Published: June 2018 | Report Code: 10528 | Available Format: PDF | Pages: 112
Mobile VPN Market Overview
The global mobile virtual private network (VPN) market was valued $525.4 million in 2017 and is predicted to progress at a CAGR of 19.7% during 2018–2023. The rising cyber threats, growing demand for remote accessibility of data in business organizations, and increasing organizational need for secure wireless accessibility to critical applications are the key factors driving the growth of the market.
On the basis of end user, the mobile VPN market is classified into telecommunications, government, healthcare, utilities, financial, oil & gas, mining, military, and others. Of these, telecommunications held the largest share in the market in 2017. This is attributed to increased smartphone penetration, which led to the need for secure transmission of business-critical information via mobile devices.
ASIA-PACIFIC MOBILE VPN MARKET, BY COUNTRY, $M (2013-2023)
On the basis of region, North America held the largest share in the global mobile VPN market in 2017, and it is further expected to contribute the highest revenue to the market during the forecast period. The increasing adoption of mobile devices, technological advancements, and surging number of cyber-attacks are some of the key factors supporting the growth of the market in the region.
Mobile VPN Market Dynamics
The rising cyber threats across the globe are one of the major factors driving the growth of the mobile VPN market, as the incidents of cyber-attacks are increasing every year. In a recent survey, 50% of the U.S. CEOs expressed hat they were extremely concerned about cyber threats. With the growth in the number of companies using mobile devices and cloud for their work, data security threats are also increasing, globally.
The growth of an organization also elevates the chances of mobile device theft and loss, cyber-attacks, and data breach. Organizations require superior data security solutions, since they deal with sensitive information. Effective data security in organizations can be achieved with the help of mobile VPN. Mobile workers establish an internet protocol security (IPSec) and VPN tunnel from their handheld device (smartphone) to an IPSec gateway over the internet using wireless connection, thereby driving the mobile VPN market.
The low awareness about mobile security solutions in developing countries is restraining the growth of the mobile VPN market. The recent trend reflected a broader adoption of two-factor authentications and their implementation in several countries. The challenge for many enterprises is to maintain a balance between the demand and necessities of security and cost and ensure that users are not overburdened with inconvenient security measures. Moreover, some countries are not adopting mobile VPN, as through VPN individuals are accessing content from the internet, which is blocked by the government of that country.
The major opportunity identified in the mobile VPN market is the growth of mobile VPN outside telecom and government sectors. For instance, it has been seen that the banking, financial services, and insurance (BFSI) sector is spending a major portion of its revenue on procuring mobile security products and services. Banks are focusing more on securing their payment gateway and customers’ account credentials. The expenditure done by banks on communication technology has now shifted from the traditional method of customer interaction involving indirect channels to mobile devices. With the changing customer demand and behavior, banks are now adopting mobile VPN software.
Mobile VPN Market Competitive Landscape
The mobile VPN market is quite competitive in nature owing to the presence of a notable number of companies. The key players are focusing on mergers & acquisitions and partnerships to expand their market foothold. For instance, in February 2018, Cisco Systems Inc. completed the acquisition of Skyport Systems Inc., a privately-held company providing cloud-managed and hyper-converged systems. This acquisition enables Cisco to secure its hybrid cloud solutions by leveraging Skyport’s network expertise, and intellectual property.
Further, in October 2017, Radio IP Software Inc. signed a partnership agreement with Telecom Gears, an IT service and software company in Mexico City specializing in government and commercial projects. The partnership was aimed at expanding the former’s network to South America and gaining experience in the telecommunications field. Some of the other key players operating in the mobile VPN market are Check Point Software Technologies Limited, Smith Micro Software Inc., Netmotion Software Inc., Columbitech, Techstep Technology, IBM Corporation, Anthasoft S.A. De C.V., and TheGreenBow.
Key Questions Addressed/Answered in the Report
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