According to the research report titled ‘Virtual Private Network (VPN) Market Size By Component (Hardware, Software, Services), By Type (IP, MPLS(Multiprotocol Label Switching), Cloud VPN, Mobile VPN), By Connectivity (Site-to-site, Remote Access, Extranet), By Application (Consumer [Smartphones, Tablets, Laptops/PCs], Commercial [BFSI, Healthcare, IT, Government, Manufacturing], Service Providers) Industry Analysis Report, 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), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report, global virtual private network (VPN) market is expected to cross USD 54 billion by the year 2024.
 

Growing demand for VPN services across various industry verticals in order to improve network security as to offer remote access to the company’s resources is prime factor fueling the growth of virtual private network industry. VPN services are used to encrypt the transferred data through public networks in order to protect an enterprise’s sensitive information. The market is expected to further expand owing to increased pervasiveness of cyberattacks.
 

Rising adoption of BYOD trend is also stimulating the industry outlook. Virtual private network services enable companies to not only scan for trojans & malwares but also to encrypt the data on the employee’s device. Additional factors such as improving internet speeds and rising penetration of wireless and mobile devices are fostering the demand for VPN services.
 

As per component type, hardware segment currently accounts for 45% market share, primarily due to rising adoption of VPN routers across various business verticals to protect numerous devices as well as to ensure security from WebRTC & DNS leaks.
 

Meanwhile, virtual private network software segment is presumed to expand with a CAGR of 18% through 2024, owing to growing inclination towards digital mobility.
 

As per the report, virtual private network industry share from consumer application is expected to register a y-o-y growth rate of 20% through 2024. Growing usage of mobile devices and rising penetration of internet services are favoring the market outlook. Consumers are not only employing VPN solutions to get access to restricted content but also to secure their devices from unauthorized entry.
 

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Considering the geographical landscape, North America accounted for 35% market share in 2017, on account of rising prevalence of cyber-attacks across enterprises.
 

Meanwhile, Asia-Pacific virtual private network market is anticipated to record a growth rate of 20% during 2018-2024. Digitalization of various industry verticals and flourishing smartphone market are promoting the business outlook in Asia-Pacific.
 

The prominent companies in virtual private network market are Windscribe Ltd., AnchorFree GmbH, Array Networks Inc., Blackberry Ltd., Checkpoint Software Technologies, Citrix Systems Inc., Cisco Systems Inc., Cryptzone, ExpressVPN LLC, CyberGhost VPN, Columbitech AB, and Google Inc. among others.