According to a new market research report” Cloud VPN Market by Component (Software and Services), Connectivity Type (Site-to-Site and Remote Access), Organization Size (Large Enterprises and SMEs), End User (Service Providers and Verticals), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The cloud VPN market size is expected to grow from USD 3.25 Billion in 2017 to USD 8.78 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.0%.
The growing adoption of it is seen through a high demand for virtual appliances or technologies in the field of networking, application delivery, and security products. Also, an increasing demand for cloud-based solutions is expected to drive the cloud VPN market over the next 5 years.
Browse 63 Market Data Tables and 32 Figures spread through 111 Pages and in-depth TOC on "Cloud VPN Market by Component (Software and Services), Connectivity Type (Site-to-Site and Remote Access), Organization Size (Large Enterprises and SMEs), End User (Service Providers and Verticals), and Region - Global Forecast to 2022"
Major Key Players
Key players in the cloud VPN market include Cisco Systems (US), Microsoft (US), Google (US), NCP engineering (Germany), Huawei (China), Robustel (China), Oracle (US), Contemporary Controls (US), Virtela (US), Singtel (Singapore), and Cohesive Networks (US).
Remote access connectivity type to carry the highest market size
The remote access connectivity type enables an individual user, located remotely, to connect to the enterprise network using personal devices, such as laptops, smartphones, or tablets. The remote access connectivity type is deployed on the cloud infrastructure and can easily be optimized and managed on the cloud itself. It makes it popular among end users and gain more market size in the cloud VPN connectivity.
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Government and public utilties segment is expected to be the fastest-growing vertical
In the verticals end-user segment, the government and public utilities sector is expected to grow at the highest CAGR, while the telecom and IT sector is estimated to have the largest market share. The governmenet and public utilies sector is undergoing a major transformation with the advent of cloud VPN. This secotr is expected to use cloud VPN to a great extent, owing to the increased need for security, privacy, and compliance across the government and public surveillance. This, in turn, would drive the cloud VPN market during the forecast period.
North America is expected to have the largest market size in the cloud VPN market
North America, owing to the presence of a large number of cloud VPN vendors, is expected to have the largest market size in the cloud VPN market during the forecast period. Meanwhile, Asia Pacific (APAC) is expected to be the fastest-growing region. With the evolution of digital transformation in APAC, the need for managed IT services is also seen to be increasing. Furthermore, rapid economic growth in the developing APAC countries, along with the improving regulatory reforms and economic stability is driving the growth of the cloud VPN market in this region. The market in developing regions, such as the Middle East and Africa (MEA) and Latin America, is expected to grow owing to the increasing use of mobility, cloud computing, expanding retail and banking sector, and government regulatory compliances.
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Key Target Audience For Cloud VPN Market
- Cloud platform providers
- Cloud VPN software/service providers
- Managed service providers
- Internet service providers
- Communication service providers
- Third-party system integrators
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