Virtual Private Network Market 2020 COVID-19 Impact Analysis, Industry Updates, Scope, Demand and Forecast to 2023

Global Virtual Private Network Market Overview

The global Virtual Private Network Market 2020, according to a report by Market Research Future (MRFR), is slated to register a substantial market valuation at a moderate 18.22% CAGR during the review period (2016-2022).

Drivers and Restraints

VPN solutions make business operations more effective. The significant factor that accounts for the growth of the VPN market is the growing adoption of VPN solutions across various vertical industries. It is expected that a substantial rise in the number of cyber-attacks and a spike in demand for cloud-based security solutions would fuel the virtual private network market over the forecast period. The VPN industry is expected to see a dramatic rise due to the advent of disruptive technological developments, such as BYOD. VPN applications help businesses encrypt their data on the employee's computer. It also scans malicious devices to protect sensitive data from any unauthorized access by the client. Responsible for hampering VPN market growth is the higher price of the mobile virtual private network.

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Segmental Analysis

The global market for the virtual private network is analysed based on the deployment, type, products, and region. The type is divided into Multiprotocol Label Switching, Hosted, I.P., Cloud, and others. OBased on the user type, the VPN market has been dominated by the hosted segment, followed by the I.P. user type, and this trend is projected to continue over the review period, whereas multiprotocol label switching is poised to drive the market mounting with fastest-growing 20.5% CAGR.

The deployment segment comprisies of On-Premise and On-Cloud deployment. The market, based on the product, is segmented into Firewalls, Routers, Switches, and others.

The end-users are segmented into utilities, government, telecommunication, manufacturing, healthcare, BFSI, and others. By Verticals, the government is leading the market and is estimated to grow with 19.2% CAGR while the BFSI and utility segments are anticipated to fuel the market onward with the highest 21.7% and 20.2% CAGRs, correspondingly.

Regional Analysis

Geographically, the global virtual private network market is studied in four major regions, namely, Europe, North America, the Asia Pacific, and the rest of the world.

North America region is slated to account for the significant market share over the assessment period. The U.S. is motivated by the rising cybercrime trend, the existence of strong demand due to its services and I.T. Activities, where VPN demands more for high-end services and privacy. Also contributing to this market's growth over the evaluation period is the growing number of cyber-attacks on businesses across various industry verticals. It allows companies to deploy VPN solutions that will protect their business capital from unaffected access. Due to the rising rate of cybercrime, which drives market growth in the near future, there is a significant demand for VPN solutions. The European region's virtual private network market is expected to see rapid growth over the forecast period. Whereas the Asia Pacific region's developing countries, such as Japan, China, and India, are developing markets for virtual private network solutions, due to the growing I.T. sector, and diverse industry and business verticals with significant demand for VPN solutions. Over the study era, the APAC area is poised to witness the fastest CAGR.

Competitive Analysis

The key market players in the global virtual private network market are CyberGhost S.A. (Romania),), Microsoft Corporation (U.S), Purevpn (Hong Kong), NordVPN (Panama), IPVanish (U.S), Golden Frog, GmbH (Switzerland), Private Internet Access (U.S Buffered VPN (Hungary), SaferVPN (Israel), NetGear, Inc. (the U.S) and among others.

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This release was published on openPR.