The virtual private network (VPN) market is likely to foresee lucrative growth by 2027 owing to the increasing internet and smartphone penetration, surging BYOD trend across enterprises, increasing work-from-home trend in IT companies, and the rising adoption of IoT devices across the production facilities.
A VPN or virtual private network obscures internet data traveling to and from the users device. The VPN software typically lives on users device, whether it is a smartphone, tablet or a computer. Virtual private networks are very essential for the users because the internet connections could be spied easily by spiteful cybercriminals. Virtual private network services often connect to private servers and utilize encryption techniques to reduce data leakage risks.
The virtual private network (VPN) market is segmented on the basis of component, by type, by connectivity, application and regional landscape.
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With respect to type, the VPN market is categorized into mobile VPN, Cloud VPN, MPLS, and IP VPN. Among these, the mobile VPN segment is estimated to witness more than 20% CAGR over the projected time period. The increasing smartphone penetration across the globe will drive the segmental growth.
Smartphone or mobile VPN services are generally a reliable way to protect users internet activities. An effectual mobile VPN provides continuous service to customers and can effortlessly switch across access technologies and various private and public networks. Mobile VPN functioning is always transparent to the end user without having to compromise on privacy or security.
In terms of application, the market for VPN is bifurcated in terms of service provider, commercial and consumer. The consumer segment is further classified into laptops and PCs, tablets, and smartphones. Here, the tablets segment will witness a CAGR of over 20% through the forthcoming time period owing to the rising BYOD trend across enterprises.
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The commercial segment is classified into government, manufacturing, healthcare, IT, BFSI and others. Among these, the IT segment made up approximately 20% share of the VPN market and will continue to show similar growth. This growth is largely ascribed to the due to increasing trend of work-from-home across IT companies.
The manufacturing segment is anticipated to showcase a CAGR of over 20% through the forecast period. The increasing adoption of IoT devices across the production facilities will accelerate the segment growth.
On the regional front, the Latin America VPN market is slated to grow at a CAGR of 20% over the analysis timeline. The growth is ascribed to the increasing internet penetration in the region.
Meanwhile, MEA is expected to grow at a CAGR of around 15% over the assessment period owing to the growing mobile subscribers across the region.