North America VPN Market Will Soon Be Worth $70 Bn
According to a recent study from market research firm Graphical Research, the North America virtual private network market size is set to register a significant growth during the forecast timeframe due to the rising demand for secure connections together with the need for anonymity in sensitive data transfer.
Surfing the web or conducting business on an unprotected Wi-Fi network exposes the user to the risk of private information leak.
Whether it is reading confidential emails while standing in line at the coffee shop or checking bank account details while waiting at the doctor's office, everybody requires access to a secure network. Unless the user is connected to a private Wi-Fi network that needs a password, all data exchanged during the online transactions may be exposed to theft on the same network.
A VPN's encryption and anonymity can secure online activities, such as sending emails, shopping online, or paying bills. It encrypts the data, secures the user's online identity by masking their IP address, and allows them to utilise public Wi-Fi hotspots safely. The proliferation of work from home (WFH) trend as a result of the COVID-19 epidemic is boosting VPN services adoption.
Up to 2026, the virtual private network market share from extranet connectivity segment is predicted to grow steadily. Extranet connectivity addresses the enterprise requirement for flexible access to business resources scattered over private infrastructure. It reduces the need for extra network equipment and helps a company make better use of current networking resources.
MPLS-based VPN segment represented over 35% of the total North America market in 2019. MPLS VPN is most commonly used to facilitate priority-based data delivery across several sites. Companies are able to use latency and resources efficiently based on their business requirements. Another factor augmenting market demand is the substantial increase in cyber-attacks and data breach instances, which are compelling adoption across the virtual private network market in North America.
VPN solutions are being used by companies in the BFSI industry to provide utmost protection during a financial transaction.
Financial institutions are deploying these products and services in response to a growing need to safeguard their clients' sensitive information. VPN implementation thereby assists businesses in lowering additional capital expenditure on security equipment.
The virtual private network market share from remote access connectivity segment in North America is expected to command more than 45% of the total market by 2026. Remote access VPNs meet the surging demand for secure access to corporate resources, by connecting to the Internet over an encrypted route. Additionally, several companies are implementing remote access connections to increase flexibility and save communication expenses. It also offers secure communications with access privileges suited to particular users like as workers, contractors, or partners.
In the United States, widespread use of mobile devices and the implementation of BYOD rules across North American organisations are drivers of the rapid development in the regional VPN market.
Quoting an instance from 2018, about 78% of organisations in the United States reported using BYOD activities. In addition, the GSMA Intelligence's Mobile Economy 2019 study reported smart phone adoption in the United States to be 83% during 2018.
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