VPN Market Booming: UK Growth Driven by Remote Work and Security Concerns
The global virtual private network (VPN) market is experiencing rapid growth, with projections forecasting a value of £60.8 billion by 2027. This represents a significant increase from the £20.6 billion valuation in 2019, translating to a compound annual growth rate (CAGR) of 14.7% over the period.
The Asia-Pacific region is leading the charge in this expansion, fuelled by factors such as the increasing prevalence of mobile devices, a rise in cyberattacks, and a substantial presence of major VPN vendors in the area. The burgeoning work-from-home trend in the region further intensifies demand for VPN solutions, contributing to the market's upward trajectory.
A VPN establishes an encrypted connection between a device and a network over the internet. This secure connection safeguards sensitive data transmission, preventing unauthorised access and enabling users to conduct work safely and remotely. VPN technology is widely adopted in corporate settings.
The growth of the VPN market is being driven by several factors, including a surge in advanced cyber threats, heightened data security concerns, and the increasing reliance on mobile and wireless devices within organisations. The growing need for remote accessibility further fuels the demand for VPN solutions. However, the lack of expertise in virtualization poses a challenge to the market's growth. Conversely, the increasing adoption of private clouds presents a promising opportunity for expansion in the coming years.
North America dominated the global VPN market in 2019. This dominance can be attributed to the presence of leading VPN solution developers and the early adoption of advanced networking security technology in the region. The need to protect sensitive business information from data breaches and malicious attacks while working remotely further contributes to the market's growth in North America.
Key players in the global VPN market include Avast Software S.R.O., Checkpoint Software Inc, Cisco System Inc, Golden Frog GmbH, IBM Corporation, Juniper Networks Inc, Microsoft Corporation, NetMotion Software Inc, NordVPN, and Radio IP Software Inc.
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