The recent highly publicized reports of infected smartphone applications have raised concern about smartphone security, particularly data breaches. This is also spurring demand for security software, GIA noted.

GIA’s report, "Smartphone Security Software", finds that only 23% of smartphone users currently have enabled security software. This suggests there is “immense potential” for the smartphone security software market over the next few years, the report notes.

“Changing nature of modern-day criminal offenses in the form of online fraud, identity theft, and internet-related crimes, will also throw the spotlight on the need for technologically advanced information security solutions, thus creating substantial demand for smartphone security software over the next few years”, GIA observed.

According to the report, Europe is the largest regional market for smartphone security software. Asia-Pacific is the fastest growing regional market, with revenue growth predicted to reach 49.5% per year over the analysis period. Growth in the Asia-Pacific smartphone security software market is primarily driven by strong demand for smartphones in emerging countries such as China and India.

The report profiles 56 smartphone software security firms, including Airscanner USA, AVG Technologies, Birdstep Technology, BullGuard, Columbitech, ESET, F-Secure, Good Technology, SMobile Systems, Kaspersky Lab, Lookout, McAfee, Certicom, Symantec, Trend Micro, and Wavelink.