Virtual Private Network Market Size Expected to Reach USD 111.05 Billion at a CAGR of 17.6% by 2028
Reports And Data
Virtual Private Network Market Size – USD 30.15 Billion in 2020, Market Growth – at a CAGR of 17.6%, Trends –Increasing number of SMEs in developing countries.
NEW YORK, NY, UNITED STATES, August 18, 2022 /EINPresswire.com/ — Rising demand for safe and secure network connections and rapid advancements in network infrastructure are some of the key factors driving market revenue growth.
The global Virtual Private Network (VPN) market size is expected to reach USD 111.05 Billion in 2028 and register a CAGR of 17.6% over the forecast period, according to the latest report by Reports and Data. Key factors such as increasing adoption of work from home trend, rapid advancements in network infrastructure, and rising demand for cloud-based VPN in the IT sector are driving market revenue growth.
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Virtual Private Network is a secured communication network between a user and a computer or connected device. This encrypted connection is typically known as a VPN tunnel.
VPN is commonly used in different end-use sectors such as IT & telecommunication, BFSI, manufacturing, government, healthcare, utilities, and other industries. IT & telecommunication segment accounted for major revenue share in the global market in 2020.
Ongoing developments in the IT industry, increasing number of IT companies, and rising requirement for safe and secure private networks are major factors driving revenue growth of this segment.
North America accounted for largest revenue share in 2020 and the trend is expected to continue over the forecast period. Major revenue contributors to revenue of the North America market are the United States and Canada respectively.
Factors such as increasing application of VPN in IT, BFSI, and healthcare sectors, increasing incidence of cyberattacks, and rising adoption of cloud infrastructure are key factors driving revenue growth of the market in this region.
Asia Pacific market accounted for a 24.5% revenue share in the global market in 2020 and is expected to register fastest CAGR than other regional markets over the forecast period. This can be attributed to rapid developments in the IT industry and increasing number of SMEs.
Europe accounted for second-largest revenue share in the global market in 2020. Rising demand for remote accessibility is one of the key factors driving revenue growth of the market in this region.
Major players in the market report include JUNIPER NETWORKS, BlackBerry Limited, Cisco Systems, Inc., Citrix Systems, Inc., Radio IP Software Inc, Google LLC, IBM Corporation, NetMotion Software, Opera Norway AS, and WatchGuard Technologies, Inc.
Some Key Highlights From the Report:
In July 2020, Mozilla launched its paid VPN service for Android and Windows devices. This VPN offers ‘no-logging’ policy that allows users to keep their system information such as IP address, browsing activity, session duration, timestamp, DNS request, or similar data points private.
Hardware segment accounted for largest revenue share in the global market in 2020. Increasing demand for VPN routers due to rising adoption of VPN is a key factor driving growth of this segment.
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For the purpose of this report, Reports and Data has segmented the Virtual Private Network (VPN) market based on component, organization size, type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
• Hardware
• Software
• Services
Organization Size Outlook (Revenue, USD Billion; 2018-2028)
• Small & Medium Enterprises (SMEs)
• Large Enterprises
Type Outlook (Revenue, USD Billion; 2018-2028)
• Site-To-Site
• Remote Access
• Extranet
End-Use Outlook (Revenue, USD Billion; 2018-2028)
• IT & Telecommunication
• BFSI
• Manufacturing
• Government
• Healthcare
• Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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