Cloud VPN Market worth 8.78 Billion USD by 2022, with a CAGR of 22.0%

(IT-NEWSWIRE.COM, January 08, 2020 ) MarketsandMarkets forecasts the global cloud VPN market 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%. Growing shift toward virtual appliances, surging demand for cloud services, and increasing data security concerns are major drivers of the cloud VPN market. The global cloud VPN market is segmented on the basis of components, connectivity types, organization sizes, end users, and regions.

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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.

Government and public utilities 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 government and public utilities sector is 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 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.

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).

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Cloud VPN Market worth 8.78 Billion USD by 2022, with a CAGR of 22.0%