Growing adoption of cloud computing & smart devices and rising inclination towards artificial intelligence to drive Vietnam Internet of Things market through 2025
According to TechSci Research report, “Vietnam Internet of Things Market By Platform (Network Management, Application Management and Device Management), By Component (Hardware, Services and Software), By Type (B2B, B2C, B2G), By Application (Consumer Electronics, Smart Mobility & Transportation, Building & Home Automation, Connected Logistics, Smart Retail, and Others), By Region (North Vietnam, Central Vietnam and South Vietnam), Competition, Forecast & Opportunities, 2015 – 2025”, Vietnam internet of things market stood at USD 2022.21 Million in 2019 and is projected to grow at a CAGR of around 24.03 % to reach USD 7321.92 Million by 2025. Increasing demand for technological advancements coupled with rising internet penetration is boosting demand for connected devices across Vietnam. The country possess good internet-connectivity and is witnessing increasing penetration of smartphones. In Vietnam, 94% of the adult population owns mobile phones. The rapid uptake of connected devices, especially smartphones and tablets, coupled with abundant choices is driving the adoption of Internet of Things in Vietnam.
Growing adoption of wearable devices such as smartwatches, fitness bands, solar backpacks, connected glucometers, etc., integrating IoT technology is a major factor driving the IoT environment. Growing awareness about fitness is creating demand for IoT in healthcare sector and is thus driving the growth of the country’s IoT market.
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Based on platform, network management platform dominated the market with share of 43.92% in 2019 and the trend is likely to continue through 2025 as Increasing adoption of IoT across different end user verticals in Vietnam is resulting in rising need of platform management, especially for network related issues. In order to meet the dynamically changing demand from end users, network management is playing a crucial role in Vietnam IoT market and registering significant growth in the market.
Some of the major players operating in Vietnam Internet of Things market are FPT Corporation, Viettel-CHT Limited (Viettel IDC), CMC Corporation, Vietnam Posts and Telecommunications Group, KDDI Vietnam Corporation, Microsoft Services Asia, IBM Vietnam Co Ltd., Amazon Web Services Vietnam Company Limited, Cisco Systems Vietnam Ltd, and Oracle Vietnam Pte Ltd.
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“In terms of application, smart manufacturing is the dominating segment in the Vietnam Internet of things market as it allows factory managers to automatically collect and analyze data and make better-informed decisions and optimize their productions. Smart manufacturing accelerates productivity, increases efficiency, minimizes downtime and provides a competitive edge to businesses.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Internet of Things Market By Platform (Network Management, Application Management and Device Management), By Component (Hardware, Services and Software), By Type (B2B, B2C, B2G), By Application (Consumer Electronics, Smart Mobility & Transportation, Building & Home Automation, Connected Logistics, Smart Retail, and Others), By Region (North Vietnam, Central Vietnam and South Vietnam), Competition, Forecast & Opportunities, 2015 – 2025” has evaluated the future growth potential of Vietnam Internet of Things market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Vietnam Internet of Things market.
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