Unveiling global virtual private network market trends from commercial applications:
The commercial sector is one of the most prominent application segments of the global virtual private network market. Comprising end-use domains such as the BFSI, healthcare, manufacturing, government and IT & telecommunication sectors, virtual private network market size from commercial applications is expected to grow at an impressive CAGR of about 15% over 2018-2024. This growth can be primarily attributed to the surging practice of digital recordkeeping and the adoption of cloud technology in these sectors that is completely changing the way customers access their information, rendering VPN technology as the backbone of these businesses.
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Unveiling global virtual private network market growth via rising adoption of remote access connectivity:
Remote access connectivity has been touted to be one of the most deployed models in virtual private network market. The increasing need of organizations to find a secure as well as affordable way to relay secure company data from their private network to employees working at a remote offsite location is a primary factor driving the growth of the remote access-based virtual private network market. As opposed to site-to-site VPN, which allows a large-scale business to connect a cluster of its offices in several fixed geographical locations with each other, the ability of the remote access topology to connect individual hosts to their respective organization’s private networks makes it an ideal match for small & medium-sized enterprises (SMEs).
The hardware market holds over 45% stake in the virtual private network market. The growth is attributed to the growing demand for VPN routers among various business verticals and network service providers. The VPN router protects various devices and ensures security against WebRTC & DNS leaks. The software market is predicted to attain a growth rate of over 18% during the forecast timeline. The market is led by the rising adoption of trends, such as digital mobility, across multiple business sectors.
The rising occurrence of a host of advanced, complex cybersecurity threats has helped impel the global virtual private network market, given that these threats stand to jeopardize the integrity, privacy and data of businesses. With globalization becoming widely commonplace, and businesses striving to expand their sphere of influence to operate on an international level, the need for organizations to connect their business units together has also risen in proportion. These factors, over the last decade, have made the internet the preferred platform for companies and individuals to conduct their business. However, the vulnerability characterizing the internet has rendered it extremely inadequate in terms of security, a flaw that cybercriminals typically exploit to commit frauds & thefts.
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In a manner of speaking, the VPN technology facilitates a cost-effective and safe solution to the issue of safeguarding company networks. The growing prominence of wireless devices across different organizations & businesses would thus drive the growth of virtual private network market as improving internet speeds coupled with falling prices are catapulting the rate of adoption of a plethora of wireless & mobile devices. Given that such devices are commonly used across organizations to access several applications present on private company networks from remote locations, the VPN technology has consolidated itself as an extremely crucial business component, thereby driving virtual private network market trends.
Incidentally, the topology also allows employees from large organizations working through site-to-site VPN to connect to the company’s network remotely and be able to perform their work from a remote location over home networks or public Wi-Fi networks without worrying about the security of company data. Aided by the convenience and reliability provided by this model, the remote access connectivity-based virtual private network market size is projected to register a CAGR of approximately 17% over 2018-2024.
The North America region is leading the virtual private network market with over 35% share in 2017. The growing number of cyber-attacks on enterprises across various business verticals drives the growth of the market. This encourages the organizations to implement VPN solutions to shield their company resources from unsanctioned access. The European region is predicted to grow at a CAGR of over 13% during the forecast timeframe. This can be credited to the presence of a favorable regulatory scenario mandating various commercial establishments to adopt advanced cybersecurity mechanisms to protect the data. The Asia Pacific region is expected to grow at a CAGR of 20% over the forecast timeframe. The extensive digitalization across various business verticals and increasing proliferation of smartphones are further adding to the growth of the virtual private network market.
Table of content for this research report:
Chapter 5. Global Virtual Private Network Market, By Component
5.1. Key trends, by component
5.2.1. Market estimates & forecast, and forecast, 2013 – 2024
5.3.1. Market estimates & forecast, and forecast, 2013 – 2024
5.4.1. Market estimates & forecast, and forecast, 2013 – 2024
Chapter 7. Global Virtual Private Network Market, By Connectivity
7.1. Key trends, by connectivity
7.2.1. Market estimates & forecast, and forecast, 2013 – 2024
7.3. Remote access
7.3.1. Market estimates & forecast, and forecast, 2013 – 2024
7.4.1. Market estimates & forecast, and forecast, 2013 – 2024
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Attributed to the rising need for facilitating proper secured channels for the exchange of data over an increasingly connected world, the global virtual private network is expected to successfully thrive in the overall technology space in the forthcoming years. According to a report by Global Market Insights Inc., driven by the increasing rate of VPN adoption in myriad businesses, the overall virtual private network market valuation is anticipated to surpass $54 billion by 2024.
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