Global VPN Market Size worth $350 Bn by 2032

VPN Market size is anticipated to exceed USD 350 billion by 2032, according to a new research report by Global Market Insights Inc.
 

According to the report, companies are increasingly embracing BYOD platforms due to the growing availability of office resources on the cloud and the increasing number of corporate apps. This has subsequently provided employees the flexibility to choose their own devices for better output at work, which has bolstered the demand for virtual private networks. It has also made employees capable of working for longer from places that were previously unconnected, which is further shaping the VPN market outlook.
 

Increasing remote working trend to impact VPN software component segment growth

The software segment is likely to exhibit more than 25% growth rate through 2032 on account of the increasing adoption of digital mobility in industries. The rise of remote working has further elevated the demand for encrypted connection over the internet and augmented segment growth. VPN software allows employees to securely access their organization’s computer network while working remotely. Its ability to let users freely browse the internet without being identified, tracked, or monitored is also contributing to segment growth.
 

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Cloud migration to foster IP VPN segment growth

The IP VPN segment accounted for approximately 20% of VPN market share in 2022, driven by the rapidly increasing bandwidth requirements of enterprises. This growth attributed to the rising phenomenon of cloud migration, where organizations are moving office resources and applications to the cloud. Consumers are showing higher preference to IP VPN services as they offer Quality of Service (QoS) for numerous mission-critical apps and also simplify the overall network design.
 

Browse key industry insights spread across 320 pages with 429 market data tables and 49  figures & charts from the report, “Virtual Private Network (VPN) Market Size By Component (Hardware, Software, Services), By Type (IP, MPLS (Multiprotocol Label Switching), Cloud VPN, Mobile VPN), By Connectivity (Site-to-Site, Remote Access, Extranet), By Application (Consumer [Smartphones, Tablets, Laptops/PCs], Commercial [BFSI, Healthcare, IT, Government, Manufacturing], Service Providers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/virtual-private-network-vpn-market
 

Rising demand for extending of corporate networks to drive remote access connectivity segment

The remote access VPN is poised to depict about 50% gains through 2032, owing to its increasing adoption in many organizations. Many organizations are adopting remote access VPN for its ability to facilitate secured communication, flexibility, and enhanced productivity through the extension of the corporate network as well as its applications, stimulating segment expansion. Increasing demand for higher flexibility in remote working environments is also boosting segment growth.
 

Rise of online banking to bring in high revenue growth from the BFSI sector

With respect to commercial applications, the VPN market is drawing strong growth from the BFSI segment, which held a 35% market share in 2022. Rising consumer inclination towards online banking is complementing segment revenues. With browser and smartphone-based account access becoming the preferred way for conducting financial transactions, many banks are opening online banking portals to deliver convenience to customers. However, the rise of online transactions has also fueled the growth of cybercrime. This has pushed banks and financial institutions to implement various security measures, including the adoption of VPN services, to protect confidential customer information.
 

Increasing internet penetration to strengthen MEA market

The MEA virtual private network market is expected to grow at around 20% CAGR through 2032, led by increasing penetration of the internet in the region. The growth can also be credited to the rising demand for consolidating institutional resiliency of enterprises against potential cyberattacks. According to GSMA Intelligence, over 280 million people in the Middle East and Africa (45% of the population) were connected to mobile internet at the end of 2020.
 

Product innovations to shape the competitive market landscape

Some of the contenders in the VPN market are Cisco Systems, Inc., Golden Frog GmbH, Google LLC., IBM Corporation, Juniper Networks, Microsoft Corporation, and Mudhook Marketing, Inc., among others. Many players predominantly rely on frequent product innovations to stay ahead of competition.