The virtual private network market is expected to register a CAGR of 15% over the forecast period 2019
NEW YORK, Oct. 8, 2019 /PRNewswire/ -- Market Overview
The virtual private network market is expected to register a CAGR of 15% over the forecast period 2019 - 2024. The virtual private network extends a private network across a public network, and it enables users to send and receive data across shared or public networks assuming that the computing devices were directly connected to the private network.
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- The significant factor responsible for driving the growth of the VPN market is the increasing adoption of VPN solutions across various industry verticals.
- Significant rise in the number of cyber-attacks and surge in demand for cloud-based security solutions is expected to boost the virtual private network market over the forecast period.
- Due to the emergence of trends, such as BYOD, there is a growth of the VPN market. VPN helps organizations to encrypt their data on the employee's device. It also scans devices for malware to shield the company's sensitive data from any unauthorized access.
- For instance, Cisco, in a survey, reported that 69% of the IT decision-makers favored BYOD as an optimistic addition to workplace policy as it translates into saving workers time. In the US IT sector, it was estimated that in the past three years (2016-2018), BYOD adoption witnessed an increase of 44.42%.
- The high price of the mobile virtual private network is responsible for hampering the growth of the VPN market. VPN makes the operations more efficient. For instance, Brown Bear Corporation (dealing in manufacturing, utility applications, and environmental applications) makes use of the VPN by allowing the Supervisory staff to connect via VPN to the office or the brown bear store to increase the management efficiency and reduce the drive time.
Scope of the Report
A Virtual Private Network is the programming that creates a safe & encrypted channel over a relatively less secure network, such as the public internet. VPN makes use of tunneling protocols to encrypt data at the sending end and to ensure decryption at the receiving end. To fortify security, the originating and receiving network addresses are also encrypted.
Key Market Trends
MPLS Expected to Have Significant Growth
- Due to the growing expansion of enterprises globally, there is a need for secure connectivity among different business units and effective means for data management, which will further boost the adoption of MPLS networks. MPLS offers excellent quality of service in terms of avoiding packet loss and keeping a business's most crucial traffic flowing.
- Around 79% MNCs have network management as a critical concern for a CIO and the enterprises push the adoptions of networks that are scalable, secure, and flexible enough to accommodate the vast expanding array of services. Around 63% of MNCs opt for outsourcing, including buying managed network and telecom services to achieve overall cost savings and focus on core business competencies.
- The declining ATM/frame-relay is expected to foster the MPLS VPN growth. Businesses are leveraging on MPLS VPN services, as they help them prioritize applications, such as voice over internet protocol (VoIP), by class for service. Additionally, they eliminate the need for specific VPN tunneling, thus, reducing the latency of inter-site transfer.
North America Expected to Hold Significant Market Share
- North America region is expected to hold a significant market share for this market. United States is fed by the increasing rate of cybercrime, presence of strong demand due to its service and I.T. led industry pattern and demand for high-end services and privacy.
- The increasing number of cyber-attacks on enterprises across various business verticals are responsible for the growth of this market. This encourages organizations to implement VPN solutions to shield their company resources from unsanctioned access. There is a huge demand for VPN due to the increasing rate of cybercrime, which is propelling the market growth.
- According to Forbes, around 31% of the organizations in the United States have experienced cyber-attacks on operational technology infrastructure in 2017 and due to this reason organizations are adopting secure and advanced solutions to protect their data.
- Further, a recent report, revealed that 74% of Operational Technology organizations experienced a data breach in 2018. One of the primary reasons being only two third os the organisations surveyed have partial cyber security visibility into operational technology.
Competitive Landscape
The virtual private network market is consolidated and has many large players present. There are many mergers and partnerships taking place in this market thereby helping to propel the growth of the market.
- October 2018 - Mozilla announced its partnerships with ProtonVPN to offer VPN services to security-conscious Firefox users. This partnership will strengthen its product portfolio and generate additional revenue sources to increase its profitability.
- September 2018 - Cisco and Jio announced an extension of their partnership to tap an INR 500 billion enterprise market. Jio has created a complete greenfield Internet Protocol or IP-backed network based on VoLTE technology, and its partnership with Cisco will include IP/MPLS, data center, integrated mobile core, service provider Wi-Fi, contact center, security, and enterprise IT.
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