September 17, 2019
Worldwide VPN market is predicted to surpass US $54 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Increasing number of corporate firms are adopting VPN technology to offer remote access to company resources and improve their network security. The technology permits the companies to encrypt data on the employee devices and run scans for trojans & malware to secure the company’s information from unauthorized access. Growing trend of BYODs, along with surging instances of sophisticated cybercrimes will augment the VPN market growth.
Based on component type, hardware segment held more than 45% share in the VPN market, owing to the rising demand for VPN routers among network service providers and business verticals. In addition, VPN market from software segment is anticipated to witness growth at the rate of 18% over the forecast period, on the account of increasing adoption of digital mobility and similar trends across multiple business segments.
According to the report, multiprotocol label switching VPN market held 40% revenue share in 2017. The segmental growth is attributed to decline of ATM/frame-relay market, coupled with widespread use of MPLS solution for prioritizing applications by service class.
Considering the application spectrum, VPN market from commercial segment is anticipated to grow with a CAGR of 15% over the analysis timeline. While the consumer segment is predicted to grow with a CAGR of 20% by the year 2024. Widespread adoption of mobile-enabled devices and growing internet penetration are boosting the segmental growth.
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In terms of the regional landscape, North America dominated the VPN market with more than 35% stake in 2017. Increasing incidences of cyber-attacks on enterprises across several business verticals is stimulating the market growth.
Prominent players operating in the global VPN market include Windsribe Limited, AirVPN, AnchorFree GmbH, NCP Engineering GmbH, Array Networks, Inc., TunnelBear, Inc., Blackberry Ltd., Citrix Systems, Inc., Cisco Systems, Inc., Opera Software, Google, Inc., Microsoft Corporation, and IBM Corporation among others.