The cloud VPN market could be worth US$8 billion by 2022
FYI, this story is more than a year old
According to a new market research report published by MarketsandMarkets, the Cloud VPN Market size is expected to grow from US$3.25 billion in 2017 to US$8.78 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 22.0%.
The growing adoption is due to a high demand for virtual appliances or technologies in the field of networking, application delivery, and security products.
An increasing demand for cloud-based solutions is expected to drive the Cloud VPN Market over the next five years.
Of this remote access connectivity type is expected 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.
This makes it popular among end users and thus it gains more market size.
In the verticals end-user segment, the government and public utility sector is expected to grow at the highest CAGR, while the telecom and IT sector is estimated to have the largest market share.
The Government and public utilities sectors are undergoing a major transformation with the advent of cloud VPN.
This sector 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, 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 increasing.
Furthermore, the 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.