Northbrook, IL -- (SBWIRE) -- 12/03/2021 -- According to a new market research report "Virtual Mobile Infrastructure Market by Component (Platforms and Services), Deployment Type (Cloud and On-premises), Vertical (BFSI, Healthcare, Manufacturing, and Government), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2024", published by MarketsandMarkets™, the Virtual Mobile Infrastructure (VMI) market expected to grow from USD 113 million in 2019 to USD 173 million by 2024, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. The major factors driving the VMI market include increase in smartphone penetration and reduced hardware and operating cost using VMI.

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VMI platform to grow at a higher CAGR in the global VMI market during the forecast period

The VMI market has been segmented on the basis of component into 2 categories: platforms and services. The platforms segment holds a higher market share during the forecast period. The increased penetration of smartphones, supportive Bring Your Own Device (BYOD) & and Choose Your Own Device (CYOD) policies of the organizations, and organizational need to enhance the productivity of the mobile workforce are the factors owing to the increasing demand of VMI platforms.

Cloud deployment type to be a faster growing segment from 2019 to 2024.

In cloud deployment type, VMI platforms are delivered via the cloud. The advantages of deploying cloud-based VMI platforms include flexibility, scalability, affordability, operational efficiency, and low IT-related costs. The additional benefits of cloud-based solutions include effectiveness while being used by many users, reduced upfront costs, easy rolling out of new projects, zero hardware investments, low maintenance costs, and minimized infrastructure costs. The overall adoption of cloud-based VMI platforms is seen to be on the rise and expected to be high during the forecast period, due to the associated functionalities and core features. Majority of the market vendors are planning to offer cloud SaaS offering in the VMI market.

North America to hold the largest market size in the VMI market during the forecast period

North America is estimated to account for the largest share of the market in 2019. The region is considered the most advanced in terms of technology adoption and infrastructure. North America has well developed BFSI, IT, and healthcare sectors, which represents a significant opportunity for the VMI service providers. The region has a high number of unique mobile subscribers hence, the businesses can efficiently implement VMI solutions to enhance the productivity of the mobile workforce. The presence of key players, such as Sierraware (US), Nubo (US), Fortinet (US), and Intelligent Waves (US) in the region is the major driving factor for the growth of VMI market in the region. With a high number of unique mobile subscribers, North America represents significant growth opportunities for VMI vendors.

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Major vendors in the VMI market include Trend Micro (Japan), Avast Software (Czech Republic), Sierraware (US), Nubo (US), Intelligent Waves (US), Pulse Secure (US), Raytheon (US), Prescient Solutions (US), Fortinet (US), and Genymobile (France).

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