The global virtual private network (VPN) market is expected to register a stellar CAGR of 18.22% over the forecast period of 2016-2022, reveals Market Research Future in a minutely analyzed research report. The market has been observing persistent growth on account of multiplying deployment of VPN by enterprises across the globe to access extremely secured connections and extend private networks across public networks. The high occurrence of cyber attacks results in intensified security concerns which induce demand for cloud-based security solutions and drives the market for VPN.
Rising awareness about the threat of cyber attacks, credit card information phishing, identity theft and impersonation over the internet drive the demand for VPN. High deployment price of VPN acts a major constraint to the market. Complexities in the setup and configuration of VPN which requires in-depth technical know-how; lack of trained workforce are other significant restraining factors to the market growth. Moreover, various governments across the world have endeavored to crack down on VPN usage in a bid to tighten control over the internet. For instance, in July 2018, China pressurized Apple to remove VPN apps from the Chinese App Store. However, the emerging trend of Bring Your Own Device (BYOD) and the Internet of Things (IoT) is foreseen to influence the market growth positively.
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The global virtual private network market has been segmented based on type, deployment, product, and end user. By type, the market has been segmented into Hosted, IP, Multiprotocol Label Switching, Cloud, and others. By deployment, the market has been segmented into On-Premise, On-Cloud. By products, the market has been segmented into Routers, Switches, Firewalls, and others. By end users, the market has been segmented into Government, Telecommunication, Manufacturing, Healthcare, BFSI, Utilities and others.
The global virtual private network market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. North America held a relatively higher share of the market and accounted for USD 7.37 Billion in 2016. In the US, cybercrime is a frequent occurrence which leads to soaring demand for VPN in the region. Robust economy of the North America region facilitates the regular inflow of funds and a prosperous IT industry makes North America a prime target for hackers. High adoption of VPN by enterprises supports the growth of the market in the region. Asia Pacific is projected to expand at a relatively faster rate due to the growth in fast-developing countries such as China and India where there is a strong demand for VPN. Europe market is driven by the growing banking industry which attracts cyber threats.
The global virtual private network market is a highly competitive one with the presence of a multitude of established players. With the influx of new entrants to the market, a trend of stable, volume-driven growth has been observed in the market. The key players operating in the global virtual private network market include Microsoft Corporation (U.S), CyberGhost S.A. (Romani), Purevpn (Hong Kong), Golden Frog, GmbH (Switzerland), SaferVPN (Israel), Private Internet Access (U.S), NordVPN (Panama), IPVanish (U.S), Buffered VPN (Hungary), and NetGear, Inc. (U.S).
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