4 major trends fostering global smart card market share
The payment card industry has introduced the EVM payment card method which has boosted the adoption of smart cards significantly. Increasing focus on security of organizations and user information has transformed smart card market outlook, with the advent of products capable of short-range wireless connectivity and can also be used as a token for multifactor authentication.
Described below are some factors influencing the demand for smart cards over the coming years:
- Increasing applications for hybrid cards
Hybrid cards will witness a steady adoption owing to multifunctional features and several smart applications that will conveniently contribute towards smart card market size. With rapid urbanization, certain countries have increasingly provided mass transportation for public travelling for greater efficiency and lower cost.
Hybrid chips are typically used for such mass transits that demand fast transaction time. Surge in security concerns in association with transactions and personal information will foster the demand for hybrid cards owing to the high level of security possible.
A hybrid card is also useful in accommodating the technology and infrastructure of a legacy system with the addition of e-card technologies in a single card. The product’s easy to use properties along with the high security provision will influence the product demand.
- Surge in use of microprocessors
Rising use of microprocessors in the banking and mobile phone sectors will contribute to the product growth. Microprocessors have their own operating system that is capable of processing data as a reaction at a given situation. The smart card is practical and a powerful tool due to its capability to record and modify information in its own physically protected and non-volatile memory.
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Emerging markets like E-passports, assess control, PKI and other applications wherein the cryptographic abilities addresses the issues of security particularly demand microprocessor cards, expanding smart card industry scope.
- Growing telecommunication sector
Smart cards are secure elements and are widely used in the telecommunications industry around the world. These cards are used in two major applications like the prepaid telephone cards where the valued memory cards are stored as well as the Subscriber Identity Module (SIM), which are microprocessor based smart cards in mobile phones.
Moreover, smart cards are being used with NFC-enabled mobile phones that have incorporated secure elements and are being used for several applications that include ticketing, mobile marketing and other mobile contactless payments. This has tremendously bolstered global smart card market share from sim and telecom segment applications.
The smart card industry has UICCs and SIMs as the highest volume products for revenue and units. More than 100 countries use smart cards after having substituted coins in payphones in order to improve convenience for customers and telecommunication operators.
- Rise in daily consumer purchases
Increasing consumer needs and purchases will stimulate the applications of smart card in the retail & gas sector in the forthcoming years. The card can be used as electronic wallets while the chip has funds in order to pay for purchases like cafeteria food, taxi rides, groceries and laundry services. Bank connections are not required due to the cryptographic protocols that the money exchange between machine and smart cards have.
In an effort to save time and provide easy access of customer service to consumer, the government has been making efforts to use technology. India’s sole supplier of piped natural gas and CNG, Indraprastha Gas Ltd., recently launched prepaid smart cards in order to provide the customer with digital options for payment.
Key market players in the smart card industry like Oberthur, Inteligensa Group, CPI Card Group, American Banknote Corporation, IDEMIA, Perfect Plastic Printing Corporation, Watchdata, HENGBAO and Goldpac Group have introduced advanced smart solutions. Further collaborations and strategic acquisitions will influence the business outlook considerably. Global smart card market size is anticipated to surpass USD 65 billion by 2025.
Author Name : Riya Yadav
Europe human centric lighting market to register commendable growth between 2019-2025
Profound application in the commercial and healthcare sectors will drive human centric lighting market size. Human centric lightings (HCL) are designed to offer illumination solutions that physiologically and psychologically benefit human-beings. They are intended to promote improved concentration, efficiency and enhanced safety at offices and other work environments. HCL also supports healing processes and prevention of chronic diseases among people with irregular work routines.
Germany human centric lighting market, by application, 2018 & 2025 (USD Million)
Increasing advancements in lighting technologies along with rapid adoption of Internet of Things (IoT) will support human centric lighting market growth globally. Using IoT, lighting systems can effectively be controlled and customized in real-time. IoT sensors can detect changes in environmental parameters, further directing and improving HCL capabilities.
