According to a Statista report, the global Enterprise mobility management (EMM) market is expected to grow to $3.39 billion by the year 2021 from $1.86 billion in 2017. Another report by Strategy Analytics has more conservative estimates for the sector. The researcher estimates that the market will grow to $2.2 billion by 2022 from $1.8 billion in 2017. The EMM market is dominated by VMware AirWatch, which accounts for 19% market share. MobileIron (Nasdaq: MOBL) is third in the industry with 10% market share.

MobileIron’s Financials

Mountain View-based MobileIron’s platform helps deliver secure mobile applications for organizations by allowing them to manage applications, content, and devices while promoting the Bring Your Own Device environment.

The company recently reported its second quarter performance where revenues grew 7% over the year to $46.1 million, ahead of the Street’s forecast of $45.2 million. It ended the quarter with a net loss of $18.6 million, or $0.12 per share, compared with a loss of $12 million reported a year ago. On an adjusted basis, it reported a loss of $0.04 per share, which was better than the market’s estimate of a loss of $0.07 per share.

By segment, MobileIron’s license revenues fell 6% to $13.88 million while cloud services revenues grew 24% to $11.83 million. Software support and services revenues grew 9% to $20.4 million for the quarter.

For the current quarter, MobileIron expects revenues of $47-$50 million. It expects to end the year with revenues of $190-$200 million. The analysts were forecasting revenues of $48.7 million for the quarter and $194 million for the year.

MobileIron’s Product Expansion

During the quarter, MobileIron added Authenticator to its Access cloud security solution. Authenticator is a new mobile application that allows organizations to verify a user’s identity while using the phone as a second authentication factor. The Authenticator replaces traditional hardware and software token devices with the user’s mobile device. By adding the Authenticator, MobileIron Access cloud security solution has been able to integrate muti-factor authentication (MFA) policies into its security workflow.