Cloud Virtual Private Network (VPN) Market is anticipated to grow at a CAGR of 20.3% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Cloud Virtual Private Network (VPN) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Cloud Virtual Private Network (VPN) market accounted for over US$ 4.68 billion in 2019. It is anticipated to grow at a CAGR of 20.3% from 2020 to 2030.
COVID-19 pandemic is an extraordinary crisis. It has no therapeutic solution including vaccines or drugs. Hence, countries & governments are taking serious decisions including locking the country for months or beyond to control the spread of the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). As a result, the increasing demand for remote workspaces owing to the COVID-19 outbreak is propelling the demand for cloud virtual private networks as organizations are looking for fast and secure networks.
Growing business expansions by established key players across different geographies to establish their strong presence in this competitive market are expected to drive the cloud VNP market. Additionally, the high adoption of cloud VPN by the IT & telecommunication sector is another major driving factor present in the operating market. Moreover, the increasing demand for secure & fast remote access due to the rising trend of work from home is boosting the market growth across the globe. Furthermore, new product launches by key players with advanced features are supplementing the market growth.
However, the high costs associated with cloud VPN services are expected to limit the market growth to a certain extent. Also, the lack of awareness regarding its benefits in some geographical regions and the lack of expertise are hampering the market growth. Moreover, the low adoption by small & medium-sized organizations is another restraining factor present in the operating market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Cloud Virtual Private Network (VPN) Market By Type (Remote Access and Site-to-Site), By Deployment (Public, Private, and Hybrid), By Organizational Size (Small & Medium-Sized Enterprises (SMEs) and Large Enterprises), By End-Use Industry (Transportation & Logistics; Banking, Financial Services & Insurance (BFSI); IT & Telecommunications; Retail & E-Commerce; Energy & Utilities; Manufacturing; Government & Defense; Medical & Life Sciences; and Media & Entertainment) - Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/cloud-virtual-private-network-vpn-market/390
North America accounted for the largest market share in 2019 followed by Europe. The growth of this region can be attributed to the presence of established players and the high penetration of digitalization in this region. Also, the increasing adoption of cloud VNP by small-sized organizations to increase efficiency is expected to boost the market growth for this region. However, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Increasing awareness regarding its benefits and the presence of high potential countries, such as India, China, Japan, and South Korea, are the major driving factors present in the region. Also, the emergence of Cloud VNP startups in the region is expected to create new opportunities in the operating market.
Some of the prominent players in the Cloud Virtual Private Network (VPN) market include Amazon Web Services, Inc., Array Networks, Inc., Cisco Systems, Inc., Cohesive Networks, Google LLC, Huawei Services (Hong Kong) Co., Limited., Microsoft Corporation, NCP engineering GmbH, Oracle, and Robustel, among others.
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