Virtual Private Network Market to surge at 15% CAGR to 2024; Analysis By Component, Type, Connectivity, Application, Region, Global Companies

The Asia Pacific VPN market is predicted to grow at a CAGR of 20% over the forecast timespan owing to widespread digitalization across various industry verticals and the growing number of smartphone owners.

Selbyville, Delaware, USA - January 16, 2019 /MarketersMedia/ —

Virtual Private Network (VPN) Market Share By Component (Hardware, Software, Services) -

The hardware market holds over 45% stake in the VPN 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.

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Virtual Private Network (VPN) Market Size By Type (IP, MPLS(Multiprotocol Label Switching), Cloud VPN, Mobile VPN) -

The Multiprotocol Label Switching (MPLS) market accounted for over 40% of the revenue in 2017. The deteriorating ATM/Frame-relay market is anticipated to drive the growth of the MPLS market. The enterprises are using the MPLS VPN solutions to prioritize applications by class of service.

The cloud VPN market is expected to growth at a CAGR of 21% over the projected time period. The snowballing shift toward virtual applications and increasing demand for cloud services are propelling the growth of the cloud market.

The mobile VPN market is anticipated to attain a growth rate of 17% over the forecast timeline. This growth is attributed to the growing incidence of cybercrime activities, which led the companies to adopt mobile VPN solutions to safeguard company resources.

Virtual Private Network (VPN) Market Trends By Application (Consumer [Smartphones, Tablets, Laptops/PCs], Commercial [BFSI, Healthcare, IT, Government, Manufacturing], Service Providers) -

The commercial application sector is predicted to grow at a CAGR of 15% over the forecast time period. The commercial segment comprises healthcare, BFSI, IT & Telecom, manufacturing, and government. The increasing adoption of cloud technology and digital recordkeeping in the healthcare industry is changing the way people access data. Thus, the healthcare establishments are embracing VPN technology to protect patient’s sensitive information from unauthorized access.

The consumer market is expected to grow at a CAGR of approximately 20% over the projected time period. The rising internet penetration and widespread adoption of mobile-enabled devices are propelling the growth of the consumer market. Moreover, customers are also using VPN products & services to gain access to restricted content and secure their devices from unauthorized access.

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Virtual Private Network (VPN) Market Outlook By Connectivity (Site-to-site, Remote Access, Extranet) -

The site-to-site market is dominating the VPN market with a market share of over 40%. The inexpensive nature of the site-to-site topology is driving the adoption across various business sectors and service providers. It eradicates the need for distinct VPNs in individual systems, thus providing cost-effective solutions to reduce security vulnerabilities.

The remote access market is expected to grow at a CAGR of over 17% over the forecast timeframe. This growth is credited to the rising need for affordable means of sending secure data over untrusted networks.

The extranet market is anticipated to grow at a CAGR of 14% over the projected timeline. The increasing demand for secure remote access solutions to communicate with external stakeholders, such as customers and business partners, is fostering the growth of the virtual private network market.

Virtual Private Network (VPN) Market Growth By Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Australia & New Zealand, China, India, Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa) -

The North America region is leading the VPN 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 predicted to grow at a CAGR of 20% over the forecast timespan. The widespread digitalization across various industry verticals and the growing number of smartphone owners are driving the growth of the market in the region. The presence of protectionist policies in the region is limiting the growth of the VPN market.

Virtual Private Network (VPN) Market Analysis By Companies Worldwide -

The companies operating in the virtual private network market are Airvpn Di Paolo Brini, Anchorfree Gmbh, Anthasoft, S.A. De C.V., Array Networks, Inc., Avast Software s.r.o, Blackberry Limited., Bufferd, Inc., Checkpoint Software Technologies, Cisco Systems, Inc., Citrix Systems, Inc., Columbitech Ab, Cryptzone, Cyber Ghost, Express VPN, LLC, Golden Frog, GmbH, Google, Inc., IBM Corporation, Juniper Networks, Inc., Microsoft Corporation, Mudhook Marketing, Inc., NCP Engineering GmbH, NetMotion Software, Inc., OPENVPN, Inc., Opera Software, Safer Social Ltd., Smith Micro Software, Inc., TunnelBear, Inc., WatchGuard Technologies, Inc., and Windscribe Limited.

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