With emergence of smart LED bulbs that offer a wide spectrum of colors and intensities along with advanced controller hardware, human centric lighting market will witness new growth opportunities over the coming years.
Human centric lighting market is anticipated to garner significant proceeds in the commercial sector. Renovation of enterprise infrastructure and installation of smart building and lighting products to develop comfortable workspaces will foster business growth. HCL solutions allow improved productivity and boost concentration in commercial work areas. In fact, research results suggest that the systems can increase work performance, reduce fatigue and significantly increase concentration and work satisfaction.
According to Lighting Society Europe, human centric lighting can significantly enhance employee performance to the point of improving productivity by 4.5%, reducing errors by 2% and further slashing rate of work absenteeism. HCL can also significantly improve visibility, thereby reducing the risk of tripping, falling and potential injuries. With employees spending more time in offices and other workplaces, HCL systems will become an essential lighting solution in the commercial sector, fostering HCL industry size.
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Increasing traction in the healthcare sector will augment human centric lighting market share. In hospitals and old age homes, HCL is well suited to implement lighting cycles comprising sunrise, sunset and daylight simulations. The system offers patients with enhanced benefits like higher activity levels during day, better sleep during night, reduced recovery time and lowered intake of anti-depressants.
In fact artificial lighting can compensate for biologically active effects of insufficient daylight exposure, thereby stabilizing the sleep-wake rhythm. It can also lead to more restorative sleep, thus ultimately improving the mental and physical wellbeing of hospitalized patients.
In old-age homes, HCL systems can offer high color temperatures, higher illuminance, and dynamically adjusted light distribution levels, further improving the quality of life of the elderly people. Additionally, in the healthcare sector, the systems can significantly reduce surplus cost of electricity bills.
For instance, according to a A.T. Kearney study, the annual efficiency gains achieved from human centric lighting in a hospital with 1,000 beds and 1,500 employees amounted to over €300,000. Instances such as these implicate growth opportunities in the healthcare sector, furthering human centric lighting industry outlook.
Europe human centric lighting market is expected to witness increased traction in commercial, residential and healthcare sectors. Infrastructure refurbishment in Europe currently focus on developing well-illuminated building environments.
The region naturally observes less exposure to sunlight which eventually creates an impact on human health, thereby creating the need for human centric lighting market solutions. With presence of leading market players along with rising investments, Europe human centric lighting market will witness rapid technological growth in the upcoming years.
Global human centric lighting market is being propelled on account of increasing application in healthcare and commercial sector. The industry is witnessing rising investments in R&D from leading players, government organizations, and lighting associations. Increasing consumer awareness and focus on the implementing energy-efficient work environments are anticipated to expand human centric lighting industry size in the future.
Author Name : Mateen Dalal
Cellular vehicle-to-everything (C-V2X) market to witness double-digit CAGR over 2019-2025
Growing number of technological developments in the field of communication has fueled cellular vehicle-to-everything (C-V2X) market expansion worldwide, with considerable investments in advanced hardware and software components. A surge in disposable incomes and easy availability of automobile finance have driven the sales of mid to high-end luxury vehicles and allowed manufacturers to build in innovative features like telematics, cellular vehicle tracking, automatic parking and driver assistance systems. Consistent growth in transportation and logistics services have warranted the demand for latest fleet management systems, advancing the scope of global C-V2X industry.
Europe Cellular Vehicle-to-Everything (C-V2X) Market Share, By Region, 2018
Enabling reliable and efficient connections between vehicles could implement co-operative driving to avoid traffic bottlenecks, accidents and allow smooth control of convoys. Vehicle to vehicle technology has reached a stage where a single platform can link multiple resources and help provide data for vehicle diagnostics and usage-based insurance, while powering advanced infotainment systems. Cellular vehicle tracking has become a norm amongst many large fleets, whether it is passenger transport or commercial goods movement.
