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Cloud VPN Market Forecast, Latest Innovations, Business Opportunities and Competitive Landscape
- Sakshi M
- Mar 17, 2021
- 2 min read
Cloud VPN or VPN as a service allows users to access a company’s data stored in the cloud through a website or mobile application. VPN services enable employees for securely accessing data and resources through a private network. The global cloud VPN market report by Market Research Future (MRFR) studies the growth of cloud and other pertinent factors for sizing the valuation of the industry during the forecast period (2017-2023). The COVID-19 pandemic and its impact on the market is explored in high detail.
Market Scope
The global cloud VPN market is expected to grow at a CAGR of 22% during the forecast period. The large number of mobile devices used for official purposes and trend of bring-your-own-devices (BYOD) are major drivers of the market. Expansion of companies and rise of virtual offices can bode well for the market. Whitelisting of sites for increasing productivity of employees and blocking malicious sites by assigning static IP addresses are features of cloud VPN which has seen many takers in the corporate sector.
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Segmentation
The global cloud VPN market is segmented by component, connectivity, organization size, and vertical.
Based on component, the market is segmented into software and service. The service segment is further classified into integration, support & maintenance, and training and consulting.
Based on the connectivity, the market is segmented into remote access and site-to-site. Remote access connectivity is expected to hold the largest market share of the global cloud VPN market. This is owing to the growing popularity of bring-your-own-device (BYOD) and increasing adoption of mobile devices across organizations.
Based on the organization size, the market is segmented into SMEs and large enterprises. The SMEs sub-segment is expected to grow at the highest rate during the forecast period. This is due to the centralized management capabilities and cost-effectiveness offered by cloud VPN solutions. It can be used by SMEs for scaling their activities at low costs.
Based on vertical, the market is segmented into IT & telecommunication, BFSI, healthcare, government, manufacturing, retail, and others. The IT & telecommunication segment can capture a large share of the market owing to spending on enterprise software, cyber security, and communication services. Rising use of cloud in virtual applications can bode well for the segment during the forecast period.
Regional Analysis
North America is estimated to account for the largest share of the global cloud VPN market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of cloud VPN applications across various industry verticals such as BFSI, healthcare, manufacturing and IT and telecommunication among others. The expansion of the ecommerce sector and increasing investments in the IT sector can provide a stimulus to the market. Machine-to-machine communications and analytics platforms can facilitate the growth of the North America cloud VPN market.
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