New York, US, May 25, 2023 (GLOBE NEWSWIRE) -- According to the market research report by Market Research Future (MRFR), "Virtual Private Network Market Information by Type, Deployment, Products, End User and Region - Forecast till 2030”, Virtual Private Network Market could thrive at a rate of 15.42% between 2020 and 2030. The market size will be reaching around USD 76.59 Billion by the end of the year 2030.
Market Synopsis:
Virtual Private Network (VPN) is a technology that enables secure and private communication over the internet. It creates a secure, encrypted connection between two endpoints, such as a remote worker and their company's network. This allows users to access the internet or a private network remotely while ensuring data security and privacy.
VPNs are widely used in various industries, including banking, healthcare, and government, where secure communication is essential. VPNs also allow remote workers to securely access their company's network from anywhere in the world. Furthermore, VPNs are used by individuals to protect their online privacy and security, as well as to bypass geo-restrictions and censorship.
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Market Competitive Landscape:
The affluent companies in the Virtual Private Network industry include:
- Cisco Systems Inc
- NordVPN
- CyberGhost
- ExpressVPN
- Private Internet Access (PIA)
- Hotspot Shield
- IPVanish
- PureVPN
- StrongVPN
- Surfshark
Scope of the Report - Virtual Private Network Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 76.59 billion |
| Market CAGR during 2022-2030 | 15.42% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Dynamics | Alternatively, there was a huge usage of VPNs in several business enterprises, schools, colleges, and other organizations |
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Latest Industry Updates (April 2021): ExpressVPN announced that it had completed a third-party audit of its privacy and security practices. The audit was conducted by PwC Switzerland and verified that ExpressVPN's services are secure, private, and protect user data. This development is significant for the VPN market as it reinforces the importance of privacy and security in VPN services.
Market USP Covered:
Market Drivers:
The market for VPNs is driven by several factors, including the increasing need for secure remote access to corporate networks, the rising concern over online privacy and security, and the growing adoption of cloud-based services. Additionally, the increasing use of mobile devices and the Internet of Things (IoT) is expected to drive demand for VPNs in the coming years.
Another significant driver is the increasing demand for VPN services in developing regions such as Asia-Pacific and Latin America. With the growing adoption of smartphones and the internet, these regions offer significant growth opportunities for VPN providers. Furthermore, the increasing trend of remote working is expected to boost demand for VPN services, as more employees work from home and require secure access to their company's network.
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Market Restraints:
While the VPN market is expanding, the competition among providers has intensified. The increasing number of VPN providers has resulted in pricing pressure and reduced profit margins. This has led to a price war, forcing providers to offer their services at lower prices to remain competitive. As a result, smaller VPN providers with limited financial resources may struggle to keep up with larger players, resulting in consolidation within the industry.
Another challenge faced by the VPN market is the high cost of VPN services. Although VPN services are becoming increasingly popular, the cost of a good VPN service can be prohibitive for many consumers, particularly those living in developing regions. This has limited the growth potential of the VPN market in these regions, where consumers may prefer to use free or low-cost VPN services. Additionally, some consumers may be hesitant to use VPN services due to concerns about privacy and security, particularly if they are unfamiliar with the technology. These challenges are expected to continue to impact the VPN market in the coming years.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the VPN market, as the widespread adoption of remote working became a necessity for many businesses. The need for secure remote access to company networks and resources has led to a surge in demand for VPN services. As a result, VPN providers have experienced significant growth in their customer base and revenues during the pandemic.
The post-COVID-19 scenario is expected to see sustained demand for VPN services, as remote working is expected to continue to be prevalent in many industries. Even as businesses return to on-site operations, many are expected to continue to offer flexible remote working options to their employees. This is to sustain the demand for VPN services, as businesses seek to maintain secure remote access to their networks. Additionally, the increasing use of cloud-based services and applications is also expected to contribute to the growth of the VPN market, as businesses seek to secure their cloud-based resources.
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Market Segmentation:
- By Type - The Type in the market includes Hosted, IP, Multiprotocol Label Switching, and Cloud.
- By Deployment - The Deployment in the market includes On-Premise and On-Cloud.
- By Products - The Products in the market include Routers, Switches, and Firewalls.
- By End User - The End Users in the market include Government, Telecommunication, Manufacturing, Healthcare, BFSI, and Utilities.
Regional Insights:
North America is the largest market for VPN services, owing to the high adoption of cloud-based services and the increasing trend of remote working. Europe is another significant market, driven by the increasing concern over online privacy and security. The Asia-Pacific region is expected to see strong growth in the coming years, owing to the increasing adoption of mobile devices and the internet.
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