Globally, 4G or LTE infrastructure has expanded tremendously and using the existing cellular infrastructure will lower the amount of new roadside components to be added. Deploying the established LTE networks will allow for cost-effective, dependable and easy communication at high speeds will significantly boost global C-V2X market share. It will also enhance line-of-sight of systems, facilitating communication over longer distances and improving the performance of GPS. With 5G networks on the way, upgrading existing LTE components would further propel adoption of vehicle to vehicle (V2V) or vehicle to network (V2N) communications.
Advanced driver assistance systems are being considered as an inevitable inclusion in future vehicles, with number of road accidents on the rise despite improvements in infrastructure and road safety awareness programs. C-V2X industry is poised to witness substantial revenues from collision avoidance application, to develop better V2V and vehicle to person (V2P) solutions. Reportedly, every year car accidents amount to nearly US$242 billion in economic costs across the U.S. Reducing the number of vehicle crashes is a priority among automakers and effective V2V solutions could help mitigate collision risks for drivers.
One of the world’s leading auto manufacturers, Ford had indicated the lucrative future prospects existing for C-V2X industry last year when it began testing V2V communication system in the U.K. The aim of the experiments were to observe co-ordination between movement of cars for passing through intersections without having to stop, eliminating the need for traffic lights. Although the vehicle had a human driver, the company is eyeing deployment of the system in self-driving cars as well.
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The advent of hybrid and electric vehicles has produced immense growth opportunities for C-V2X industry, since these vehicles are dependent on the latest hardware components and communication technologies. Incorporating the most advanced chips and equipment, electric cars could easily communicate with each other for alerting about probable distress situations or roadside hazards. According to the International Energy Agency, a projected 125 million electric cars could be on the roads by 2030, signifying the vast potential of C-V2X market.
An important application area for V2V technologies are autofocus vehicles, which are fundamentally run by highly reliable, fast communication systems that have low latency. Several chip makers and auto manufacturers are attempting to enhance collision avoidance capabilities of driverless cars to ensure a safe product and to meet stringent regulatory requirements.
With the presence of many leading automotive companies and partnerships with global technology firms, Asia-Pacific C-V2X market can be expected to reign in enormous revenues over the coming years. In December 2018, a consortium comprised of automaker Nissan and companies like Qualcomm, Continental and Ericsson completed the first C-V2X testing in Japan using 5.8 GHz frequency for direct communication. Tests were conducted under various conditions and demonstrated the potential of not only V2V, but V2N and V2P communications.
Owing to remarkable achievements in deploying communication network equipment and integrating crucial V2V systems within vehicles, C-V2X market is slated to register a double digit growth from 2019 to 2025. Key players outlining the competitive dynamics of the industry include Autotalks, Bosch, Continental, Nokia, Qualcomm, Intel and Savari.
Author Name : Pankaj Singh
3 vital trends impacting industrial communication market size
The global industrial communication market has thrived successfully in the recent decade as growing adoption of these components in Industry 4.0 has effectively helped increased productivity in major industries. Labor reduction, waste reduction, repeatability, enhanced quality control, and integration with existing business systems have given companies an added advantage by lowering long-term costs, which could indirectly increase product output and revenue.
U.S. Industrial Communication Market Revenue, By Component, 2018 & 2025, (USD Million)
An industrial communication network is the backbone for any automation system architecture as it can offer powerful means of data exchange, controllability and flexibility to connect to various devices. The use of digital communication networks in industries can also lead to improved end-to-end digital signal accuracy and integrity.
Communication networks like LAN (Local Area Network) or WAN (Wide Area Network) can communicate large amounts of data via limited number of channels. Whereas industrial networking enable implementing various communication protocols between field devices, digital controllers and several automation related software tools and external systems. Therefore modern industries have demonstrated increased adoption of industrial communication networks over traditional LAN and WAN. This has led to industrial communication market size depicting a substantial increase lately.
For instance, according to renowned automation conglomerate ABB, and one of the notable players in industrial communication market, the firm’s revenue increased by 5% to $7,395 million in 2018. This has been credited to the strong growth in robotics & motion, robust performance achieved from electrification products and a steady result owing to industrial automation.
