According to a new market research report ”Cloud VPN Market by Component (Software and Services), Connectivity Type (Site-to-Site and Remote Access), Organization Size (Large Enterprises and SMEs), End User (Service Providers and Verticals), and Region – Global Forecast to 2022“, published by MarketsandMarkets™, The cloud VPN market size is expected to grow from USD 3.25 Billion in 2017 to USD 8.78 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.0%.
The growing adoption of it is seen through a high demand for virtual appliances or technologies in the field of networking, application delivery, and security products. Also, an increasing demand for cloud-based solutions is expected to drive the cloud VPN market over the next 5 years.
Browse 63 Market Data Tables and 32 Figures spread through 111 Pages and in-depth TOC on “Cloud VPN Market by Component (Software and Services), Connectivity Type (Site-to-Site and Remote Access), Organization Size (Large Enterprises and SMEs), End User (Service Providers and Verticals), and Region – Global Forecast to 2022″
Major Key Players
Key players in the cloud VPN market include Cisco Systems (US), Microsoft (US), Google (US), NCP engineering (Germany), Huawei (China), Robustel (China), Oracle (US), Contemporary Controls (US), Virtela (US), Singtel (Singapore), and Cohesive Networks (US).
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In the current scenario of technology adoption, significant growth in the demand for virtual appliances or technologies is witnessed in the field of networking, application delivery, and security products. The demand for virtualization is owing to its greater agility, faster service deployment, increased efficiency, lower Capital Expenditure (CAPEX)/Operational Expenditure (OPEX), etc. As the entire world is moving toward virtualization, enterprises are eagerly adopting private and public cloud services, thereby fueling the demand for network resource sharing. Enterprises now want the ability to access infrastructure, applications, and other IT resources on-demand, thus fundamentally paving the path for a virtual resource-sharing environment. Growing use of public cloud and managed services has resulted in increasing data security concerns. Security can act as a stringent factor while sharing vital resources or information, over the cloud, through a VPN.
In the services, the support and maintenance services segment is expected to have a larger market share than integration and training and consulting. As in cloud VPN, there is a greater focus on maintaining and transforming business-critical applications seamlessly, so that the cloud VPN companies can meet their ever-changing demands of the market, hence fueling the demand for these services.
The remote access connectivity type enables an individual user, located remotely, to connect to the enterprise network using personal devices, such as laptops, smartphones, or tablets. The remote access connectivity type is deployed on the cloud infrastructure and can easily be optimized and managed on the cloud itself. This is estimated to make remote access connectivity to gain traction in 2017 as well as carry a high growth rate during 2017–2022. The higher adoption of mobile devices and BYOD trend by organizations enhances the market for the remote access connectivity type. as NCP engineering and Virtela offer remote access connectivity.
Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022 in the global cloud VPN market. With the evolution of digital transformation in APAC, there is an increasing need for managed IT services. Furthermore, rapid economic growth in the developing APAC countries, along with the improving regulatory reforms and economic stability is driving the growth of the cloud VPN market in this region. Small and Medium-sized Enterprises (SMEs), as well as large enterprises in this region, belonging to a range of verticals, such as BFSI, government, healthcare, manufacturing, education, and automotive are expected to increase their investments in the cloud VPN solutions.
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