PORTLAND, Ore., Jan. 12, 2021
- Surge in data security concerns, increase in advanced & complex cyber threats, and increase in use of mobile & wireless devices within the organization drive the growth of the global virtual private network market.
PORTLAND, Ore., Jan. 12, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Virtual Private Network Market by Component (Solution and Services), Type (Remote Access VPN, Site-to-Site VPN, and Others), Deployment (Cloud and On-premise), and End User (Commercial Users and Individual Users): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global virtual private network industry accounted for $25.41 billion in 2019, and is projected to reach $75.59 billion by 2027, growing at a CAGR of 14.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in data security concerns, increase in advanced & complex cyber threats, and increase in use of mobile & wireless devices within the organization drive the growth of the global virtual private network market. In addition, rise in need for remote accessibility supplemented the market growth. However, lack of expertise in virtualization hampers the market growth. On the contrary, surge in adoption of private clouds would open new opportunities for the market players in the future.
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The solution segment dominated the market
By component, the solution segment held the largest share in 2019, accounting for around two-thirds of the global virtual private network market, owing to rapidly growing adoption of work from home trend among enterprises, need to establish secure connection for businesses, and increasing number of data breach frauds. However, the service segment is anticipated to manifest the highest CAGR of 17.8% during the forecast period, due to its adoption to ensure effective functioning of software and platforms throughout the virtual networking & choosing appropriate VPN solutions.
The individual users segment to portray the highest CAGR through 2027
By end user, the individual users segment is projected to register the highest CAGR of 15.8% during the forecast period, owing to demand for accessing entertainment websites such as Netflix without any hindrance, surpass geo-blockages on certain websites, and accessing banned content across various countries. On the other hand, the commercial users segment held the largest share in 2019, contributing to nearly three-fourths of the global virtual private network market, as VPN is widely used by several industries to offer secure ways while working remotely, overcome any regional blockages, and protect business-critical information from malicious attacks.
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North America held the lion's share
By region, the market across North America held the largest share in 2019, accounting for more than one-third of the market, owing to adoption of advanced networking technologies, high spending on data security, rise in number of ransomware attacks in this province. However, the global virtual private network market across Asia-Pacific is anticipated to manifest the highest CAGR of 17.4% from 2020 to 2027, due to increase in popularity of fast internet connectivity, ever-growing smartphone penetration, and increasing popularity of entertainment sites in the region.
Major market players
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