Some of the trends that industrial communication market is being defined by are mentioned below:
- Long-term application of industrial communication in the industrial automation sector
Growing demand for increased data processing speed will foster industrial communication market size in the automation sector. As industrial operations are becoming more complex and variable, the market has registered immense growth over recent years. Indeed, a greater number of network-based programmable controllers and mechanisms are required within modern industries to attain faster decisions and increased productivity and efficiency.
With network-based automation, companies can also attain increased saving in work force, energy, raw material, better control on product quality and enhanced plant availability and operational safety. In fact, the technology can help in raising the levels of process control & continuity with improved efficiency, eventually bringing potential production figures to the nominal plant capacity by cutting downtime, corrective maintenance and the lack of raw material supply to minimum.
With efficient real-time communication system like PROFIBUS-DP or PA, Fieldbus and more, distributed peripherals such as Input/output (I/O) modules, transducers, drives, valves and operational panels can also communicate with automation systems more accurately.
Thus, with the advent of the automated systems that are based on advanced industrial communication and technology, the automation sector will attain enhanced benefits in terms of maintenance, and increase plant productivity, further augmenting industrial communication market size.
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- S. to emerge as a pivotal revenue pocket for industrial communication market in the forthcoming years
Being a major producer of automation equipment, U.S. is anticipated to drive massive growth in industrial communication market. Citing International Trade Association (ITA) reports, the country is the leading producer of hardware components that are used in automated systems as well as a major supplier to manufacturing or production industries across the globe.
In fact, in 2015, U.S. exported nearly $10.5 billion worth of automation equipment to foreign markets, claims ITA. Sources suggest that supportive government policies and the presence of global automation players like General Electric, Honeywell, Rockwell, Emerson Electric and more will pave the way for industrialization in the region. Additionally, the increasing adoption of Industry 4.0 will boost the demand for the industrial communication technologies in the coming years, successfully proliferating U.S. industrial communication industry size.
- Wireless communication technologies to enhance industrial operations
Advancements in wireless communication along with growing adoption of advanced tech-based devices will drive the industrial communication industry. The key advantage of wireless systems is that they can be installed in remote locations in an efficient and cost-effective manner. As battery-powered transmitters don’t require wired infrastructure or power supply, they can be installed across areas that are far away from power wiring and wired fieldbus.
They can also be installed in sites where setting up power and cabling systems would be dangerous or too expensive. This flexibility allows use of wireless in both Greenfield projects and ongoing Brownfield projects.
Owing to the low-power nature of Wireless HART devices, users can also operate such equipment for several years without replacing the battery. Moreover, engineering, procurement, and construction contractors and plant owners can increasingly shift to wireless communication technology as it is beneficial in terms of reducing physical fixed infrastructure, managing schedule risk and cost escalation, and reducing space requirements and weight.
According to reports, adopting wireless solutions have reduced commissioning time by 50% for some contractors. The technology further helped in streamlining the design and engineering process, maintaining project schedule and improving user’s ability to manage change on their project. The prominence of this technology is rather overt from the estimate that wireless charging market size is slated to cross $14 billion by 2024.
Moreover, with industry-leading process plants installing wireless infrastructure, industrial communication market size from the wireless communication protocol is estimated to grow at a CAGR of over 22% over 2019-2025.
In a nutshell, it would not be incorrect to quote that industrial communication industry is likely to come up as a highly profitable vertical of the overall electronics cosmos. As per estimates, global industrial communication market size is anticipated to exceed USD 160 billion by 2025.
Author Name :Mateen Dalal
Operator training simulator market to gain substantial proceeds from aerospace & defense sector over 2019-2025, surging product demand for tackling life-threatening situations to fuel the industry growth
The revenue graph of operator training simulator market is projected to foresee exponential growth owing to the continuous improvement in these products and rising emphasis on recruiting skilled workforce. Skill development helps to enhance productivity, safety, profitability, controllability, and stability of the enterprise operations. The increasing focus to reduce injuries and fatalities to maintain safe operations across various business verticals is expected to aid the market growth.
