The global virtual private network market, according to a report by Market Research Future (MRFR), is projected to register a substantial market valuation at a moderate 18.22% CAGR during the forecast period (2016-2022).
Drivers and Restraints
VPN solutons makes the operations of enterprises more efficient.The significant factor accountable for the growth of the VPN market is the growing adoption of VPN solutions across various industry verticals. A considerable rise in the number of cyber-attacks and a surge in demand for cloud-based security solutions is expected to boost the virtual private network market over the forecast period. Due to the emergence of innovative technological trends, such as BYOD, the VPN market is slated to witness a substantial rise.
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VPN solutions aid business organizations to encrypt their data on the employee’s device. It also scans devices for malware to shield the company’s sensitive data from any unlawful access. The higher price of the mobile virtual private network is responsible for hampering the growth of the VPN market.
The global market for the virtual private network is segmented into type, deployment, products, and region. The type is segmented into Hosted, Multiprotocol Label Switching, IP, Cloud, and others. On the basis of the user type, the VPN market has led by the hosted segment, followed by IP user type, and this trend is expected to continue over the review period . Whereas, multiprotocol label switching is expected to drive the market mounting with fastest growing 20.5% CAGR. The deployment fastest-growing bifurcated into On-Premise, and On-Cloud deployment. The market is segmented into Routers, Firewalls, Switches, and others. The end-users are segmented into government, manufacturing, telecommunication, healthcare, utilities, BFSI, and others. By Verticals, aregovernment is leading the market and is projected to grow with 19.2% CAGR. Whereas the BFSI and utility segments are expected to drive the market forward with the highest 21.7% and 20.2% CAGRs, respectively.
Geographically, Virtual Private Network Market, is studied in four major regions, namely, North America, Europe, the Asia Pacific, and the rest of the world.
North America region is slated to hold a significant market share over the review period. The United States is driven by the increasing rate of cybercrime, presence of strong demand owing to its services and I.T. industries, where VPN has a higher demand for high-end services and privacy.
The rising number of cyber-attacks on enterprises across various business verticals are also contributing to the growth of this market over the assessment period. This encourages organizations to deploy VPN solutions to shield their company resources from unsanctioned access. There is a considerable demand for VPN solutions due to the growing rate of cybercrime, which is driving the market growth in the near future.
The virtual private network market in the Europe region is poised to witness rapid growth in the forecast period. Whereas, the developing countries of the Asia Pacific region, such as Japan, China, and India, are emerging markets for virtual private network solutions, owing to the developing IT industry, and various industry and business verticals with a substantial demand for VPN solutions. The APAC region is poised to witness the highest CAGR over the review period.
The major market players in the global virtual private network market are Private Internet Access (U.S), Microsoft Corporation (U.S), CyberGhost S.A. (Romani), Purevpn (Hong Kong), NordVPN (Panama), IPVanish (U.S), Golden Frog, GmbH (Switzerland), SaferVPN (Israel), Buffered VPN (Hungary), NetGear, Inc. (U.S) and among others.
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