Virtual Private Network (VPN) Market size to grow by USD 47.82 billion between 2023 – 2028| Driven by Rising popularity of bring-your-own-device (BYOD) policy- Technavio

NEW YORK, Nov. 8, 2023 /PRNewswire/ — The Virtual Private Network (VPN) Market size increased by USD 47.82 billion, accelerating at a CAGR of 16.28% during the forecast period, according to Technavio’s market analysis. The market is experiencing significant growth due to the increasing adoption of VPN solutions across various industry sectors. Businesses, including those in the IT field, are embracing VPNs for their speed and security benefits. VPNs ensure the smooth flow of critical business data and prevent loss, making them a valuable choice. VPNs establish secure, encrypted connections between devices and their networks over the Internet, primarily driven by security concerns in enterprises. This metaphorical “tunnel” for data transmission, where it is encrypted and safeguarded, aligns with organizations’ security measures, leading to widespread adoption across industries and contributing to the growth of the global VPN market in the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here

• A notable challenge impeding market growth is the competition driven by open-source VPN solution providers. The virtual private network market faces a significant hurdle due to the abundance of open-source options, including solutions like Libreswan, OpenVPN, and OpenConnect, which offer VPN functionality free of charge. Additionally, the market features numerous open-source companies that offer a variety of VPN tools and applications. The combination of these products from different open-source providers can nearly match the functionalities offered by both on-premises and cloud-based VPN companies.
• Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The Virtual Private Network (VPN) Market is segmented by End-user (Commercial and Individual), Type (MPLS, IP, and Cloud and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The commercial segment is anticipated for substantial market share growth during the forecast period. The commercial segment held the largest market share in the virtual private network (VPN) market in 2023 and is expected to continue this growth trend. This is driven by an increased emphasis on establishing secure networking environments for enterprises and a growing concern over security breaches involving personal data and more severe cyber threats.
• North America is anticipated to make a 30% contribution to global market growth during the forecast period. Multi-protocol label switching (MPLS) VPNs have emerged as superior alternatives to VPNs based on integrated services digital network (ISDN) and analog lines, offering enhanced security and faster communication. Enterprises require VPNs that provide uninterrupted service access while safeguarding sensitive customer data and corporate information on their servers. MPLS VPNs ensure improved performance for enterprise applications, crucial for real-time functions like video, text, and voice. Additionally, they offer the advantage of single-operator administration and control.
• View Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Virtual Private Network (VPN) Market:

• Absolute Software Corp.
• AirVPN
• Alphabet Inc.
• Array Networks Inc.
• Check Point Software Technologies Ltd.
• Cisco Systems Inc.
• Cloud Software Group Inc.
• Gen Digital Inc.
• Huawei Technologies Co. Ltd.
• International Business Machines Corp.
• Juniper Networks Inc.
• Kape Technologies Plc
• McAfee LLC
• Microsoft Corp.
• NCP engineering GmbH
• Nord Security
• Oracle Corp.
• Proton AG
• Sectra AB
• Ziff Davis Inc.

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Application Security Market: The application security market size is estimated to grow at a CAGR of 19.32% between 2022 and 2027. The market size is forecast to increase by USD 13.14 billion.

TOC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by End-User
7. Market Segmentation by Type
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, & Trends
12. Company Landscape
13. Company Analysis
14. Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio