Virtual Private Network Market is Booming Worldwide | Cisco System Inc, Golden Frog GmbH, IBM Corporation, Juniper Networks Inc, Microsoft Corporation, NetMotion Software Inc, NordVPN

According to a recent report published by Report Ocean, titled, Virtual Private Network Market by Component, Type, Deployment, and End User: Opportunity Analysis and Industry Forecast, 2020-2027.

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The global Virtual Private Network (VPN) market was valued at $25.41 billion in 2019, and is projected to reach $75.59 billion by 2027, growing at a CAGR of 14.7% from 2020 to 2027.
VPN is an encrypted connection over the internet from a device to a network. It ensures that sensitive data is securely transmitted. It averts unauthorized individuals from spying on the traffic and enables the user to conduct work safely & remotely. VPN technology is widely used in corporate environments.

Increase in advanced and complex cyber threats, rise in data security concerns, and surge in usage of mobile & wireless devices within organizations are the major factors that drive the growth of the virtual private network market. In addition, rise in need for remote accessibility also boosts the growth of the virtual private network industry. However, lack of expertise in virtualization is anticipated to hamper the VPN market growth. On the contrary, augmented adoption of private clouds is expected to provide lucrative opportunities for the market growth in the coming years.

According to component, the solution segment held majority of the virtual private network market share in 2019 due to its capabilities to enable hiding online identity, bypassing geo-blocks, preventing bandwidth throttling, avoiding online price discrimination, accessing region-blocked services, providing network scalability, and offering cheaper leased-line alternatives. Further, rapidly changing norms of work and the shifting commercial networking requirements are anticipated to increase the demand for VPN solutions.

In addition, functionalities, such as control features, reporting, and management of VPN solution, support the VPN demand. Market vendors also collaborate with vendors of mobile VPN and NAC solution providers as part of the business strategy to increase the VPN solutions sales, further fuelling the growth of the virtual private network industry.

By deployment, the cloud segment accounted for the highest share in the virtual private network market in 2019, owing to growing preference for cloud technology to reduce maintenance and costs. Key market players launch virtual private cloud to provide a secure gateway and private on-premise access to cloud resources. Further, the market players are proposing virtual private cloud to help users in creating a private cloud computing environment over the shared public cloud infrastructure.

As per region, the global virtual private network market was dominated by North America in 2019. The major presence of leading market vendors developing virtual private network solution and early adoption of advanced networking security technology in North America are the major drivers for the virtual private network market growth. In addition, the need to protect business critical information from data breaches and malicious attacks while working remotely further propels the market growth in this region.

The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the virtual private network market. Although, various industries are majorly hit by lockdown imposed in many countries, the spending on virtual private network solutions by corporate as well as individual users is expected to increase during this pandemic. This is attributed to the need to provide secure working environment and ensure privacy of business critical information especially during the work from home period. For instance, as per Masergy, it observed sudden spike in VPN connections from March 10th to 18th 2020, increasing by 676% in more than a week. Furthermore, rise in number of fraudulent activities and cybercrimes post COVID-19 emergence is also expected to boost the VPN market growth.

Key findings of the study

By component, the services segment is expected to witness the highest CAGR during the forecast period.
On the basis of deployment mode, the cloud segment accounted for the highest virtual private network market share in 2019.
Depending on type, the remote access segment accounted for the highest virtual private network market size in 2019.
As per end user, the commercial users segment led the global VPN market in 2019.
Region-wise, North America accounted for the highest revenue in 2019; however, Asia-Pacific is anticipated to exhibit the highest growth during the forecast period.
The global virtual private network market analysis includes some of the key market players such as Avast Software S.R.O., Checkpoint Software Inc, Cisco System Inc, Golden Frog GmbH, IBM Corporation, Juniper Networks Inc, Microsoft Corporation, NetMotion Software Inc, NordVPN, and Radio IP Software Inc.

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This release was published on openPR.