Selbyville, Delaware,, Nov. 02, 2022 (GLOBE NEWSWIRE) --
The virtual private network market valuation is expected to surpass USD 350 billion by 2032, as reported in a research study by Global Market Insights Inc. The report suggests that rising digitalization across the globe has amplified the frequency of cyberattacks, which is compelling organizations to adopt effective online data security measures. However, many of these global organizations are struggling to keep pace with the rising number of government-mandated regulations and privacy acts. As a result, many among them are moving towards VPN solutions as they help enterprises implement regulatory policies across several regulations and also streamline their compliance efforts.
Rising prevalence of the BYOD trend to foster the services component segment expansion
The services segment held approximately 30% of the virtual private network market share in 2022 and is slated to witness notable growth going ahead. Rising adoption of the BYOD trend and increasing number of mobile devices are boosting the demand for VPN services. In organizations seeking agility, BYOD policies are obtaining a marked thrust through VPN service providers. There is also strong growth from enterprises demanding remote connectivity and enterprise network infrastructure management from service providers.
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Extranet connectivity segment to draw strong growth from rising consumer preference
The extranet segment is set to grow at around 20% CAGR from 2023 to 2032. Enterprises are increasingly embracing the extranet to obtain a competitive advantage by establishing good relations with customers. An extranet offers controlled access to only authorized vendors, customers, partners, and people outside of the firm. Additionally, it provides secured external access to specific shared resources.
Increasing cybercrimes to bolster the expansion of the mobile VPN segment
The mobile VPN segment is anticipated to account for nearly 20% of the revenue share by 2032, fueled by the growing instances of cybercrimes. Cyberattacks have pushed many companies to leverage mobile VPN solutions to ensure protection of their resources. This type of virtual private network offers users continuous services and can switch between different access technologies and multiple private as well as public networks seamlessly.
Cloud migration and digital recordkeeping to bring in high revenue from the healthcare sector
The healthcare segment is poised to expand gains at over 25% between 2023 and 2032, due to the rising number of healthcare organizations adopting the cloud technology. Healthcare organizations are also making a shift towards digital recordkeeping of patient information for easy, convenient access, which is leading them to avail VPN services to ensure data secure. The centralized cloud management platform where VPN stores data, helps administrators ensure security by delegating different levels of data access to individual users.
Proliferating internet penetration to drive Latin America market
The Latin America virtual private network market is predicted to register more than 25% growth rate through 2032, owing to the increasing number of smartphones users in the region. Smartphones have led to a rise in internet penetration and more cyberattacks, which is shaping the business landscape. According to GSMA, by 2025, the Latin American mobile ecosystem will grow by more than USD 30 billion in terms of economic contribution.
Mergers and acquisitions to define the competitive industry landscape
The list of contenders in the virtual private network market includes names such as IBM Corporation, Juniper Networks, Mudhook Marketing, Inc., Microsoft Corporation, Google LLC., NCP Engineering GmbH, OPENVPN Inc., among others. Many of these companies are emphasizing on mergers and acquisitions to enhance their product portfolio and consumer pool.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 VPN industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Component trends
2.5 Type trends
2.6 Connectivity trends
2.7 Application trends
Chapter 3 VPN Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.4 VPN user trends
3.5 Motivation factors for VPN usage
3.6 Evolution of VPN technology
3.7 VPN protocols
3.8 Industry ecosystem analysis
3.9 Technology & innovation landscape
3.10 Patent analysis
3.11 Investment portfolio
3.12 News
3.13 Regulatory landscape
3.14 Industry impact forces
3.14.1 Growth drivers
3.14.2 Industry pitfalls & challenges
3.15 Growth potential analysis
3.16 Porter’s analysis
3.17 PESTEL analysis
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About Global Market Insights Inc.
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.
