The global virtual private network (VPN) market is slated to witness appreciable gains through the coming years, owing to the increasing adoption of VPN by several business organizations. This trend is supplemented by an upsurge in expenditure upon networking infrastructure among SMEs.

While numerous organizations are also witnessing the trend of rising digitization in addition to a shift towards cloud-based service, major virtual private network companies are focusing on the development of innovative VPN solutions, comprising Point to Point Protocol (PPTP) and OpenVPN, for serving their customers in an efficient manner.

Citing an instance, in October 2020, Google announced the launch of a new virtual private network via Google One for the provision of an additional layer of online protection on Android phones. The product has been rolled out for protecting people from hacking by means of unsecured public wi-fi networks.

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Similar advancements and a few other factors are expected to augment the demand for different types of VPN through the forecasted period. On that account, the virtual private network (VPN) market size is estimated to surpass USD 120 billion by 2027, as cited by the latest research by Global Market Insights, Inc.

This growth is mainly attributed to the significant role played by various types of VPN services in enterprise-level businesses for the establishment of encrypted and secure connections and the provision of greater privacy.

These services are increasingly being adopted for the enhancement of internet surfing experience and for increasing the efficiency of the organization. Owing to these parameters, the service segment in the virtual private network (VPN) market is expected to expand at a substantial CAGR of 15% between 2021 and 2027.

How will increasing cybercrime activities propel the growth of VPN market size through 2027?

Over the recent years, mobile devices and browser-based account access are largely being preferred as a convenient method for conducting financial transactions. With an upsurge in the number of online transactions, there has been an exponential increase in the number of cybercrime activities. This has led financial institutions and banks to deploy numerous advanced security measures for the protection of sensitive customer information.

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Considering the above scenario, the adoption of VPN services is set to gain momentum across the BFSI industry through the analysis period. The segment recorded a market share of more than 40% in 2020.
Meanwhile, an escalation in cybercrime activities across numerous business verticals has also impelled the demand for IP VPN services. Not to mention, major VPN companies are taking a keen interest in securing their networks for safe accessibility of data and for the migration of their core businesses to digital platforms for safeguarding enterprises from cyberattacks and data breaches.

On a similar note, Europe is anticipated to generate a commendable revenue through 2027 owing to the surging adoption of VPN services and solutions by numerous government as well as non-government organizations. While rising penetration of internet has been responsible for driving the growth of the VPN industry, numerous governments in Europe are presently undertaking initiatives for the enhancement of connectivity infrastructure across the region.

In a nutshell, the digitalization of banking and insurance services, as well as the integration of advanced technology solutions, will bolster virtual private network (VPN) industry expansion through the assessment period.