COVID-19 Accelerates Work From Home Revolution. VPN Usage Spirals to an all Time High of 27.1% in 2020
Bengaluru, NFAPost: The global market for Virtual Private Network (VPN) is expected to witness unprecedented spurt in growth in the year 2020 to the tune of 27.1%.
By the year 2027, the market is projected to reach US$107.5 billion trailing a CAGR of 17.2% over the analysis period 2020 through 2027. The COVID-19 pandemic confined people to homes, closed down offices, halted transport, and virtually brought social and economic life to a grinding halt. To cope with the abrupt cessation of all operational activities, the world shifted gears to a remote working mode almost overnight.
Millions of employees were migrated to work from home (WFM) models initially as a result of shelter-in-place orders. Although countries are emerging from lockdowns, second of wave infections & voluntary social distancing measures are resulting in companies extending WFM options for their employees. Over the last eight months, 88% of IT companies worldwide migrated their employees to work-from-home (WFH) during the pandemic.
92% of teams in Asia-Pacific have implemented WFH since the outbreak highlighting the need to flatten the curve in countries with less than adequate healthcare resources. 45% of employees cite COVID-19 as the trigger for rapid adoption of remote working strategies. 72% of companies plan to shift a portion of their staff permanently to a WFH model. Over 70% of companies plan to permanently offload over 35% of their workforce to WFM roles to reduce worker density at offices.
In the United States, in the pre-pandemic period only 5% to 7% of the country’s workforce was working from home (WFH) although over 58% held jobs compatible with remote work. However, over 35% to 40% will work from home multiple-days-a-week by the end of 2021. The pandemic is creating a global ‘Work-At-Home’ culture which will very likely last beyond the crisis. Against this backdrop, every company needs a well-thought-out work-at-home and business continuity plan.
Digital transformation is now visible in all industrial sectors. Telehealth will replace doctor visits by 2025; by 2021 new home constructions will include co-working spaces highlighting the permanence of remote working; supply chain 4.0 will reach 100% adoption by 2025; ecommerce will account for 60% of retail spending by 2020 and block chain & tokenisation will be integrated into financial services by 2023.Digital technologies provide productivity, security, efficiency, agility, workforce re-skilling, and customer experience advantages, all of which are vital during times of crisis like the current pandemic.
The pandemic is helping test the effectiveness of digital solutions and in the post pandemic world digital innovation will accelerate even further. A key technology playing a crucial role in enabling remote operations is VPN and the technology has witnessed massive increase in adoption in the 1st quarter 2020. In other words, the astounding spike in the number of remote and mobile workers over the last couple of months has brought VPN infrastructures into the spotlight.
Competitors identified in this market include, among others:
- Cisco Systems, Inc.
- Cohesive Networks
- Contemporary Control Systems, Inc.
- CyberGhost S.A. (Romania)
- Golden Frog GmbH
- Google Cloud Platform
- Guangzhou Robustel Technologies Co., Ltd.
- Huawei Technologies Co., Ltd.
- Microsoft Corporation
- NCP Engineering GmbH
- NETGEAR, Inc.
- Oracle Corporation
- Safer Social Ltd
- SingTel (Singapore Telecommunications Ltd.)
For more information about this report visit https://www.researchandmarkets.com/r/crlaly