The global virtual mobile infrastructure (VMI) market had a valuation of $115.8 million in 2018 and is predicted to reach a value of $194.3 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will exhibit a CAGR of 9.7% between 2019 and 2024. The market is being driven by the surging adoption of the bring-your-own-devices (BYOD) policy, the increasing penetration of smartphones, and growing coverage of high-speed internet all over the world.
Currently, businesses are looking for methods that can help them increase the productivity and efficiency of their employees. Due to the growing requirement for better mobility at workplaces, enterprises are rapidly adopting the BYOD policy. Moreover, this policy helps companies reduce their information technology (IT) expenditure and set-up time. Virtual mobile infrastructure allows companies to host their mobile applications on servers. Moreover, the adoption of VMI allows employees to access company applications from any device.
Apart from the aforementioned factors, the rising 5G penetration is also propelling the growth of the virtual mobile infrastructure market across the globe. The 5G technology offers increased bandwidth and speed. According to reports, data transfer speeds are predicted to be around 10 times higher with fifth generation cellular network technology than they were with 4G technology. In addition to this, the surging 5G penetration will minimize the problem of slow internet connection.
This will be because the 5G technology will provide as much as 10 times reduction in end-to-end latency than the 4G technology. Depending on deployment type, the virtual mobile infrastructure market is divided into cloud and on-premises categories. Of these, the cloud category recorded higher growth in the market during the last few years. This was because of the greater flexibility and scalability of the cloud-based VMI platforms than the on-premises-based ones.
Additionally, cloud-based deployment massively reduces the operational infrastructure costs and is thus, widely adopted by small and medium enterprises (SMEs) throughout the world. When industry is taken into consideration, the virtual mobile infrastructure market is classified into banking, financial services, and insurance (BFSI), government, healthcare, and information technology (IT) and telecom. Out of these, the BFSI category registered the highest growth in the market in the past years and is predicted to demonstrate the fastest growth in the future years.
Geographically, the market will register the fastest growth in Asia-Pacific (APAC) in the coming years. This will be a result of the rapid economic progress of the emerging economies such as India and China, the soaring IT expenditure, and the growing smartphone penetration in the region. The market will exhibit the highest growth in North America in the upcoming years, due to the rising internet and smartphone penetration and the presence of a well-developed IT infrastructure in the region.
Hence, it can be said with confidence that the market will exhibit huge expansion all over the world in the future years, primarily because of the increasing adoption of the BYOD policy by businesses, the mushrooming penetration of the internet, and the soaring usage of smartphones around the world.
