Market Size of Enterprise Mobility in Banking Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 24.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Banking Enterprise Mobility Market Analysis
The Enterprise Mobility market in banking is expected to grow at a CAGR of 24.81% during the forecast period. Banks are more transaction-led than customer-centric, which inhibits them from fully engaging their customers, making it easier to personalize and streamline the mobile user experience. Thus, there is a need for enterprise mobility in the banking sector.
- Mobile devices are almost ubiquitous and are displaying similar trends across enterprises. Thus, deploying appropriate controls in companies is expected to benefit them from mobility opportunities while ensuring that sensitive data and devices are safeguarded. For instance, an EMM policy ensures that the enterprise's application, content, and device are fully integrated and safe to use, including secure access mechanisms.
- The banks and allies are pivoting to allow BYOD and require EMM for secure data and regulatory compliance for their financial exchanges. With the proliferation of multiple OS, like macOS, Windows 10, and ruggedized devices, along with the Internet of Things (IoT), the mobile hardware context enlarges, enabling enterprises to focus on EMM.
- Further, the banking industry needs a proper system to manage the overall inventory of devices and track whether the devices are online or offline. Banks primarily need to keep track of all their mobile devices used in the field by the salesforce and ensure that the employees are using them effectively. Any unintended use of the devices, such as watching non-related videos, playing games, or installing any app, can lead to a loss of productivity.
- Additionally, the coronavirus outbreak caused an unpredictable worldwide situation for most businesses. Banks needed to enable their employees to operate remotely in the banking industry immediately. The rising need for digital infrastructure to facilitate the continuation of uninterrupted services is expected to create a demand for mobility solutions in the industry.
- However, one of the critical challenges and barriers to entry for mobilization is the high cost. Even with BYOD solutions, the budget still has to cover integration, development, telecom, and many others. Also, integrating new mobile apps and technologies into the existing infrastructure can be expensive and time-consuming.
