Report Description

Vietnam cybersecurity market was valued at USD 187.74 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 18.42%, 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. electronic information security and information technology security are other names of the same.

Increasing Demand for Bring Your Own Device (BYOD)

Bring your own technology (BYOD) is an IT strategy that permits and promotes staff members' usage of their own mobile devices (such as smartphones and tablets) at work. As a result, reliable and real-time data synchronisation is required for employees to access sensitive corporate data and applications, which increases the demand for mobile middleware implementation in mobile device apps. The risk of hackers stealing mobile devices to access the intellectual property has grown as BYOD is increasingly being used by businesses and organisations for greater productivity and innovation, cost savings, increased mobility, and employee happiness. Additionally, having personal devices on a commercial network makes it easier for hackers to access the network and data centre of the firm, creating serious vulnerability risks for the corporation. These cybercriminals include multinational hackers that target federal and government institutions, rivals who try to steal confidential information from businesses, displeased workers, and more. Concerns about mobile device security, data breach security, mobile data security, and mobile application security are anticipated to grow as the BYOD market expands, spurring investment in the Vietnam cybersecurity market in the upcoming years.

Rise in Demand for Big Data Analytics

Vietnam has experienced a surge in cyberattacks over the past several years, which has compromised personal data and led to the loss of financial and confidential information. There is a high demand for Security Information and Event Management (SIEM) technology and services due to the prevalence of cyberattacks and data breaches, globally. To identify threats and provide security incident responses, SIEM gathers real-time security events from several events and data sources. Large corporations formerly focused on threat prevention procedures. The companies were able to identify a cyber-attack based on historical patterns. However, ongoing innovation in the cybersphere emphasizes the significance of researching and examining cyber-attack patterns to help governments and corporations create effective cyber defenses. Big data is, therefore, anticipated to have a substantial influence on a variety of cybersecurity solutions, including network monitoring, fraud detection, identity and access management, and others. In the upcoming years, the Vietnam Cybersecurity Market is anticipated to expand due to the rising industry usage of big data cyber analytics.

Growing Usage of the Internet of Things (IoT)

In Vietnam, a number of industries have quickly embraced Internet of Things (IoT). Despite significant IoT adoption by government, this technology is still in its infancy. The development of IoT market has also received the attention of the government, along with businesses and science and technology organizations in the recent years. . In addition, the trend of connected devices, rising smartphone, smart device, and internet user penetration, etc., have been catching on in Vietnam. As automation and Internet-connected devices expand and data breaches become more frequent, the Vietnam Cybersecurity Market will grow as a result.