Increasing instances of cyber-attacks and increasing demand for cloud based systems to drive the growth of Vietnam Cyber Security market in the forecast period, 2022-2026.
According to TechSci Research report, “Vietnam Cyber Security Market, By Region, Competition, Opportunity and Forecast, 2016-2026”, Vietnam Cyber Security market stood at USD142.12 million in 2020 and is expected to grow at a double-digit CAGR of 16.52% during the forecast period on account of surge in the adoption of cloud computing services and increased cyber-attacks on government infrastructure.
The expansion of the IT sector in Vietnam has enticed many foreign cloud service giants, including Google, Amazon Web Services (AWS), and Alibaba, to enter and expand in the market. The public sector is transitioning to cloud-based business models, and the COVID-19 pandemic has accelerated that transition, increasing the need for data security. The rising popularity of cloud computing services, owing to their low cost, high performance, and ease of use is fueling the growth of the Vietnam Cybersecurity Market.
The Government of Vietnam has launched several initiatives to accelerate the development of cybersecurity measures that will serve as a critical foundation for national digital transformation. Government initiatives such as “Make in Vietnam” and cybersecurity laws are assumed to be a driving force in the growth of the Vietnam Cybersecurity Market. In Vietnam, all government institutions have implemented the Security Operation Center (SOC), which allows agencies to ensure cybersecurity.
The Internet of Things (IoT) has been rapidly adopted by various sectors across the country. Furthermore, the trend of connected devices, etc., has been catching up in Vietnam. Data breaches are becoming more common as automation and Internet-connected devices proliferate, fueling growth in the Vietnam Cybersecurity Market.
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Vietnam Cyber Security market is segmented based on security type, solution type, deployment mode, end-user industry, and regional distribution. In terms of security type, the market can be categorized into network security, application security, cloud security, endpoint security, content security and others. Among these, cloud security is anticipated to be the fastest growing segment in the next five years on account of increased adoption of cloud services by SMEs and enterprises as ownership cost is lower. Rising cloud computing adoption across various verticals such as healthcare, manufacturing, financial services, government, and so on, combined with an increase in cyber attacks and data breaches, has resulted in rapid cloud security spending by both the government and enterprises. While, network security led the market in 2020 with share of 22.86%. Network security prevent risk of falling victim to data theft which contributed to its largest share in the market.
Key market players in the Vietnam Cyber Security market include:
- FPT Corporation
- Viettel Cyber Security Company
- Vietnam Posts and Telecommunications Group
- SAP Asia (Vietnam) Co. Ltd.
- IBM Vietnam Company Ltd.
- Microsoft Vietnam Limited Liability Company
- Amazon Web Services Vietnam Company Limited
- Cisco Systems Vietnam Ltd.
- Salesforce.com, Inc.
- HPT Vietnam Corporation
- CMC Corporation
- CrowdStrike Holdings
- Accenture, Inc.
- McAfee, LLC
- FireEye, Inc.
Viettel Cyber Security Company, FPT Corporation and CMC Corporation together accounted for the share of over 50% in the Vietnam cyber security market. Companies operating in the market are investing in product development and new launches to advance in the market. For instance, offering from the FTP Corporation includes FPT Data Center Tier III, FPT Play, FPT Play Box, Fshare, Fsend, Mix166 and Startalk.
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“Firewalls dominated the Vietnam Cybersecurity Market in 2020 with a market share of 16.34% and are expected to dominate the market in the forecast period as well due to their widespread use as a first line of defense against external threats, malware, and hackers attempting to gain access to sensitive data and systems. Firewalls aid in the monitoring of network traffic. The flow of data into and out of the systems creates opportunities for threats to compromise operations. Firewalls protect systems by monitoring and analyzing network traffic and applying predefined rules and filters.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Vietnam Cybersecurity Market, By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others), By Solution Type (Firewall, Antivirus & Anti Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security & Others), By Deployment Mode (Cloud & On premise), By End-User Industry (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology & Others), By Region, By Top 10 Provinces, Competition, Forecast & Opportunities, 2016-2026”, has evaluated the future growth potential of Vietnam Cyber Security market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Cyber Security market.
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