SAN FRANCISCO, May 20, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Virtual Private Network (VPN) – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 72497
Companies: 336– Players covered include Array Networks, Inc.; Avast Software s.r.o; Check Point Software Technologies Ltd.; Cisco Systems, Inc.; Citrix Systems, Inc.; Columbitech; CyberGhost S.R.L.; Express VPN International Ltd.; Golden Frog GmbH; Google, Inc.; Juniper Networks, Inc.; Microsoft Corporation; NCP Engineering GmbH; NetMotion Software; NordVPN; OpenVPN, Inc.; Opera Norway AS; Pango, Inc.; Safer Social Ltd.; TunnelBear, Inc.; Watchguard Technologies, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Multiprotocol Label Switching, Cloud, IP, Hosted); End-Use (BFSI, IT & Telecom, Government, Healthcare, Manufacturing, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Virtual Private Network (VPN) Market to Reach $92.4 Billion by 2026
Virtual private network (VPN) is a communication network that employs a blend of different technologies for securing a connection network. Global market for VPN networks is driven primarily by the growing adoption private networks in various industries. With the Internet emerging as the platform for conducting business activities in various industry sectors, the risk of cyberbreaches and data thefts is on the rise. The need to safeguard business data and transactions is thus driving enterprises towards highly secure technologies, thus presenting significant growth opportunities for the VPN market. The enterprise mobility trend and the need for providing ubiquitous access to company networks especially for remote workforce is also enhancing adoption of VPNs. With the ongoing COVID-19 pandemic impacting business operations, enterprises are increasingly turning towards Internet-based services for business continuity purposes. This is consequently driving adoption and expansion of VPNs.
Amid the COVID-19 crisis, the global market for Virtual Private Network (VPN) estimated at US$35.4 Billion in the year 2020, is projected to reach a revised size of US$92.4 Billion by 2026, growing at a CAGR of 17.2% over the analysis period. Multiprotocol Label Switching, one of the segments analyzed in the report, is projected to record a 19.1% CAGR and reach US$57.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cloud segment is readjusted to a revised 16.5% CAGR for the next 7-year period. MPLS provides assistance in shaping traffic flow of networks, increasing network performance as well as speed, thus allowing users to work with multiple application using a single network infrastructure. MPLS offers significant advantages in terms of improved scalability, reduced network congestion, improved bandwidth utilization, performance, scalability, and improved end-user experience. The increasing adoption of virtual technologies and devices in application delivery, networking and security products and services is fueling growth in the cloud VPN market.
The U.S. Market is Estimated at $15.1 Billion in 2021, While China is Forecast to Reach $12.3 Billion by 2026
The Virtual Private Network (VPN) market in the U.S. is estimated at US$15.1 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$12.3 Billion by the year 2026 trailing a CAGR of 18.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.2% and 16.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.2% CAGR. In North America, the VPN market continues to grow due to the increased risk of cybercrime and the subsequent need to protect enterprise data. The widespread adoption of digital technologies and growing incidents of cyberattacks are fueling demand for VPN services. Europe is another major regional market for VPN, with the widespread adoption of advanced digital technologies in the region spurring market growth. The large number of enterprises and growth in the Internet users base, especially amidst the ongoing COVID-19 pandemic, is stimulating the VPN market. The surging adoption of digital technologies and Internet connectivity in developing economies and the subsequent rise in risk of cyberbreaches is propelling demand for security solutions, such as VPNs.
IP Segment to Reach $16.6 Billion by 2026
The IP VPN market is experiencing high growth, driven mainly by the significant cost benefits offered by the technology. Since IP technology enables connectivity of private networks via public networks, the cost incurred is low compared to other VPN technologies such as MPLS. IP services also help in simplifying the overall design of private networks and ensures high quality of service for mission critical operations. It is due to this reason that IP VPN is emerging as a lucrative option for enterprises looking to cut down expenditure on networking. In the global IP segment, USA, Canada, Japan, China and Europe will drive the 15.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.8 Billion in the year 2020 will reach a projected size of US$15.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2 Billion by the year 2026, while Latin America will expand at a 15.3% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com
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SOURCE Global Industry Analysts, Inc.
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