Despite the anticipated decline of 5.6% in total value in 2020, the enterprise mobility market in Singapore will maintain a compounded annual growth rate (CAGR) of 8.2% over the 2019-2024 period, driven by the rising adoption of remote working and bring-your-own-device (BYOD) strategies across enterprises, says GlobalData.
The uncertainty in business environment created by the COVID-19 pandemic has forced enterprises in Singapore to take a conservative approach towards their ICT spending in 2020, which has hurt the demand prospects for enterprise mobility solutions and services for most part of the year. As business activity picks up, enterprise mobility spending is expected to recover in 2021.
Nidhi Gupta, Technology Analyst at GlobalData, said: “With businesses adapting to the new normal, and allowing employees to work-from-home and use their personal devices to access corporate networks, their investments on enterprise mobility solutions will recover in 2021 and grow up to US$347m in 2024.”
Mobility software/applications comprising mobile application platform management software, mobile content management software, mobile device management software and telecom expense management software categories represent the largest market segment in the enterprise mobility market in Singapore, in terms of value.
Growth in mobility software/applications segment will be led by mobile application platform management (MAPM) software, which is expected register a CAGR of 12.1% over 2019-2024. With several companies expected to retain their remote working strategies even in the post COVID-19 era, their investment on MAPM software, which can equip their remote workforce with enterprise apps and secure access to the same on devices, will increase going forward.
Gupta concludes: “Managed mobility services segment will see its market value grow at 8.1% CAGR during the forecast period. The rising complexity of managing the huge number of mobile devices and apps that connect employees operating remotely with enterprise data and network will be instrumental in driving the demand for managed mobility services.”