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Virtual Private Network (VPN) Market Size

Report ID: GMI2756
Published Date: Aug 2023
Report Format: PDF

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Virtual Private Network (VPN) Market size

Virtual Private Network (VPN) Market size valued at USD 45 billion in 2022 and is estimated to grow at around 20% CAGR from 2023 to 2032. Driven by growing instances of cybercrimes and data thefts, due to the increasing proliferation of wireless devices and digital infrastructures across industries.

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Growing instances of cyberattacks on businesses have increased the need for encrypted networks that facilitate secure transmission of sensitive data. This need has subsequently transformed a once niche field of virtual private networks into a vast market with significant potential for growth. A VPN only permits authorized systems to decode the information being transmitted through the network. The cost-effective nature of VPN services, coupled with their enhanced security and accessibility, are positively impacting business growth as well. Additionally, the need for online anonymity has also created growth avenues for the VPN market share.

Virtual Private Network (VPN) Market Report Attributes
Report Attribute	Details
Base Year:	2022
Virtual Private Network (VPN) Market Size in 2022:	USD 45 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	20%
2032 Value Projection:	USD 350 billion
Historical Data for:	2018 to 2022
No. of Pages:	320
Tables, Charts & Figures:	478
Segments covered:	Component, Type, Connectivity, Application
Growth Drivers:	Rise in cybercrime and data breaches Proliferation of internet services Increasing adoption of VPN across multiple business verticals Compliance regulations requiring organizations to implement additional security Growing adoption of BYOD and enterprise mobility
Pitfalls & Challenges:	Budget constraints Need to support multiple OS slows down VPN functionalities Reluctance to adopt various VPN solutions

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Constrained spending amid slow economic growth to hinder the industry expansion

With the global economy expanding a post-pandemic slump, many businesses have drastically cut down their spending. Across a number of global organizations, IT has been severely hit by these spending cuts, which is hindering industry outlook. The spending cuts have notably slowed down sales cycles and disrupted growth across the overall information security market. Information security product and services are particularly affected as organizations are growing more hesitant on acquiring or continuing paid VPN services.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of virtual private network is surpassed USD 45 billion in 2022 and is expected to record over 20% CAGR during 2023 to 2032.

The APAC virtual private network market is anticipated to register more than 25% of the growth rate through 2032, driven by the surging penetration of internet-based devices and smartphones in the region.

Some of the major contenders operating in the global market are AnchorFree GmbH, AirVPN, Array Networks, Inc., Anthasoft SA DE CV, BlackBerry Limited, Avast Software s.r.o., Check Point Software Technologies Ltd., Buffered Ltd., Citrix Systems, Inc., Cisco Systems, Inc., Cryptzone, Columbitech, and CyberGhost S.A., among others.

The site-to-site connectivity segment held approximately 40% of the market share in 2022 and is estimated to record considerable growth in the coming years.