Cloud VPN Market Research Report: By Component (Software, Service), by Organization Size (SMEs, Large Enterprises), Connectivity (Remote, Site-to-Site), Vertical (BFSI, IT & Telecommunication, Healthcare, Government) – Forecast till 2023
— Market Synopsis:
The global cloud VPN market is estimated to expand at 22 % CAGR during the forecast period (2017-2023) owing to the growing shift towards virtualization, asserts Market Research Future (MRFR). Cloud Virtual Private Network operates on cloud-based network infrastructure and is referred to hosted VPN or VPN as a service.
Cloud VPN Market offers a global VPN access to end users including its subscribers and third-party users over public internet. A cloud VPN can provide secure access to the internet for using the private network through the virtual environment since most of the data or information on the server is encrypted for privacy.
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The major players operating the global market are Huawei Technologies Co. Ltd. (China), Microsoft Corporation (U.S.), Google Inc. (U.S.), Singapore Telecommunications Limited (Singapore), Cohesive Networks (U.S.), Robustel (China), NCP Engineering (Germany), Oracle Corporation (U.S.), Virtela (U.S.), Cisco Systems Inc. (U.S.), Contemporary Controls Systems Inc. (U.S.), and others.
Drivers and Constraints Impacting the Market:
As the world is shifting towards complete digitization, the need for private and secure connections to the internet becomes a prime concern. The demand for enhanced privacy increases with the increasing number of devices connected to the internet.
Cloud-based VPN offers two-way authentication for the clients, self-signed certificates, and highly secured encryption, thereby triggering the market demand. With the growing shift towards virtualization coupled with rising dependence of web-based services and solutions, the global cloud VPN market is likely to expand over the review period. Additionally, the increasing concern associated with data security is presumed to drive the market growth.
On the flip side, high cost associated with the adoption of cloud VPN services by several end-users can hamper the market growth in the coming years. The initial cost is considered to be a big challenge by the organizations, thereby inhibiting the market.
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Cloud VPN Market Segmental Analysis:
The global cloud VPN market has been segmented on the basis of connectivity, component, vertical, organization size, and region.
By mode of component, the market has been segmented into service and software. Among these, the service segment is further sub-segmented into support and maintenance, integration, consulting, and training. The services segment is presumed to expand at the highest rate over the assessment period due to the growing number of cloud VPN solution providers focusing on support and maintenance services.
By mode of connectivity, the market has been segmented into site-to-site and remote access. Among these, the segment for remote access is presumed to hold the largest market share due to the growing population rising adoption of mobile devices across organizations.
By mode of organization size, the market has been segmented into large enterprises and SMEs. Among these, the SMEs segment is estimated to expand at the highest rate during the review period owing to the cost-effectiveness provided by cloud VPN solutions coupled with centralized management capabilities.
By mode of vertical, the market has been segmented into government, retail, IT & telecommunication, manufacturing, healthcare, BFSI, and others.
Geographically, the cloud VPN market spans across regions namely, North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, North America is predicted to account for the largest market share owing to the technological advancements coupled with the growing adoption of cloud VPN applications across industry verticals like manufacturing, BFSI, healthcare, IT & telecommunication, and others. The United States holds the majority share both in terms of revenue as well as growing number of service providers.
The Asia Pacific region is presumed to expand at the fastest rate over the review period owing to the development and growth of internet facilities.
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NETGEAR(R) Inc., has announced its first Insight Managed Security router, Insight Instant VPN Business Router (BR500) to enable remote office or small businesses installations to provide instant access to office intranet through a secured VPN from anywhere across the world. The router has been designed to interconnect up three offices regardless of their geographical location.
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