SELBYVILLE, Del., April 21, 2020 (Newswire.com) - According to the latest report "VPN Market by Component (Hardware, Software, Network), Type (IP, MPLS, Cloud, VPN), Connectivity (Site-to-site, Remote Access, Extranet), Application (Commercial [BFSI, Healthcare, IT & Telecom, Government, Manufacturing], Consumer [Smartphones, Tablets, Laptop & Personal Computers], Service Providers), Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of virtual private networks (VPN) will reach $70 billion by 2026. The increasing demand for security and accessibility to sensitive information and the adoption of the work-from-home trend are expected to contribute significantly to market growth.
The growing demand for secure connectivity and privacy to handle highly sensitive data across industries is expected to support VPN market growth. The advanced capabilities to safeguard business network connectivity and reduction in network infrastructure costs are driving the demand for VPN software and services. VPN solutions provide data transmission between computing devices over private or shared network connection. In addition, it provides remote access to the enterprise network via an IP running on public networks, eliminating the need for an additional enterprise network infrastructure.
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The VPN service segment will register growth of above 13% from 2020 to 2026. The demand for VPN services across well-established enterprises has increased exponentially. The growth is attributed to the management of multiservice traffic, flexible portability, and connectivity between corporate sites. It also provides optimum security to end-to-end connectivity over network infrastructure and notifies administration for detected vulnerabilities. This helps enterprises to manage resources effectively.
The MPLS-based virtual private network (VPN) market is expected to grow significantly in the forecast timeline at over a 10% CAGR. Major corporations are adopting MPLS-based VPN solutions that help in connecting corporate sites with data storage facilities. The enterprises majorly leverage this VPN service for priority-based data transmission over multiple locations. This aids enterprises in the effective utilization of latency and resources according to business requirements.
The demand for extranet connectivity is increasing across established corporate enterprises due to the flexibility to access multiple databases shared over private infrastructure. The enterprises are using extranet VPNs for transmitting multiple sensitive information over the same connectivity server. This aids enterprises to provide access to multiple databases to customers, business partners or consultants. The companies are adopting extranet VPN services to utilize the existing network resources and eliminate the need for additional network infrastructure.
The adoption of VPN solutions by service providers is increasing significantly and is predicted to observe around 10% gains till 2026. The telecommunication and communication service providers are adopting VPN solutions for offering diverse services and Quality of Service. The companies are utilizing their network resources for data transmission capabilities with encrypted securities. As enterprises upload data over virtual networks, VPN allows users to access the data by using an enterprise's virtual connection. This also helps companies to eliminate the need for network expansion and reduces capital expenditures.
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The North American VPN market is estimated to hold over a 30% revenue share by 2026. Employees across multiple organizations in the U.S. and Canada are using VPNs for remote access and work-from-home purposes. The COVID-19 outbreak has affected the large-scale enterprise ecosystems in the country. Governments and enterprises are encouraging employees to work from remote locations to minimize business risks. The enterprises are extensively adopting VPN solutions.
Some major findings of the virtual private network (VPN) market report include:
- The growing need for protection against data breaches & cybercrimes and remote access across enterprises are supporting technology development in the market.
- North America is expected to hold a major market share for VPN solutions due to the adoption of BYOD and work-from-home trends.
- Major players operating in the market are Cisco Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, and Smith Micro Software Inc.
- Companies operating in the market are focusing on the development of advanced VPN solutions, such as embedded firewall VPN routers and IP VPN.
Table of Contents (ToC) of the report:
Chapter 3 VPN Market Insights
3.2 Industry segmentation
3.3 Industry landscape
3.4 Impact of COVID-19 outbreak
3.4.1 Impact by region
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa (MEA)
3.4.2 Impact on industry value chain
3.4.3 Impact on competitive landscape
3.5 VPN user trends
3.5.1 By device
3.5.2 By age group
3.5.3 By gender
3.6 Motivation factors for VPN usage
3.7 Evolution of VPN technology
3.8 VPN protocols
3.8.3 SSTP (Secure Socket Tunneling Protocol)
3.8.4 IKEv2 (Internet Key Exchange Version 2)
3.8.5 PPTP (Point to Point Protocol)
3.9 Industry ecosystem analysis
3.10 Technology and innovation landscape
3.10.1 Software Defined Networking (SDN)
3.10.2 Network Function Virtualization (NFV)
3.11 Regulatory landscape
3.11.1 Health Insurance Portability and Accountability Act (HIPAA)
3.11.2 Payment Card Industry Data Security Standard (PCI DSS)
3.11.3 North American Electric Reliability Corp. (NERC) standards
3.11.4 Federal Information Security Management Act (FISMA)
3.11.5 The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.11.6 The Sarbanes-Oxley Act of 2022
3.11.7 General Data Protection Regulation (GDPR)
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.2 Industry pitfalls & challenge
3.13 Growth potential analysis
3.14 Porter's analysis
3.15 PESTEL analysis
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Source: Global Market Insights, Inc.