Vietnam Cybersecurity Market to Grow at a CAGR of 18.42% During the Forecasted Period 2024-2028

Increased Social Media Usage and rising demand for Cloud-Based Systems are driving the Vietnam Cybersecurity Market in the forecast period of 2024-2028.

According to TechSci Research report, “Vietnam Cybersecurity Market - By Region, Competition, Forecast & Opportunities, 2018-2028F”, The Vietnam Cybersecurity Market is anticipated to grow at a high CAGR in the upcoming period owing to government initiatives, increased attack vectors, artificial-intelligence attacks, among others, across the country.

Protecting sensitive information and important systems from online threats is the discipline of cybersecurity. Threats to networked systems and applications can come from both within and outside of an organisation, which is why cybersecurity measures are created to counteract them. It primarily entails protecting networks, computers, servers, mobile devices, electronic systems, and data against harmful assaults. A few more names for it are electronic information security and information technology security.

Many international cloud service goliaths, such as Google, Amazon Web Services (AWS), and Alibaba, have been encouraged to enter and develop their cloud businesses in the market with the growth of the IT sector in Vietnam. Both local and international providers are driving the transformation to cloud-based business models in the public sector. Additionally, the Vietnam Cybersecurity Market is expanding as a result of the increased popularity of cloud computing services, which are valued for their accessibility, affordability, and high performance.

Browse over 33 market data Figures spread through 105 Pages and an in-depth TOC on the "Vietnam Cybersecurity Market”

The Vietnam government has started several projects to accelerate the installation of cybersecurity measures, which are anticipated to be a crucial building block for social stability and national security. As an example, the government has published a national cybersecurity policy to address concerns in the cyberspace until 2025. According to the scheme, the government wants to keep Vietnam's position in the global cybersecurity rankings between 25 and 30, by 2025. Government programmes like "Make in Vietnam" and the "Law on Cybersecurity" are also said to be contributing factors in the expansion of the Vietnam cybersecurity market.

Based on Security Type, The cloud security segment is the fastest growing security type for the Vietnam cybersecurity market, with a growing CAGR of 19.53% for the forecast period owing to the rising adoption of cloud-based platforms across various industries. The usage of resources, the organizational structure, as well as storage, distribution, and processing, have all undergone significant change as a result of the cloud computing revolution in the IT sector.

The COVID-19 problem had the greatest impact on the number of start-ups and SMEs. The public cloud is more popular because it has a cheaper total cost of ownership than private and hybrid clouds, which has enhanced corporate productivity and continuity.

Based on Solution Type, Firewalls solution type dominated the Vietnam Cybersecurity Market in 2022 with a market share of 16.34% and is also expected to dominate the market in the forecast period owing to being the first line of defense against external threats, malware, and hackers attempting to gain access to sensitive data and systems across IT infrastructure.

Network traffic monitoring is facilitated by firewalls. Threats to operations can take advantage of the flow of data into and out of the systems. Systems are protected by firewalls, which track, examine, and apply predefined rules and filters to network traffic.

The expansion of firewall solutions is anticipated to occur during the forecast period as a result of changes in the regulatory environment, technological advancements including Generation Firewall (NGFW), and the accessibility of affordable firewall solutions for small businesses due to an increase in security breach incidents across the nation.

Key market players in the Vietnam Cybersecurity Market include:

• FPT Corporation
• SAP Vietnam Co. Ltd
• IBM Vietnam Company Ltd
• Microsoft Vietnam Limited Liability Company
• Amazon Web Services Vietnam Limited
• Cisco Systems Vietnam Ltd
• Viettel Cybersecurity Company
• Vietnam Posts and Telecommunications Group
• Salesforce Inc
• HPT Vietnam Corporation
• Accenture Inc
• Trellix Cybersecurity Company
• CMC Corporation
• CrowdStrike Holdings Inc.

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“The Vietnam cybersecurity market is anticipated to grow at a high CAGR in the upcoming period owing to rising cyber threats, increasing digital economy, increased social media usage, increasing demand for cloud-based systems, among others. The region's rising social media usage has also contributed to the expansion of the Vietnam Cybersecurity Market. The number of social media users in the nation has increased along with the popularity of social media platforms and the desire to keep in touch with others. For instance, there were around 76.95 million social media users in January 2022, which is an increase of 5.0 million from 2021 to 2022. Because of the rising number of security and data privacy events on social media, cybersecurity solutions are now widely used. Consequently, a high CAGR is projected for the market.” These factors are fuelling the growth of the Vietnam Cybersecurity Market in the upcoming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting organization.

“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, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of 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 the Vietnam Cybersecurity Market.

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