Digital parental control software industry in the US.
Increasing adoption of smartphones among children, the growing number of internet users, and a rise in cases of cyberbullying are some factors that strengthen the global parental control software market. While a lack of awareness of the availability of the software among parents poses a major threat to the growth of the market.
- The size of the global parental control software market is projected to grow at a CAGR of 10.2% to hit $3,702.94 million by 2026 from $1,741.33 million in 2018.
- An increasing "demand for the safety of children from viewing explicit content," use of social media platforms, and cybercrimes are expected to drive the growth in the market.
- The market is also driven by the increasing adoption of smartphones among children, as well as a rise in cases of cyberbullying.
- The global parental control software market is strengthened by various mergers and acquisitions in the industry such as the partnership between Webroot Inc. and Zerum Lynx, McAfee LLC and LG, and the acquisition of TunnelBear by McAfee LLC, and others. These deals bring about innovations in the industry and expansions into emerging markets.
- The minimal presence of the parental control software in Africa and South American regions is a perceived weakness of the market. While North America, Europe, and Asia-Pacific had 46.3%, 28.6%, and 16.5% share of the global market respectively, the rest of the world, including Africa, the Middle East, and South America, have only 8.5% share of the global market in 2017.
- The global parental control software market is fragmented. This means that no single company, or a section of companies, can have a huge influence on the market. As such, opportunities abound for even small players in the industry to increase their footprint through strategies such as partnerships, joint ventures, acquisitions, new product launches, and others.
- The rising number of internet users, and growing awareness about online risks to children by parents open opportunities for the growth of the global parental control software market.
- Furthermore, the minimal presence of parental control software in the African and South American regions is an opportunity for small players in the industry to expand their footprints and increase their client base.
- The growth of the global parental control software market is hampered by a perceived lack of awareness on the availability of the software in markets such as Asia Pacific, Africa, and Latin America.
- The market is also hampered by a lack of technological infrastructure for the applicability of the software in many countries.
- Furthermore, the global parental control software market is threatened by low computer literacy.