Pune, Maharashtra Aug 18, 2019 (Issuewire.com) - Global Cloud VPN Market is expected to reach US$ 13.38 Bn by 2024 from US$ 2.64 Bn in 2016 at CAGR of 22.5% (Detailed analysis of the market CAGR is provided in the report).
Cloud VPN Market is segmented by component, connectivity type, organization size, and geography. In terms of component, the cloud VPN market is segmented as software and services. Based on the connectivity type, the cloud VPN market is categorized into Site-to-Site and Remote Access. Organization Size segment is further sub-segmented as Large Enterprises and SMEs. End User is bifurcated into Service Providers and Verticals. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
The cloud VPN services segment is the fastest growing market segment that driving the overall cloud VPN market during the forecast period, as many solution providers are focusing on support and maintenance services as these are needed in each phase of the process after implementation. Major factors driving the growth of cloud VPN market is the rise in a shift towards virtualization and growing dependence of enterprises on web-based solutions and services. Also growing data security concerns is anticipated to drive the growth of cloud VPN market. Increasing Shift toward Virtual Appliances is trending the overall Cloud VPN Market. However, Lack of Governance and Standardization will restrain the market growth.
In terms of connectivity type, the remote access segment is anticipated to hold the largest shares of the market during the forecast period. The growth of this segment is attributed to the high adoption rate of mobile devices and Bring Your Own Device (BYOD) trends by organizations.
Based on end-user market, the verticals segment is anticipated to grow at the highest rate during the forecast period. This is due to the preference to purchase the cloud VPN solutions and services directly from software vendors without relying on third-party service vendors.
In terms of region, North America is anticipated to hold the largest market share in the cloud VPN market during the forecast period. This is due to the presence of many business enterprises seeking for a secure mode of communication present on the cloud. Asia-specific is estimated to grow at the highest CAGR during the forecast period, as the region has the presence of credible organizations that are gradually enabling the adoption of advanced technologies.
Some of the key players in the cloud VPN market are Cisco Systems, Inc., Microsoft Corporation, Google, Inc., NCP Engineering, Huawei Technologies Co., Ltd., Robustel, and Oracle Corporation.
Global Cloud VPN Market, By Component
- Software
- Services
Global Cloud VPN Market, By Connectivity Type
- Site-to-Site
- Remote Access
Global Cloud VPN Market, By Organization Size
- Large Enterprises
- SMEs
Global Cloud VPN Market, By End User
- Service Providers
- Verticals
Global Cloud VPN Market, By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Key Players in the Global Cloud VPN Market:
- Oracle
- NCP Engineering
- Array Networks
- Robustel
- Singtel
- Cohesive Networks
- Virtela
- Contemporary Controls
- Cisco Systems
- Huawei
- Microsoft
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