Cloud VPN Market size is expected to grow from USD 2.77 Billion in 2016 to USD 8.78 Billion by 2022

(IT-NEWSWIRE.COM, October 12, 2020 ) Cloud Virtual Private Network (VPN) is a type of VPN that operates on a cloud-based network infrastructure, which is also sometimes referred to hosted VPN or VPN as a service (VPNaaS). Cloud VPN provides a global VPN access to end users including its subscribers and third-party users over public internet. A VPN is mostly meant to permit a user, a connection to the internet over a server run by an enterprise. As most of the data or information on the server is encrypted for privacy, a cloud VPN can provide a secure access over the internet for using the private network through the virtual environment. In this report, MarketsandMarkets expects the cloud VPN market size 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%.

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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 size is expected to grow from USD 2.77 Billion in 2016 to USD 8.78 Billion by 2022