Selbyville, Delaware, May 25, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the virtual private network market which estimates the market valuation for VPN will cross US$ 120 billion by 2027. increasing number of cyber-attacks and the rapid adoption of work from home culture across enterprises is fueling the industry growth.
The growing adoption of VPN among multiple organizations and the increasing expenditure in networking infrastructure among SMEs will drive market growth. In addition, organizations are witnessing an increasing digitization trend along with a shift toward cloud-based services, fueling the market growth. Leading companies are focusing on developing innovative VPN solutions, such as OpenVPN and Point to Point Protocol (PPTP), to serve their customer efficiently.
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The service segment is anticipated to grow at a CAGR of above 15% till 2027. VPN services play an important role in enterprise-level businesses to establish secure & encrypted connections and provide greater privacy. Organizations are adopting VPN services to improve the internet surfing experience and increase the efficiency of the organization thus providing a lucrative opportunity for market growth.
The IP VPN segment is poised to account for a major market share in 2020 impelled by a surge in cybercrime activities across multiple business verticals. Leading companies are focusing on securing their networks for safe data accessibility and migrating their core businesses to digital platforms to safeguard businesses from data breaches & cyberattacks. This is anticipated to boost the IP VPN market demand.
The extranet VPN market is projected to witness exponential growth from 2021 to 2027. Multiple organizations are embracing the extranet framework to gain a competitive edge over competitors by maintaining a good relationship with customers. This is anticipated to create numerous opportunities for private sectors for network scalability and other network alternatives. Companies use the extranet to also analyze consumer needs and market trends. In many companies, the sales, marketing, and business line management use a wide range of data and usage information generated by external portals.
The BFSI held a market share of over 40% in 2020 on account of the increasing demand for online transactions through mobile devices or browser-based accounts. Mobile devices and browser-based account access are increasingly being preferred as a convenient way to conduct financial transactions. With the growth in the number of online transactions, there has been exponential growth in the number of cybercrime activities. This has driven banks and financial institutions to employ various advanced security measures to protect sensitive customer information. This factor will boost the growth of VPN services in the BFSI sector.
Europe is projected to generate a significant revenue in the VPN market by 2027 driven by the increasing adoption of VPN solutions and services by various government & non-government organizations to gain business insights. Growing internet penetration is driving the VPN market in this region. According to the International Telecommunications Union (ITU) report 2019, the region had over 568 million individuals using the Internet. The government is currently undertaking various initiatives to enhance the connectivity infrastructure across the region.
The companies operating in the market are focused on developing and upgrading their existing services to serve user-friendly solutions across geographies. For instance, in December 2020, Array Networks earned the ICSA Labs SSL-TLS VPN 4.0 Certification for its AG Series SSL VPN Appliances. This certification helped the company to strengthen its portfolio and provide a reliable service.
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Some of the major findings in the VPN market report include:
- The integration of advanced technology solutions and digitalization of banking & insurance services are encouraging the adoption of VPN solutions across various business verticals.
- Europe is anticipated to hold a significant market share in 2020 due to increasing penetration of the Internet and the widespread adoption of mobile devices
- Major players operating in the VPN market are Array Networks, Inc., Avast Software, BlackBerry Limited, Buffered Ltd., Check Point Software Technologies Ltd., Cisco Systems, Inc., and Citrix Systems, Inc.
- Companies operating in the market are focusing on the integration of new technologies and expanding their offerings to cater to diverse customer requirements.
Partial chapters of report table of contents (TOC):
Chapter 3 Virtual Private Network (VPN) Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Impact by region
3.3.1.1 North America
3.3.1.2 Europe
3.3.1.3 Asia Pacific
3.3.1.4 Latin America
3.3.1.5 MEA
3.3.2 Impact by value chain
3.3.2.1 VPN providers
3.3.2.2 Suppliers
3.3.2.3 Marketing & distribution channel
3.3.3 Impact by competitive landscape
3.3.3.1 Strategy
3.3.3.2 Distribution network
3.3.3.3 Business growth
3.4 VPN user trends
3.4.1 By device
3.4.2 By age group
3.4.3 By gender
3.5 Motivation factors for VPN usage
3.6 Evolution of VPN technology
3.7 VPN protocols
3.7.1 OpenVPN
3.7.2 L2TP/IPSec
3.7.3 SSTP (Secure Socket Tunneling Protocol)
3.7.4 IKEv2 (Internet Key Exchange Version 2)
3.7.5 PPTP (Point to Point Protocol)
3.8 Industry ecosystem analysis
3.8.1 Hardware providers
3.8.2 Software providers
3.8.3 Managed service providers
3.8.4 Vendor matrix
3.9 Technology & innovation landscape
3.9.1 Software Defined Networking (SDN)
3.9.2 Network Function Virtualization (NFV)
3.10 Patent analysis
3.11 Regulatory landscape
3.11.1 Health Insurance Portability and Accountability Act (HIPAA)
3.11.2 Payment Card Industry Data Security Standard (PCI DSS)
3.11.3 North American Electric Reliability Corp. (NERC) standards
3.11.4 Federal Information Security Management Act (FISMA)
3.11.5 The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.11.6 The Sarbanes-Oxley Act of 2022
3.11.7 General Data Protection Regulation (GDPR)
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Rise in cybercrime and data breaches
3.12.1.2 Proliferation of internet services
3.12.1.3 Increasing adoption of VPN across multiple business verticals
3.12.1.4 Compliance regulations requiring organizations to implement additional security
3.12.1.5 Growing adoption of BYOD and enterprise mobility
3.12.2 Industry pitfalls & challenges
3.12.2.1 Budget constraints
3.12.2.2 Need to support multiple OS slows down VPN functionalities
3.12.2.3 Reluctance to adopt various VPN solutions
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.