Brazil operator training simulator market, by application, 2018 & 2025 (USD Million)
Industry professionals are training their operators to tackle life-threatening situations which has led to increased emphasis on safety of workers, optimization and efficiency of simulators – a factor that is likely to impel the operator training simulator market share in the times to come.
Operator training simulators improve decision making of the operators at critical times while increasing familiarity with the operations. Pilots are required to develop skills like decisiveness, quick thinking, confidence and situational awareness which can be enhanced by simulator trainings. Operator training simulators strengthen confidence to tackle the unfavorable situations. To underscore the significance of simulators, the recent instance of fatal aircraft crash of Ethiopian Airlines can be considered. The crash killed all 157 on board just five months after a similar crash on a Lion Air flight which killed all 189 passengers and crew.
After the accident, the Allied Pilot Association has demanded training on simulators which includes scenarios like those experienced by the pilots of Ethiopian Airlines and Lion Air and additional computer training for 737 MAX to cement the lessons of failure modes in the minds of pilots. Apparently, the deployment of advanced simulators would be crucial in building confidence among pilots, essentially boosting the growth of operator training simulator market.
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Apart from aviation industry, the railway sector has also emerged as a major end-user to deploy operator training simulator for realistic and robust training to avoid fatalities. For instance, in the year 2018, Indian railways had announced to invest INR 350 crore in operator training simulators to train 1.5 lakh loco pilots and assistant loco pilots to bridge the gap between theoretical and practical learning. The investment is meant to make drivers learn how to navigate rail tracks, curves, signals, bridges and any other situation as if they are driving a real train.
Over 12,000 diesel and electric locomotives daily run on a 66,000-km network across the country. There are about 86,000 train drivers and the simulator training with real feel experiences will assist these drivers to run locomotives efficiently. Apparently, the Indian government’s program is a testimony to the increasing prominence of governmental support to high-end simulator training across various geographies – a vital factor that will enhance the growth prospects of the operator training simulator industry.
Notably, defense academies have also been proactive in adopting operator training simulators for public safety and enhancing the overall skill-set of cops. As the police department is responsible for the safety of citizens and maintenance of peace across any country, cops face highly stressful situations on a regular basis which requires high level of patience and panic control. In this regard, simulator training has proved to be of immense help and numerous police academies are deploying these simulators on their premises.
For instance, the New Britain Police Academy has recently adopted simulator trainings to train police to manage stressful responses and make decisions under pressure. The Milo Simulator – chosen by the academy – is an advanced simulator in the state which combines driving an emergency vehicle in highly unfavorable situations such as armed encounters. The human reaction under pressure is unpredictable but this training simulator can help police officers to calmly handle stressful situations.
Operator training simulators have found usage in aviation, railways, police trainings and have applications in several other industries, including healthcare, energy, and chemicals. Operator training simulators play a vital role in training operators in manufacturing and industrial plants. The simulators enhance familiarity with the operations by creating a visual and real-time experience to cement the learnings by experiencing high-risk situations.
Retiring experienced workforce and the increasing demand for quality training of young staff will also contribute in proliferating the operator training simulator industry trends. According to a research report by Global Market Insights, Inc., the operator training simulator market is expected to surpass a remuneration portfolio of USD 20 billion by 2025.
Author Name : Anchal Solanki
How have the dynamics of restaurant POS terminals market transformed with the launch of next-gen systems by popular industry stalwarts?
The unprecedented growth pace of the global restaurant POS terminals market is rather evident from the recent instance of Jamba Juice joining hands with Paytronix Systems, Inc. The popular smoothie and juice brand inspiring healthy living worldwide, through this partnership, aims to deploy Paytronix’s POS platform and increase sales and gift card redemptions within all touch points. A highly reputed restaurant POS terminals industry contender, Paytronix, with this agreement, plans to enable Jamba’s gift card sales across numerous distribution channels and POS platforms, inclusive of online ordering, third-party channel sales, Jamba Juice mobile apps, website sales, and stand-alone terminals, not only improving productivity for Jamba but also substantially strengthening its stance across the global industry.
