged according to the usage of services, thereby offering cost efficiency. The scalability, flexibility, accessibility, and automated update features allow the enterprises to boost business performance in a cost-efficient manner, thereby creating demand for the BYOA applications which is expected to drive the market growth during the forecast period.
Need Among Enterprises to Lower Capital Expenditures on Software Purchases and Licensing
Software purchases and licensing are considered as a capital expenditure. Perpetual license and subscription license are the two types of permits the enterprise need to purchase for the various applications, thereby increasing the capital as well as operational expenditure of the company. However, adoption of BYOA trend allows the employees to use third-party cloud application services of their own choice which reduces the capital expenditure on purchases and licensing of software applications for upgrades, maintenance, and other support services. Thus, the need among enterprises to lower capital expenditures on software purchases and licensing is expected to drive the growth of BYOA market.
Growing Need to Boost Employee Productivity and Collaboration
The BYOA trend allows employees to use third-party cloud application services in the workplace. As the employees are well aware and proficient in their choice of apps, a boost in employee productivity is witnessed with minimal or no training required. Allowing the employees to use their smartphones & laptops and app of their choice further increases the engagement levels and collaboration, thereby creating growth opportunities for the BYOA market.
Commercialization of 5G Technology
5G technology is commercializing rapidly across various parts of the world. South Korea, the US, and China are the leading countries to develop and deploy 5G technology. The promising technology offers reduced latency, high bandwidth and capacity when compared to 4G. The seamless and reliable Internet connectivity provided by the 5G technology is expected to opportunities for easy application downloads, usage, and high reliability; thereby creating substantial growth prospects for the BYOA market during the forecast years.
The BYOA market is highly competitive. The key market players are emphasizing on innovating and broadening its offerings to obtain a higher share in the market. Some of the companies profiled in the report include IBM Corporation, Hewlett Packard Enterprise Company, Google, Microsoft Corporation, Cisco Systems Inc., Avaya, Inc., Alcatel-Lucent, Citrix Systems Inc., MobileIron, Inc., and Driven Inc.
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