June 22, 2024
Virtual Private Network Market

Virtual Private Network Market is in Trends by Surging Data Privacy Concerns

VPNs allow users to access region-restricted content and mask online activities and identities by obscuring the originating IP address of the device. They play a pivotal role in enabling organizations across industries to allow remote access for staff while ensuring protection of data.

The Global Virtual Private Network Market is estimated to be valued at US$ 57.2 Bn in 2024 and is expected to exhibit a CAGR of 19 % over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the virtual private network market are Cisco system Inc., Fortinet FortiClient, Palo Alto Networks GlobalProtect, Check Point Endpoint Remote Access VPN, SonicWall VPN, Juniper Networks Pulse Secure, Citrix Gateway, OpenVPN Access Server, F5 BIG-IP Access Policy Manager, Barracuda CloudGen Access, Zscaler Private Access, NetMotion Mobility, WatchGuard IPSec VPN, Hideman VPN for Business, Perimeter 81, Key Players, ExpressVPN, Proton VPN, NordVPN, CyberGhost.

The surging adoption of Bring Your Own Device (BYOD) policy and flexibility offered by remote working models have propelled the demand for VPNs. They allow organizations to ensure secure access to private networks from any location leading to increased productivity. Moreover, the proliferation of data breaches and growing privacy concerns have rubbed VPN adoption across both corporate and individual users.

The Virtual Private Network Market Demand is witnessing robust expansion in key regions such as North America, Europe, Asia Pacific, Middle East and Africa. The presence of leading technology companies and developed IT infrastructure has accelerated VPN uptake in these regions. Moreover, the changing workplace dynamics post pandemic and evolving cyber threats continue to drive global investments in Virtual Private Networks.

Market Key Trends

One of the key trends shaping the VPN market is the evolution of cloud-based VPN solutions. The advent of Software-as-a-Service (SaaS)-based delivery models has enhanced the scalability, flexibility, and affordability of VPNs. The models allow easy access to VPNs on any device without the hassles of hardware installations and complex configuration settings. Leading providers are focusing on robust cloud infrastructure to offer secure and reliable services on a subscription basis.

Another defining trend is the integration of Zero Trust Network Access (ZTNA) capabilities with VPNs. ZTNA implements strict identity-based access control and limits lateral movement even after establishing a connection. Providers are enabling multi-factor authentication, granular access policies, application-layer controls, and real-time monitoring through VPN platforms to strengthen protection and eliminate blind spots. The converging of VPNs and ZTNA will allow organizations to achieve adaptive and intelligent access security for increasingly distributed environments.
Porter’s Analysis
Threat of new entrants: New companies entering this market face high capital requirements to build infrastructure and provide attractive service offerings.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiation in offerings by various providers.

Bargaining power of suppliers: Service providers face low threat from suppliers as there are no major suppliers for VPN services and providers rely on public internet infrastructure.

Threat of new substitutes: Open-source VPN software and freemium offerings pose potential threat of substitution.

Competitive rivalry: Intense rivalry among established providers to tap new customer segments and geographical markets.

Geographical Regions

North America region accounts for the largest share of the virtual private network market in terms of value owing to high internet penetration, digitalization of work culture and presence of major VPN providers.

Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing adoption of cloud and Internet of Things technologies among small and medium enterprises in countries like China, India and South Korea driving demand for VPN services to ensure security and privacy.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it