Vietnam Cybersecurity Market to grow at a CAGR of 16.52% until 2026.
Growing demand
for digital services in the public and private sector is driving the growth of Vietnam
Cybersecurity Market.
According to
TechSci Research report, “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”, the Vietnam
Cybersecurity Market is forecast to grow at a rate of 16.52% to reach USD350.48
million by 2026. Growth in the market can be attributed to the leaning of the Vietnamese government towards investigating,
detecting and prosecuting cybercrimes in the last few years. Vietnam
has been ranked 25th out of 182 countries in Global Cyber Security Index (GCI)
2020 by the International Telecommunication Union – the United Nation’s
ICT-specialized agency. Cybersecurity Market has been primarily influenced by
the massive potential of cloud services in Vietnam. The National Assembly of
Vietnam has adopted the Law on Cybersecurity (“LCS”) that aims to protect
national security and ensure social order and safety in cyberspace. This law
will act as a catalyst for adoption of cybersecurity by various enterprises.
According to the National Cyber Security Centre (NCSC) of the Vietnam Authority
of Information Security, in 2020, more than 90% of the cybersecurity products and
services were made in Vietnam.
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The Vietnam Cybersecurity Market is
segmented by security type, by solution type, by deployment mode, by end-user
industry and by region. In terms of security type, the market can be segregated
into Network Security, Application Security, Cloud Security, Endpoint Security,
Content Security and Others. Out of these, the network security segment
registered a dominant market share in 2020. The network security is dominating
the Vietnam Cybersecurity Market as it is one of the most important aspects to
consider when working over the internet or the cloud. Moreover, robust network
security systems help businesses reduce the risk of falling victim to data
theft. Implementing network security solutions allows computers, users, and
programs to perform their permitted critical functions within a secure
environment.
Based on solution type, the market is
segmented into 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. Out of these, firewall solutions dominated
the Vietnam Cybersecurity Market in 2020 as these solutions provide protection
against outside cyber attackers by shielding the device or network from
malicious or unnecessary network traffic.
Based on deployment mode, the Vietnam
Cybersecurity Market is bifurcated into Cloud & On-premise. Cloud dominated
the market as the cloud computing technology is being widely adopted by the
country. According to the Ministry of Information and Communications, in recent
years the cloud computing market has been growing at 30 percent on average, and
in 2020 the growth rate reached 40 percent due to the COVID-19 pandemic.
In terms of end-user
industry, the market is segmented into BFSI,
IT & Telecom, Retail, Government & Defense, Healthcare, Education
Technology, Others. The BFSI industry dominated the Vietnam Cybersecurity
Market in 2020. Digital transformation of banking sector has changed the
consumer buying behavior with preference for online shopping. The banking firms
are investing aggressively into cybersecurity in quest to protect the customers’
personal information, passwords, and financial information from cybercriminals.
Viettel Cyber
Security Company, FPT Corporation, CMC Cybersecurity, IBM Vietnam Company Ltd.,
HPT Vietnam Corporation, Microsoft Vietnam Limited Liability Company, Amazon
Web Services Vietnam Company Limited, SAP Vietnam Co. Ltd., Vietnam Posts and
Telecommunications Group, Salesforce.com, Inc., Cisco Systems, Inc.,
CrowdStrike Holdings, Inc., FireEye, Inc., McAfee LLC, Accenture, Inc. etc. are
among the leading players operating in the Vietnam Cybersecurity Market. Companies
operating in the market are using organic strategies, partnerships and
collaborations to boost their shares in the Vietnam Cybersecurity Market. Significant
players in the market are concentrating on accomplishing ideal operational
expenses, upgrading the system efficiency, enhancing precision in responses,
boosting productivity with high funding in R&D, and merging with small
players to support the competitive Vietnam Cybersecurity Market.
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“The digital
transformation of the country including e-Government, e-business, and an
e-society will drive the growth of the Vietnam cybersecurity market. Moreover,
the passing of the “Law on Cybersecurity” in 2018, has encouraged Vietnamese
firms that use advanced technologies and solutions to invest in cybersecurity
which has led to the development of ecosystem of 'Make in Vietnam'
cybersecurity products. This growing awareness of the consumers towards
cyberattacks and regulatory measures being taken by the government to protect
the cyberspace is expected to act as a catalyst for the Vietnam Cybersecurity
Market.” 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 cybersecurity in Vietnam Cybersecurity
Market and provides statistics and information on market structure, size, share
and future growth. The report is intended 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 present in Vietnam
Cybersecurity Market.”
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