The global cloud VPN market is estimated to grow at a CAGR of ~22% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing adoption of cloud-based services and solutions amongst enterprises, along with growing penetration of internet and virtualization. Moreover, the surge in trends, such as, remote working is estimated to increase the demand for cloud VPN services. The market growth can be further attributed to the increasing adoption of cloud computing across various industry verticals. For instance, cloud computing services generated almost USD 400 billion in revenue in 2021. Many organizations are transforming from traditional to digital mode of business, with the use of cloud services. Furthermore, the rising digitalization worldwide, is anticipated to boost the market growth. Additionally, growing penetration of internet is projected to fuel the growth the market. According to the World Bank Statistics, 56.727% of the global population used internet in 2019, while 60% population used internet in 2020.
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The market is segmented by connectivity type into site-to-site, and remote access, out of which, the remote access segment is anticipated to hold a substantial share in the global cloud VPN market over the forecast period on account of increasing work from home and remote working pattern amongst organization. Remotely accessible VPN is desirable amongst employees working remotely, which is expected to boost the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global cloud VPN market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of growing proliferation of tech-giants in the developing nations, such as, Japan, India, and China, along with the growing IT sector in the region. For instance, the IT services industry in the APAC region is projected to reach approximately USD 240 billion by 2022.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the expansion of e-commerce industry in developed nations, such as, Canada and U.S. Moreover, growing penetration of internet and smart devices which require VPN, are anticipated to boost the regional market growth.
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The global cloud VPN market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cloud VPN market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for cloud-based services amongst enterprises is estimated to boost the cloud VPN market growth.
The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Cisco Systems, Inc., Huawei Technologies Co., Ltd., Singapore Telecommunications Limited, NCP engineering GmbH, Verizon Communications Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, connectivity type, organization size, end-user, and by region.
The BFSI segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Lack of awareness amongst people and availability of alternative technology are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing adoption of e-commerce in the region.
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