Worldwide VPN market to reach $75.59 billion by 2027
The global VPN market was valued at $25.41 Billion in 2019 and is projected to reach $75.59 Billion by 2027, growing at a CAGR of 14.7% from 2020 to 2027, Valuates Reports reveals.
Major factors driving the growth of VPN market size, increase in data security concerns, rise in advanced & complex cyber threats, and an upsurge in usage of mobile & wireless devices within organizations.
This study includes the analytical depiction of the virtual private network market forecast and trends to determine the imminent investment pockets.
Trends influencing the VPN market size
The upsurge in usage of mobile and wireless devices is expected to drive the growth of the VPN market size. When more and more work transactions are performed by mobile devices, security is becoming a major concern. Mobile VPN technology and other mobile security products are considered key components as more mobile devices reach the workplace.
The VPN market size is rising as businesses implement BYOD policies to improve efficiency and reduce cost. The Private Network Tool ensures that remote staff is safely linked to corporate networks, thus shielding BYOD devices from malicious cyber-attacks.
The rise in advanced and complex cyber threats is expected to fuel the VPN market size. Cybercriminals have shown that they can easily take advantage of users communicating via hotspots or unsecured networks, although organizations have little protection against such attacks.
Hackers are actively searching for new vulnerabilities to exploit, and businesses need to be prepared for these zero-day attacks. The use of VPN and the compliance of mobile endpoint organizational policies help prevent these attacks.
COVID-19 impact on VPN market
As a result of COVID-19, businesses have already started to adjust their digital transformation priorities and concentrate on addressing shifts in network needs. VPN connections are important for workers when working remotely and are often the IT team’s first stage in enabling a virtual workforce.
For remote employees, the ability to access data at all times is critical. The ability to access the internet via improved wireless technology has allowed applications to be downloaded to mobile devices.
As more applications are available for mobile or wireless devices, businesses use these VPN applications to improve efficiency and productivity, thus driving the growth of the VPN industry.
VPN market share analysis
North America is expected to hold the largest VPN market share. North America’s dominance is attributed to the rapid growth in the demand from telecommunications and BFSI, among other industries and industry verticals.
The European market also accounted for a significant VPN market share and is projected to expand steadily. On the other hand, Asia Pacific is projected to register the highest CAGR over the forecast period in line with the rising adoption of VPN solutions and services in China, India, and other Asian countries.
China is currently dominating the Asia-Pacific region with a growing number of mobile VPN services. As there are numerous government policies and regulations on common websites, providing a virtual private network as a solution created a range of opportunities for entrepreneurs in China, Indonesia, and other Asian countries.
In addition, the use of VPN services has made fast networking and streaming in Asian countries possible.