Vietnam Internet of Things Market to Grow Owing to Rising Connected Devices
Vietnam Internet of Things market is expected to grow as there
is increase in number of connected devices and rise in demand for IoT cloud.
According to
TechSci Research report, “Vietnam Internet of Things Market – By Region,
Competition, Forecast & Opportunities, 2018-2028”, Vietnam Internet of
Things market is expected to register robust growth during the forecast period,
2024-2028. The Vietnam
Internet of Things market is expanding because of the rising usage of various
connection technologies, elevating sensors, and blockchain applications in
various end use industries across the nation. These factors also include the
rising adoption of artificial intelligence and machine learning technology. The
market is being further stimulated by technological developments in the
manufacturing, transportation, and logistics sectors. The high cost of IoT
technology and worries about data security, privacy, and encryption are
anticipated to impede market growth throughout the forecast period.
The market is anticipated to
rise sharply throughout the forecast period owing to rising demand for smart
devices, expanding government initiatives, and rising need for analytics. Moreover,
the need for IoT in the nation is being fueled by its rising use in a variety
of applications, including connected logistics, consumer electronics, building
and home automation, and others. The usage of cloud platforms is also
anticipated to rise, improved data analytics will be introduced, and wireless
networking technologies will progress, all of which are anticipated to drive
the Vietnam Internet of Things (IoT) market over the forecast period.
Government (establishing
policies and encouraging development through public investment); companies,
startups, and development communities (offering technological solutions for
software, connectivity infrastructure, hardware, services, etc.), market. and
their interrelationship. Several technology firms are being drawn to Vietnam's
IoT sector to engage in research and production. Moreover, COVID-19 pandemic
has forced many industries, organizations and consumers to pause investment in
Internet of Things deployment for a short term. Industries that were worst
affected by the economic downtown caused by COVID-19 pandemic witnessed slowest
growth 2022. Personal and consumer services which include movie theatres, theme
parks, hotels and casinos, manufacturing, transportation.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "Vietnam Internet of Things Market"
Based on platform, the market
is segmented into network management, application management and device management.
Based on component, the market is further divided into software, hardware and service.
Based on software, the market is further fragmented into real-time streaming
analytics security, data management, remote monitoring, network bandwidth
management, and others. Based on hardware, the market is further segmented into
device and gateways. Based on service, the market is further bifurcated into professional
and managed. Based on application, the market is further split into consumer
electronics, smart mobility & transportation, building & home automation,
connected logistics, smart retail, and others.
Based on component, the
software segment dominated the market in 2022 and is expected to grow during the
forecast period as well. For the software segment, the real time streaming
analysis held the largest share in 2022 owing to increase use of smart CCTV
supervision throughout the country. For the application segment, smart mobility
& transportation is projected to witness fastest growth in Vietnam Internet
of Things (IoT) market owing to the high demand for creating efficient &
cost-effective transportation, by utilizing communications and digital
technologies. The market of Internet of Things (IoT) in Vietnam is gaining
traction and is expanding to various regions such as Vietnam Capital Territory
& New South Wales, Victoria & Tasmania, Queensland, Northern Territory
& Southern Vietnam, and Western Vietnam. Western Vietnam is anticipated to
witness growth during forecast period owing to escalating penetration of
technology.
Key service providers of the Internet
of Things market include:
- 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,
- Oracle Vietnam
Pte. Ltd.
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"IoT is employed in a
range of industries for a number of reasons, such as enhanced efficiency by
saving money and resources, the capacity to track and monitor things,
automation that lessens the workload, more data implies more accurate
decisions, a higher quality of life, and so on. New trends that may ease
competitiveness are emerging in the IoT environment as a result of the adoption
of these new technologies, which boosts revenue and productivity. Vietnam's
digital transformation has been significantly impacted by IoT, which is now a
crucial component of company operations, procedures, expenses, and
profitability. On the other hand, the size of the solution and the length of
the service determine the profitability of an IoT solution, which has also been
favorably influencing the market,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Vietnam Internet of Things Market Segmented By Platform
(Network Management, Application Management and Device Management), By
Component (Software (Real Time Streaming Analytics Security, Data Management,
Remote Monitoring, Network Bandwidth Management, Others) Hardware (Device, Gateways),
Service (Professional, Managed)), By Application (Consumer Electronics, Smart
Mobility & Transportation, Building & Home Automation, Connected
Logistics, Smart Retail, and Others), By Region, Competition, Forecast and Opportunities, 2018-2028F”, has
evaluated the future growth potential of Internet of Things and provides statistics and information on market structure,
size, share, and future 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 Internet of
Things Market.
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