Published Date : 31 Aug 2023
The global virtual private network (VPN) market size was exhibited at USD 48.94 billion in 2022 and is projected to attain around USD 358.64 billion by 2032, growing at a CAGR of 22.04% during the forecast period 2023 to 2032.
A virtual private network (VPN) is a service or technology that allows users to create a secure connection over the internet to another network or the internet as a whole. The VPN market refers to the industry of companies that provide VPN services and technology to consumers and businesses. These companies may offer VPN services, such as remote access, site-to-site connectivity, and secure communications for specific applications or industries. The VPN market is a rapidly growing industry as more and more people and businesses rely on the internet for communication and data transfer. The increasing demand for secure and private internet access and the growing number of cyber threats have led to the adoption of VPN services.
According to a market research report, the global VPN market size will likely grow from USD 42.80 billion in 2022 to USD 106.80 billion by 2025, at a CAGR of 20.2% during the forecast period. The increasing adoption of remote working, the growing number of cyber-attacks, and strict data privacy regulations are some of the major factors driving the growth of the VPN market.
The VPN market can be segmented into services, such as remote access, site-to-site, and others. Remote access is the most widely adopted VPN service, as it allows employees to access the company's network securely from any location. The market can also be segmented by vertical, such as healthcare, BFSI, government, and others.
Virtual Private Network (VPN) Market Report Scope:
|Market Revenue in 2023
|USD 59.73 Billion
|Projected Forecast Revenue in 2032
|USD 358.64 Billion
|Growth Rate from 2023 to 2032
|CAGR of 22.04%
|2023 To 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The virtual private network (VPN) market can be segmented by region into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America will likely hold the largest share of the VPN market in 2022 due to the presence of many established players in the region. The U.S. is the major contributor to North America's VPN market growth, and Europe will likely grow at the highest CAGR during the forecast period due to the increasing adoption of remote working, the rising number of cyber-attacks, and strict data privacy regulations.
The second-largest economy in the world, China, is forecast to grow at a CAGR of 17.4% from 2023 to 2032 to hit a projected market value of US$12.9 billion. Japan and Canada are two more notable geographic markets, with growth rates for each country forecasted to be 12.8% and 12%, respectively, between 2022 and 2032. Germany is predicted to expand within Europe at a growth rate of about 12.1% CAGR. By 2032, the market in Asia-Pacific will likely reach USD 9.5 billion, with nations like India, Australia, and South Korea leading the way.
BYOD's growing popularity will encourage the services component segment's growth
The services sector, which in 2022 accounted for around 30% of the market's virtual private network, is expected to expand significantly. The popularity of BYOD and the rise in mobile device usage drive up VPN service demand. BYOD rules are receiving a significant push from VPN service providers in enterprises looking to increase their level of agility. Additionally, there has been a substantial increase in businesses asking service providers to maintain their network infrastructure and enable remote connection.
Growing customer preference will drive robust growth for the extranet connectivity sector.
From 2023 to 2032, the extranet market will likely expand at a CAGR of about 20%. Businesses increasingly use the extranet to build strong customer relationships and gain a competitive advantage. Only authorized vendors, clients, partners, and external users have controlled access to an extranet. Additionally, it offers protected access from outside to a limited number of shared resources.
Increasing cybercrime rates to support the growth of the mobile VPN market
By 2032, the mobile VPN market is projected to generate close to 20% of total revenue, driven by an increase in cybercrime. Due to cyberattacks, many businesses now use mobile VPN solutions to protect their resources. This virtual private network provides customers with ongoing services and can easily switch between various access technologies, private networks, and public networks.
Digital record keeping and cloud migration to boost healthcare sector income
Due to the increasing number of healthcare businesses using cloud technology, the healthcare segment will likely expand by over 25% between 2023 and 2032. Healthcare institutions are also shifting to digital patient records for convenient, easy access, prompting them to use VPN services to protect data security. Administrators can assure safety by assigning data access of different levels to individual users through the centralized platform of cloud management where the VPN keeps data.
Internet usage is increasing, which will boost market growth in Latin America.
Due to the region's rising smartphone adoption, the Latin American virtual private network market will likely increase by more than 25% until 2032. Smartphones have increased internet usage and the number of cyberattacks, which is changing the business environment. The GSMA predicts that the economic contribution of the mobile ecosystem of Latin America will increase by much more than USD 30 B by 2025.
Major Key Players:
By Deployment Mode
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2566
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333