June 12, 2020
As per the report titled ‘Virtual Private Network (VPN) Market Size By Component, By Type, By Connectivity, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global virtual private network is expected to amass substantial returns by the year 2026.
Increasing cases of cybercrime and online frauds is driving the growth of global virtual private network (VPN) market. A VPN network is a connection method which adds an extra layer of security and privacy to private as well as public networks such as Wi-Fi Hotspots, LANs, mobile internet, etc.
VPN enables encryption and decryption of data when at the sending and receiving ends by utilizing tunneling protocols. Even the sending and receiving end network addresses are encrypted for extra security.
VPNs are used to provide remote corporate employees, freelancers, and business travelers access to software hosted on the proprietary networks. In addition, when accessing a restricted resource through VPN, the user is completely authorized to use VPN app and is offered with multiple authentication factors like password security, biometric data, or security token.
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Based on type, virtual private network market is categorized into cloud VPN, mobile VPN, IP, and MPLS. Mobile VPN segment is slated to register a CAGR of over 18% through 2026, owing to rising demand for cloud security.
Speaking of the application spectrum, consumer segment is split into Laptops/PCs, tablets, and smartphones, wherein tablets segment is poised to record a CAGR of 10% over the forecast period. The growth can be attributed to higher portability of tablet in comparison to laptops and larger display than smartphones. Meanwhile, laptops/PCs segment accounted for 30% market share in 2019 and will gain decent traction in the forthcoming years, owing to extensive use of VPN software in traditional PCs.
Elaborating on the commercial application segment, the industry is further divided into government, manufacturing, BFSI, healthcare, and IT & Telecom. BFSI segment garnered over 40% market share in 2019 and will continue to show an appreciative growth through 2026, fueled by the increasing use of VPN solutions to ensure secure financial transactions.
The report cites that IT & Telecom segment is slated to register a 12% CAGR through 2026, owing to growing utilization of IP and MLPS VPN for reducing costs. Whereas, government segment is poised to observe a CAGR of 15% over the assessment period, on account of rising burden of cyberattacks and malware intrusion on federal networks. Meanwhile, manufacturing segment is reckoned to exhibit 14% CAGR through 2026, owing to inclination towards securing IoT networks.
As per the regional analysis, Asia Pacific accounted for 25% share in virtual private network market in 2019 and is anticipated to see a sizeable growth over the forecast timeline. Rising internet penetration and growing awareness about cybersecurity are impelling the regional market growth.
On the other hand, Middle East & Africa VPN market is reckoned to register a y-o-y growth rate of 13% through 2026, driven by the soaring cases of cyberattacks and online frauds in the region.
Major players operating in global virtual private network (VPN) market are AnchorFree GmbH, AirVPN, Anthasoft SA DE CV, Avast Software s.r.o, Array Networks, Inc., BlackBerry Limited, Check Point Software Technologies Ltd., Buffered Ltd. (Encrypt.me), Cisco Systems, Cloumbitech, Citrix Systems, Inc., Cryptzone, ExpressVPN, CyberGhost S.A., and Google Inc. among others.