Forecasting the impact of cybercrime on the VPN market
A Virtual Private Network (VPN) allows users to create secure connections with other networks over the internet. They can be used to access region-restricted websites and keep browsing activity private, especially when using public Wi-Fi. This market is growing at an exponential rate, with its value exceeding $25 billion in 2019 and is expected to grow at a rate of 12% over the next six years.
The VPN offers various benefits and ensures that connected systems offer the appropriate level of security, when underlying systems fail to provide it. It eliminates unauthorised access to networks and creates a secure bridge between source computers and the destination.
Technological advancement is also seeing new threats enter the current network environment. The past decade has seen the internet become a universal platform for conducting business; attracting cybercriminals engaging in financial fraud and theft. As a result, companies have been investing in new security solutions in order to safeguard their online transactions. VPNs are a core component of cybersecurity and the growth of this market has a direct impact on the growth of the VPN market. VPNs are one of the easiest ways for the general public, and businesses alike, to secure their network and online privacy without needing too much technological know-how.
Greater awareness of cybercrime is the main reason for this surge in demand for security amongst companies, as well as, individual internet users. As a result, the VPN market has seen an explosion in growth in recent years. The internet is surely not as secure as some may think; ransomware, spyware, malware, and phishing are very common threats which people face everyday.
Furthermore, the rise in companies’ adoption of Bring Your Own Device (BYOD) policies has also increased the need for private network tools on many devices, to allow employees to work remotely and securely. This protects both the company network and the individual devices form cyberattacks.
In Europe, VPN market revenue is also predicted to expand at over 10% annually, which can be attributed to various government initiatives and compliance regulations that require companies to adopt advanced security measures to protect their data and employees against cyberattacks. This is also attributed to a drastic rise in mobile internet users in the region, with users deploying VPN solutions on smartphones to mitigate the risk of cyberattacks. In fact, this is driving the market for mobile VPNs.
Moreover, peoples’ private data is now being accessed by many companies, with recent data breaches making the average internet user more much more aware of the potential dangers of sharing personal data online. Many companies that operate through multiple branches or remote workers are also investing heavily in cybersecurity practices, like VPN technology, due to the higher risk of data breaches. The ever-increasing number of devices connected to servers also create vulnerabilities in the network infrastructure.
Having said this, VPNs also tend to reduce speed and performance, since they carry data to a different server before redirecting the user to the desired webpage. This may restrain the growth of the market during the forecasted period.
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