Virtual Private Network (VPN) Market Size

Virtual Private Network (VPN) Market size

Virtual Private Network (VPN) Market size valued at USD 45 billion in 2022 and is estimated to grow at around 20% CAGR from 2023 to 2032. Driven by growing instances of cybercrimes and data thefts, due to the increasing proliferation of wireless devices and digital infrastructures across industries.

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Growing instances of cyberattacks on businesses have increased the need for encrypted networks that facilitate secure transmission of sensitive data. This need has subsequently transformed a once niche field of virtual private networks into a vast market with significant potential for growth. A VPN only permits authorized systems to decode the information being transmitted through the network. The cost-effective nature of VPN services, coupled with their enhanced security and accessibility, are positively impacting business growth as well. Additionally, the need for online anonymity has also created growth avenues for the VPN market share.
 

Constrained spending amid slow economic growth to hinder the industry expansion

With the global economy expanding a post-pandemic slump, many businesses have drastically cut down their spending. Across a number of global organizations, IT has been severely hit by these spending cuts, which is hindering industry outlook. The spending cuts have notably slowed down sales cycles and disrupted growth across the overall information security market. Information security product and services are particularly affected as organizations are growing more hesitant on acquiring or continuing paid VPN services.