Growing deployment of virtual private network (VPN) across industry verticals is one of the significant factors influencing the market growth.
The global Virtual Private Network (VPN) market is expected to reach USD 71.33 Billion by 2027, according to a new report by Reports and Data. The market demand for Virtual Private Networks (VPN) Market is witnessing growth on account of increasing data-breaches, owing to the offering of a private and secure network by VPN for providing access to individuals.
A faster adoption of digital technology and an increase in data consumption in the developing countries, such as India and China, is propelling the growth of the market, which has caused an increase in cyber threats thereby the need for security measures, such as virtual private network. Further, the increasing prevalence and complexity of cyber-attacks, regulatory authorities across the globe have implemented strict regulatory controls and directives, thereby driving the market demand. Moreover, several cloud service providers are taking over VPN service providers to offer VPN services to end-users.
Additionally, growing BOYD (Bring Your Own Device) tend, which allows employees to access sensitive information on their devices, is fuelling the growth of the market.
The COVID-19 Impact
Firms across all sector worldwide are forced to follow ‘work from home’, as the government in various nations are trying implement this and curb spread of Covid-19 disease, along with their efforts to ascertain that their operations are disturbed to a minimum.
The use of remote access technologies virtual private network (VPN) has witnessed a spiraling growth of around 33.0% since the outbreak of the COVID-19 pandemic. The increased growth may be attributed to the decision taken by a large number of firms to allow their staff to work from home, which typically involves joining internal intranets through remote access technologies such as VPN.
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Key participants include Microsoft Corporation, Private Internet Access, CyberGhost S.A., Nord VPN, Netgear Inc., AWS, Huawei, Century Link Google, and Rackspace, among others.
Further key findings from the report suggest
- By type, MPLS (Multiprotocol Label Switching) contributed to the largest market share in 2019 and is likely to grow at a rate of 13.9% in the forecast period. MPLS aids in shaping network traffic flows, increasing speed, and enhancing network performance. It helps in allowing users to operate numerous applications through a single network infrastructure.
- By organization size, large enterprises held a larger market share in 2019. VPN offers several benefits to improve online security from government, hackers, and telephony operator per DNS Leakage, among others. VPN allows stakeholders of a large enterprise to access information from any part of the world.
- By industry vertical, BFSI dominated the market in 2019 and is expected to have a CAGR of 14.7% in the forecast period. Banking, financial services, and insurance service providers use VPN services to implement security measures to safeguard vital customer/client data when accessing online services.
- The market in the Asia Pacific region contributed to the largest market share in is estimated to grow at a rate of 15.5% in the period 2020-2027. The marker dominance of the APAC is attributed to the ubiquity of internet connectivity in the region as well as the increasing government initiatives for digitalization in the emerging countries such as India, in the region.
- In August 2019, Rackspace Inc., a leading market player, declared new offerings intended to aid its customers in managing hybrid cloud deployments. The Company is experiencing a substantial hybrid cloud movement and has allocated more than USD 1.00 trillion for cloud and related IT services.
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For the purpose of this report, Reports and Data have segmented the global virtual private network (VPN) market on the basis of component, type, organization size, industry vertical, and region:
Component Outlook (Revenue, USD Million; 2017-2027)
Type Outlook (Revenue, USD Million; 2017-2027)
- IP (Internet Protocol)
- MPLS (Multiprotocol Label Switching)
- Cloud VPN
- Mobile VPN
Organization Size Outlook (Revenue, USD Million; 2017-2027)
- Small & Medium Sized Enterprises
- Large Enterprises
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- IT & Telecommunication
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
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- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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