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Report: MDM Market to Grow to $7.86 Billion by 2023

Report MDM Market to Grow to 7 86 Billion by 2023

Report MDM Market to Grow to 7 86 Billion by 2023Mobile Device Management (MDM) solutions are part of a fast-growing market with few signs of stopping. A report from research analyst company, MarketsandMarkets, states that by 2023, the MDM market is expected to grow from $2.81 Billion to $7.86 Billion. This increase is projected to be at a Compound Annual Growth Rate (CAGR) of 22.8% through the forecast period.

MarketsandMarkets posits that this growth is a result of increased concerns regarding the security of corporate data. With more smartphones and tablets being used in corporate environments, the need for secure devices and MDM solutions to manage them are causing the market to grow in order to keep up with today’s corporate landscape.

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In regards to the larger place in the market that MDM solutions will take, the report states, “the uptake of corporate-owned devices and advancements in business applications and technologies are expected to have driven the adoption of MDM solutions across businesses. However, the MDM solution providers have been developing and delivering a range of solutions, such as device management, application management, security management, and email management, in the MDM suite, so that these solutions can match up to the business needs of enterprises.”

Cloud deployment in MDM solutions is also expected to increase at a higher CAGR in the forecast period, according to MarketsandMarkets. This growth is likely due to the fact that the cloud tends to be more accessible and cost-effective than an on-premises solution.

In addition to this, the healthcare industry vertical is projected to grow quickly in the MDM market. According to the report, “The increasing world population, changing lifestyle, and the increasing awareness of health-related issues are expected to have collectively contributed to the massive growth of the healthcare industry vertical. Furthermore, the wide use of mobile devices among patients, doctors, nurses, and other supporting staff has increased across the globe. This is expected to drive the adoption of MDM solutions in this industry vertical.”

As the use of mobile devices has been integrated into the workplace, the growth in the MDM market correlates with a need to catch up to a workplace environment that is quickly developing.

To read MarketsandMarkets’ full report, click here.

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