China restaurant POS terminals market, by application, 2017 & 2024 (USD Million)
A business vertical of commendable repute, thriving extensively on shifting consumer preferences, restaurant POS terminals market as on today stands as one of the most fast-paced, lucrative industry spheres there is. Aided by the global shift toward digitalization and the accelerated adoption of advanced payment systems worldwide, driven by massive technological propagation, the commercialization potential of restaurant POS terminals market has only surged in the last few years. The robust proliferation of next-generation technologies has created an innovation-centric scenario in the competitive spectrum of restaurant POS terminals market, leading to prominent industry magnates tapping high-grade software to develop solutions to be incorporated in payment terminals. Endorsed by fierce competition and powered by the widespread requirement of specific, task-centric systems, restaurant POS terminals market participants have been going the whole hog to come up with a portfolio of innovative, proprietary solutions. A gist of some of the major companies that have been grabbing attention in this regards has been elucidated below:
A highly reputed firm partaking in restaurant POS terminals market share, TouchBistro boasts of an enviable product portfolio and is frequently involved in M&As and product development strategies to consolidate its standing in the industry. Last year in March, the company launched TouchBistro Payments, powered by a Chase company – WePay. Through a highly strategic partnership, both these companies plan to offer two major time-efficient innovations demanded by most restaurant owners – an integrated mobile payment device and instant payment processing.
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TouchBistro’s efforts to maintain its standing in restaurant POS terminals industry is also quite vivid from the firm’s plan to diversify its offering and reach in the UK in 2017. The year saw the company extended its integration with Square to the restaurants in UK. Post the extension, all the restaurants in the UK using the TouchBistro iPad mPOS solution had been able to process payments seamlessly using Square.
In the first quarter of 2018, Verifone forged a partnership with Paysafe, a global provider of payment solutions, in a bid to deliver quick services for restaurants across the United States. Reportedly, through this contract, Paysafe became the first firm to adopt the Verifone Connect to be used on its Carbon and Engage devices deployed by restaurants. The partnership was touted to pave the way for the easy acceptance of digital wallets, loyalty programs with smartphones, and near field communication payments in restaurants so that customers would be able to pay online or outside of businesses and even at the table, and drastically transform restaurant POS terminals market trends.
Shifting a tad bit away from its usual strategy and product offering, Verifone, in October last year, declared the launch of Navigator – the first-of-a-kind payment feature equipped with a fully integrated touchscreen, for earning certification for usability and accessibility by the Royal National Institute of Blind People. The goal behind the said launch was to ease payment transactions for the visually impaired, employed in restaurants or someplace else, in an era where payment devices continue to navigate toward touchscreens.
One of the most popular magnates of the global restaurant POS terminals market, Toast boasts of highly commendable public profile as far as payment solutions are concerned and has been touted to be one of fastest-growing restaurant management platforms in the U.S. A couple of years back, the company joined hands with SpeedETab, the leading company in mobile payments, analytics solutions, and native mobile ordering for merchants, to empower restaurant owners with an enterprise-level order ahead technology which works seamlessly with Toast.
2018 was an exceptionally profitable year for the restaurant POS terminals market contender, as Toast, in the second quarter, made it to the headlines with the launch of the Toast Go™ – a fully integrated POS handheld system custom-built for restaurants. The solution combined software, hardware, and payments together to exclusively cater to restaurants that can use Toast Go in conjunction with Toast KDS to improve table turn time and deliver exceptional guest experience. Merely a few months ahead, the restaurant POS terminals industry firm announced GoParrot, Rooam, and Avero as the key application partners in the Toast Partner Ecosystem to provide restaurants seamless access to technology partners in order to enhance operations, increase their revenue, and improve customer interaction. Equipped with a vision to empower the restaurant community, Toast, in the years to come, will emerge as one of the strongest contenders of the restaurant POS terminals industry.
