July 28, 2022
Cyberattacks are escalating, increasing in number and sophistication. This is having a direct and positive impact on the virtual private network (VPN) market. According to a new report from BCC Research, the global market for VPNs was worth $32.8 billion in 2021, and is on track to surpass $76.1 billion by 2027.
VPNs work by creating an encrypted tunnel between a computer and the internet, ensuring that data and communications are private, even when users are connecting through public networks. The technology is also capable of providing protection against external threats, as the encrypted tunnel means that only the user can access the requested data.
“We’re currently seeing a convergence of opportunities within the VPN market,” says Dr. Helia Jalili, Director of Research-Science and Technology, BCC Research. “There’s an ever-rising tide of smartphone adoption, with predictions from the GSMA indicating there’ll be 7.5 billion smartphone users by 2025. Plus, businesses of all sizes are cultivating a bring-your-own-device culture, particularly startups, as it reduces or eliminates the need for initial infrastructure expenses. And because BYOD has shown to increase the productivity of employees, it’s only going to keep on climbing upwards.
“Furthermore, there’s rising government investment in smart city development. And the emergence of e-learning has significantly transformed the educational landscape, too. All these market forces are driving demand for VPNs, right across our forecast period.”
VPNs have numerous advantages in the workplace. With the rise of hybrid working, VPNs allow employees to connect securely to their company network, safely accessing applications and files, regardless of where they are located. Private information is protected, anonymity is maintained, and valuable customer and company information is protected.
Bandwidth-throttling can also be avoided. This speed reduction at certain times and on certain sites might be instigated by the ISP or any person who has administrative control over a network. Slowdowns can be reduced by encrypting internet traffic. The destination of web traffic is hidden, and other users cannot see the content in the same network.
“When you factor in all the different ways that cybercriminals are operating, VPNs are a solid choice,” says Dr. Jalili, “and that’s what’s propelling the market forward. From fraudulent Wi-Fi hotspots, to man-in-the-middle attacks, sniffing packets and malware, VPN solutions hold all the answers. And at just a few dollars a month, VPN services are always cheaper than the alternative. It’s a small price to pay for total privacy, and a big driver for the VPN industry.”
Virtual Private Network (VPN): Global Markets( IFT252A )
Publish Date: Jul 2022
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