The global virtual private network (VPN) market is projected to grow from $38.56 billion in 2021 to $45.89 billion in 2022, according to a new report.
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A compound annual growth rate (CAGR) of 19.0% is anticipated for the forecast period, as companies continue to cater to consumer demands that had risen exponentially following the pandemic, according to Research and Markets.
Additionally, the agency estimates that the VPN market will reach $91 billion in 2026 while growing at a CAGR of 18.7%.
North America accounted for the vast majority of virtual private network market revenue in 2021. During the forecast period, however, the Asia Pacific region is expected to grow at the fastest rate.
Providers of VPN services are increasingly investing in technologies that enable reliable internet connectivity and remote access, further propelling the market.
Some of the key players in the VPN market include Check Point Software, Cisco, Golden Frog, Juniper Networks, and Microsoft. There are also a variety of VPN types considered in the research, including IP VPNs, cloud VPNs, mobile VPNs, and multiprotocol label switching (MPLS).
Microsoft has, for instance, integrated advanced features into its VPN Gateway in 2020. Particularly, Microsoft Azure VPN Gateway lets users connect their surrounding networks via site-to-site VPNs, much like they would for a remote branch office.
A growing number of cyber attacks will increase demand for virtual private networks in the coming years, according to the report.
Cyber crime has increased 600% since the outbreak of the Covid pandemic, encapsulating everything from identity theft to hacking, the World Economic Forum warned in its 2020 Global Risk Report.
