The global bring your own app market is expected to witness significant growth over the forecast period owing to widespread consumer adoption of smartphones and other smart devices including tablets and laptops. Lower capital expenditures for software purchases and licensing coupled with reduced training requirements are expected to drive the global bring your own app (BYOA) market over the forecast period. The widespread availability of cloud applications for both mobile and PC environments are also expected to fuel market growth.
BYOA is a trend enabling employees to use cloud services and third-party applications in the workplace. Similar to the BYOD trend towards employee-owned devices in the workplace, BYOA is an example of the increasing consumerization of IT. Google Docs, CloudOn, and Dropbox are some widely used popular consumer apps. The use of these apps brings in numerous benefits including greater employee satisfaction and engagement as well as improved productivity, as employees use the most comfortable and proficient application.
Data security and regulatory compliance are expected to be the major challenges for BYOA market growth over the next six years. In addition, loss or theft of devices paired with employee misuse is also expected to hinder the market growth. Furthermore, susceptibility to viruses and other malware that can infect corporate servers and assets is also expected to pose a challenge to bring your own app market growth.
Difficulties in retrieving company data stored in the cloud on third-party servers using personal apps coupled with the increased complexity of management brought about by the proliferation of apps are some of the major factors challenging BYOA market growth. Increased complexity of traffic mix on the network caused by unmonitored apps as well as network crashes caused by the employee-owned devices, and low space availability over the bandwidth may also curb BYOA market growth over the forecast period.
However, organizations are implementing consumerization policies in order to create Acceptable Use Policies (AUP) for third-party software, which is expected to be a key opportunity for the bring your own app market. Using mobile device management software to track and manage all devices and applications used by employees and employees requiring access to company networks are expected to help in overcoming the related issues. Organizations are expected to develop their own app store for employees to use these apps for increasing their productivity and efficiency, thereby minimizing data security issues. Notable market players include HP, Cisco, Avaya, Alcatel-Lucent, and IBM.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.