Growing Threat of Cybercrime to Drive Global Virtual Private Network Market
The global virtual private network (VPN) market is expected to exhibit a strong 18.22% CAGR over the
forecast period from 2016 to 2022, according to the latest research report from Market Research Future
(MRFR). The global virtual private network market was valued at USD 15.27 billion in 2016. The report
presents a detailed overview of the global virtual private network market to readers by profiling the
market’s historical statistics to provide a clear overview of the market’s historical growth trajectory. The
current growth trajectory and statistics of the market are also given in detail in the report. This provides
a solid foundation for forecasts into the market’s likely movement over the forecast period. The leading
players operating in the global virtual private network market are also profiled in detail in the report in
order to give readers a clear overview of the competitive landscape of the market. The impact of the
COVID-19 pandemic on the global Virtual Private Network Market is also studied in detail in the report.
Virtual private networks or VPNs comprise a technology to extend a private network across a public
network. VPNs allow users to send and receive data across public networks as if their device were
directly connected to the private network. VPNs enhance the productivity of the user organization by
encapsulating the data into network protocols through a secure passage. This minimizes the risk of data
breaches and cyberattacks. The increasing threat of cyberattacks in the 21 st century is likely to be a
major driver for the global virtual private network market over the forecast period. According to a
report, the total annual damage from cyberattacks is likely to reach a staggering figure of USD 6 trillion
by 2021, doubling from USD 3 trillion in 2015. This represents an avenue of crime that is more profitable
than all the world’s illegal drug trades combined. Up to 21% of all files stored in the world’s databases
are vulnerable to cyberattacks. These terrifying figures have driven investment in cyber security
software over the last few years. This is likely to be a major driver for the global virtual private network
market over the forecast period.
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VPNs also make business operations more efficient by allowing easier sharing of data with specific
subsets of stakeholders. The increasing demand for increased business process efficiency is likely to be a
major driver for the global virtual private network market over the forecast period.
Competitive Leaderboard:
Leading players in the global virtual private network market include NetGear Inc., SaferVPN, Buffered
VPN, Golden Frog GmbH, IPVanish, PureVPN, NordVPN, CyberGhost SA, Private Internet Access, and
Microsoft Corporation.
Segmentation:
The global virtual private network market is segmented on the basis of type, deployment, product, end
use, and region.
By type, the global virtual private network market is segmented into hosted, IP, multiprotocol label
switching, cloud, and others. The hosted segment dominates the global virtual private network market,
followed by the IP segment. However, the multiprotocol label switching segment is expected to exhibit
the highest growth rate, of 20.5% over the forecast period.
By deployment, the global virtual private network market is segmented into on premise and cloud.
By product, the global virtual private network market is segmented into routers, switches, firewalls, and
others.
By end use, the global virtual private network market is segmented into government,
telecommunications, manufacturing, healthcare, BFSI, utilities, and others. The government segment
dominates the global virtual private network market and is likely to remain the leading end use segment
over the forecast period. The increasing demand for secure transactions in the government sector and
the increasing digitalization of government operations are the major drivers for the government
segment of the global virtual private network market.
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Regional Analysis:
North America dominates the global virtual private network market and accounted for a strong
valuation of USD 7.37 billion in 2016. Asia Pacific is expected to be the fastest growing regional market
for virtual private networks over the forecast period.
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