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The world has quickly switched to a digital era, as most of our bills, payments and entertainment now take place online via apps. However, this has resulted in large amounts of data being stored on mobile devices and other electronics. Information such as financial transactions, passwords, purchases etc. are vulnerable to hackers, which is why the need for data security is at an all time high. Data security has always been important, but in this technology-driven age the need for mobile data protection is becoming even more important for IT businesses equipment, as well personal electronics.
According to the recently released Mobile Data Protection Market Forecast from 2021 to 2026 report, “Mobile Data Protection (MDP) is a technique that manages data encryption on a workstation’s primary storage system in various data storage platforms, such as solid-state disks, portable media, and hard drives, and is used in conjunction with smartphones and workstations.”
Evaluated at US $1.949 billion in 2019, the market is projected to grow at a CAGR of 32.5 percent.The report lists some options for safeguarding mobile data such as remote data wipes, mobile device locks, mobile activity monitoring and audit, and encryption of data stored on mobile devices. With the world adopting more and more online payment methods, “the digitalization of financial services, insurance claims, and information collecting has resulted in a huge data possession, making it one of the major data breach targets,” the report states of the banking, financial services, and insurance industry.
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