Virtual Private Network Market is Likely to Increase At a Significantly High CAGR During Forecast Period 2027
With the growth of the global market, there are chances of an increase in the VPN Market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 13, 2022 /EINPresswire.com/ — An increase in advanced and complex cyber threats, a rise in data security concerns, and a surge in the usage of mobile & wireless devices within organizations are the major factors that drive the growth of the VPN market.
In addition, the rise in the need for remote accessibility also boosts the growth of the virtual private network industry. However, a lack of expertise in virtualization is anticipated to hamper the virtual private network market growth. On the contrary, the augmented adoption of private clouds is expected to provide lucrative opportunities for market growth in the coming years.
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According to the component, the solution segment held the majority of the virtual private network market share in 2019 due to its capabilities to enable hiding online identity, bypassing geo-blocks, preventing bandwidth throttling, avoiding online price discrimination, accessing region-blocked services, providing network scalability, and offering cheaper leased-line alternatives. Further, rapidly changing norms of work and shifting commercial networking requirements are anticipated to increase the demand for VPN solutions.
In addition, functionalities, such as control features, reporting, and management of VPN solutions, support the VPN demand. Market vendors also collaborate with vendors of mobile VPN and NAC solution providers as part of the business strategy to increase the VPN solutions sales, further fuelling the growth of the virtual private network industry.
By deployment, the cloud segment accounted for the highest share in the virtual private network market in 2019, owing to the growing preference for cloud technology to reduce maintenance and costs. Key market players launch virtual private cloud to provide a secure gateway and private on-premise access to cloud resources. Further, the market players are proposing a virtual private cloud to help users in creating a private cloud computing environment over the shared public cloud infrastructure.
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As per region, the global virtual private network market was dominated by North America in 2019. The major presence of leading market vendors developing virtual private network solutions and early adoption of advanced networking security technology in North America are the major drivers for the virtual private network market growth. In addition, the need to protect business-critical information from data breaches and malicious attacks while working remotely further propels the market growth in this region.
The outbreak of COVID-19 is anticipated to have a significant impact on the growth of the virtual private network market. Although various industries are majorly hit by lockdowns imposed in many countries, the spending on virtual private network solutions by corporate as well as individual users is expected to increase during this pandemic.
This is attributed to the need to provide a secure working environment and ensure the privacy of business-critical information, especially during the work-from-home period. For instance, Masergy, observed a sudden spike in VPN connections from March 10th to 18th 2020, increasing by 676% in more than a week. Furthermore, a rise in the number of fraudulent activities and cybercrimes post-COVID-19 emergence is also expected to boost the VPN market growth.
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