The highly appreciable efforts of prominent companies to bring advanced solutions to the mainstream has quite irrefutably, expedited the commercialization potential of the overall restaurant POS terminals market. Not to mention, the industry trends have also undergone a major transformation with the exceedingly rising number of food outlets across the globe. Say for instance, the National Restaurant Association claims that the U.S. houses more than 1 million restaurant locations. Majorly driven by the robust proliferation of technology in payment solutions and the escalating proportion of restaurants across the globe, the overall restaurant POS terminals industry size has been estimated to be pegged at a commendable USD 25 billion by 2024.
Author Name : Saipriya Iyer
Virtual private network market to procure substantial returns from commercial applications, robust demand for cybersecurity threat protection to stimulate the industry growth over 2018-2024
The rising occurrence of a host of advanced, complex cybersecurity threats has helped impel the global virtual private network (VPN) market, given that these threats stand to jeopardize the integrity, privacy and data of businesses. With globalization becoming widely commonplace, and businesses striving to expand their sphere of influence to operate on an international level, the need for organizations to connect their business units together has also risen in proportion. These factors, over the last decade, have made the internet the preferred platform for companies and individuals to conduct their business. However, the vulnerability characterizing the internet has rendered it extremely inadequate in terms of security, a flaw that cybercriminals typically exploit to commit frauds & thefts.
U.S. VPN Market Revenue, By Component, 2017 & 2024
In a manner of speaking, the VPN technology facilitates a cost-effective and safe solution to the issue of safeguarding company networks. The growing prominence of wireless devices across different organizations & businesses would thus drive the growth of VPN market as improving internet speeds coupled with falling prices are catapulting the rate of adoption of a plethora of wireless & mobile devices. Given that such devices are commonly used across organizations to access several applications present on private company networks from remote locations, the VPN technology has consolidated itself as an extremely crucial business component, thereby driving VPN market trends.
Unveiling global virtual private network market trends from commercial applications:
The commercial sector is one of the most prominent application segments of the global VPN market. Comprising end-use domains such as the BFSI, healthcare, manufacturing, government and IT & telecommunication sectors, VPN market size from commercial applications is expected to grow at an impressive CAGR of about 15% over 2018-2024. This growth can be primarily attributed to the surging practice of digital recordkeeping and the adoption of cloud technology in these sectors that is completely changing the way customers access their information, rendering VPN technology as the backbone of these businesses.
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While, organizations in these domains usually utilize a VPN of their own, a majority of them opt for commercial VPN services provided by private companies. According to Surveillance Self-Defense, an independent non-profit organization, a commercial VPN is a privately offered service that provides organizations a secure channel to relay their data over the service provider’s own network. These services, if hosted in a foreign nation, while protecting users’ data from cyber threats, also protect the information from local governments and allow the information to bypass national censorships.
Unveiling global virtual private network market growth via rising adoption of remote access connectivity:
Remote access connectivity has been touted to be one of the most deployed models in VPN market. The increasing need of organizations to find a secure as well as affordable way to relay secure company data from their private network to employees working at a remote offsite location is a primary factor driving the growth of the remote access-based VPN market. As opposed to site-to-site VPN, which allows a large-scale business to connect a cluster of its offices in several fixed geographical locations with each other, the ability of the remote access topology to connect individual hosts to their respective organization’s private networks makes it an ideal match for small & medium-sized enterprises (SMEs).
Incidentally, the topology also allows employees from large organizations working through site-to-site VPN to connect to the company’s network remotely and be able to perform their work from a remote location over home networks or public Wi-Fi networks without worrying about the security of company data. Aided by the convenience and reliability provided by this model, the remote access connectivity-based VPN market size is projected to register a CAGR of approximately 17% over 2018-2024.
Attributed to the rising need for facilitating proper secured channels for the exchange of data over an increasingly connected world, the global virtual private network is expected to successfully thrive in the overall technology space in the forthcoming years. According to a report by Global Market Insights Inc., driven by the increasing rate of VPN adoption in myriad businesses, the overall virtual private network market valuation is anticipated to surpass $54 billion by 2024.
Author Name : Akshay Kedari