NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The Virtual Private Network (VPN) Market size increased by USD 47.82 billion, accelerating at a CAGR of 16.28% during the forecast period, according to Technavio's market analysis. The market is experiencing significant growth due to the increasing adoption of VPN solutions across various industry sectors. Businesses, including those in the IT field, are embracing VPNs for their speed and security benefits. VPNs ensure the smooth flow of critical business data and prevent loss, making them a valuable choice. VPNs establish secure, encrypted connections between devices and their networks over the Internet, primarily driven by security concerns in enterprises. This metaphorical "tunnel" for data transmission, where it is encrypted and safeguarded, aligns with organizations' security measures, leading to widespread adoption across industries and contributing to the growth of the global VPN market in the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
A notable challenge impeding market growth is the competition driven by open-source VPN solution providers. The virtual private network market faces a significant hurdle due to the abundance of open-source options, including solutions like Libreswan, OpenVPN, and OpenConnect, which offer VPN functionality free of charge. Additionally, the market features numerous open-source companies that offer a variety of VPN tools and applications. The combination of these products from different open-source providers can nearly match the functionalities offered by both on-premises and cloud-based VPN companies.
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The Virtual Private Network (VPN) Market is segmented by End-user (Commercial and Individual), Type (MPLS, IP, and Cloud and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
The commercial segment is anticipated for substantial market share growth during the forecast period. The commercial segment held the largest market share in the virtual private network (VPN) market in 2023 and is expected to continue this growth trend. This is driven by an increased emphasis on establishing secure networking environments for enterprises and a growing concern over security breaches involving personal data and more severe cyber threats.
North America is anticipated to make a 30% contribution to global market growth during the forecast period. Multi-protocol label switching (MPLS) VPNs have emerged as superior alternatives to VPNs based on integrated services digital network (ISDN) and analog lines, offering enhanced security and faster communication. Enterprises require VPNs that provide uninterrupted service access while safeguarding sensitive customer data and corporate information on their servers. MPLS VPNs ensure improved performance for enterprise applications, crucial for real-time functions like video, text, and voice. Additionally, they offer the advantage of single-operator administration and control.
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Key Companies in the Virtual Private Network (VPN) Market:
Absolute Software Corp.
Array Networks Inc.
Check Point Software Technologies Ltd.
Cisco Systems Inc.
Cloud Software Group Inc.
Gen Digital Inc.
Huawei Technologies Co. Ltd.
International Business Machines Corp.
Juniper Networks Inc.
Kape Technologies Plc
NCP engineering GmbH
Ziff Davis Inc.
IoT Platform Market: The IoT platform market is estimated to grow at a CAGR of 24.77% between 2022 and 2027. The size of the market is forecast to increase by USD 16,010.78 million.
Application Security Market: The application security market size is estimated to grow at a CAGR of 19.32% between 2022 and 2027. The market size is forecast to increase by USD 13.14 billion.
VPN Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 16.28%
Market growth 2024-2028
USD 47.82 billion
YoY growth 2022-2023 (%)
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 30%
US, Canada, China, UK, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Market Segmentation by Geography
Drivers, Challenges, & Trends
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