Virtual Private Network Market Anticipated to Reach $75.59 Billion by 2027- Exclusive Research Report by AMR
Surge in data security concerns, increase in advanced & complex cyber threats, and increase in use of mobile & wireless devices drive the growth of the market.
PORTLAND, PORTLAND, OR , UNITED STATES, August 12, 2021 /EINPresswire.com/ — The global virtual private network market accounted for $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.
By component, the solution segment held theAvast Software S.R.O., Checkpoint Software Inc, Cisco System Inc, Golden Frog GmbH, IBM Corporation, Juniper Networks Inc, Microsoft Corporation, NetMotion Software Inc, NordVPN, and Radio IP Software Inc.trend among enterprises, need to establish secure connection for businesses, and increasing number of data breach frauds. However, the service segment is anticipated to manifest the highest CAGR of 17.8% during the forecast period, due to its adoption to ensure effective functioning of software and platforms throughout the virtual networking & choosing appropriate VPN solutions.
By end user, the individual users segment is projected to register the highest CAGR of 15.8% during the forecast period, owing to demand for accessing entertainment websites such as Netflix without any hindrance, surpass geo-blockages on certain websites, and accessing banned content across various countries. On the other hand, the commercial users segment held the largest share in 2019, contributing to nearly three-fourths of the global virtual private network market, as VPN is widely used by several industries to offer secure ways while working remotely, overcome any regional blockages, and protect business-critical information from malicious attacks.
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By region, the market across North America held the largest share in 2019, accounting for more than one-third of the market, owing to adoption of advanced networking technologies, high spending on data security, rise in number of ransomware attacks in this province. However, the global virtual private network market across Asia-Pacific is anticipated to manifest the highest CAGR of 17.4% from 2020 to 2027, due to increase in popularity of fast internet connectivity, ever-growing smartphone penetration, and increasing popularity of entertainment sites in the region.
Profiling Key Players: Avast Software S.R.O., Checkpoint Software Inc, Cisco System Inc, Golden Frog GmbH, IBM Corporation, Juniper Networks Inc, Microsoft Corporation, NetMotion Software Inc, NordVPN, and Radio IP Software Inc.
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Covid-19 scenario:
1. The number of cyber-attacks and data breaches were increased during the Covid-19 pandemic, as several companies adopted the work-from-home culture. This increased spending on networking infrastructure.
2. After the Covid-19 outbreak, several organizations have preferred private networks over public network usage.
Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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