The Vietnam Cybersecurity Market stood at USD 187.74 million in the year 2022 and is expected to grow at a CAGR of 18.42% in the forecast period. The market growth is attributed to the revolutionization of industry 4.0 across the country with rising technologies that include Cloud Computing, Machine Learning, IoT, AI, Business Intelligence, Data Mining and Blockchain Technologies.
In terms of security type, network security dominated the Vietnam Cybersecurity Market with a share of 22.86% in 2022, owing to the rising investments and policies towards improvement of Information Technology (IT) infrastructure with the growing number of cyber attacks across the country. According to the National Cybersecurity Center (NCSC), the country faced 988 cyberattacks in September 2022, bringing the total number of 9519 cyberattacks in 2022. Furthermore, the cloud security segment is the fastest growing network security for the forecast period with a CAGR of 19.53%, owing to the growing inclination of the government and the private enterprises of Vietnam towards remote working.
In deployment type, Cloud held the dominant market share of 75.04% in 2022, due to increasing reliance on cloud-based services, given its benefits such as lower cost and easy scalability. Additionally, the work from home trend has also been assisting in the growth of the cloud-based Vietnam Cybersecurity Market. The on-premises deployment holds a market share of 24.96% in 2022, which is further expected to contract over the forecast period. Because of its traditional approach, it is getting obsolete with the emergence of cloud-based services.
The Northern region of Vietnam, being the dominant region, held 44.56% of the market share in the Vietnam Cybersecurity Market in 2022 owing to the increasing digital transformation of electronic devices used in data centers that are susceptible to cyber attacks, for the region. There are 52 cloud service providers, 10 network fabrics, and 10 colocation data centres in Hanoi, the country's largest data centre market. Thus, the Northern Vietnam region has the major need for the cybersecurity services and solutions.
Major companies in the competitor's landscape of the Vietnam Cybersecurity Market include Viettel Cybersecurity Company, FPT Corporation, CMC Corporation, IBM Vietnam Company Ltd., HPT Vietnam Corporation, Trellix Cybersecurity Company, among others. The leading companies have been providing extensive cybersecurity solutions for the enterprises and the government of Vietnam. Vietnam Cybersecurity Market could be seen as one of the most prospective industry for the future of Vietnam, considering the scope of dynamic and improving technologies.