Vietnam Cyber Security Market to Surpass USD350.48 Million During the Forecast Period
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.
Browse over 33 market data Figures spread through 102 Pages and an in-depth TOC on "Vietnam
Cyber Security Market"
https://www.techsciresearch.com/report/vietnam-cybersecurity-market/7793.html
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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