Vietnam Internet
of Things is anticipated to register a high CAGR during the forecast period,
2024-2028. The Vietnam Internet of Things Market is being driven by rising
demand for smart devices, expanding government initiatives, and increased
demand for analytics. Moreover, the demand for IoT in the nation is being
fuelled by the technology's growing use in a variety of industries, including
consumer electronics, building and home automation, connected logistics, and
others. The usage of cloud platforms is also anticipated to rise, improved data
analytics would be introduced, and wireless networking technologies would progress,
all these factors are anticipated to drive the Vietnam Internet of Things (IoT)
market over the forecast period.
The Internet of
Things, or IoT, is the collective term for the billions of electronic devices
that are online and collecting and exchanging data. These gadgets come in a
variety of complexity levels, from basic household goods to complex industrial
machinery. The ability to communicate real-time data without human involvement
is made possible by linking all these various devices and equipping them with
sensors.
The leading
service providers now offer improved services as there is a continuous
innovation in the technological developments. One of the technological developments
is the Internet of Things (IoT) which offers solutions for operating and
managing system applications. To enhance market shares, the companies competing
in the space are concentrating on internal services, data storage with improved
security standards, and resource expansion. Modern businesses use technology to
match workloads to the ideal working environment depending on a variety of
factors that are important to them, including cost, performance, compliance,
skill sets, and industry-specific requirements. Other competitive tactics
include mergers and acquisitions and the creation of innovative and
cutting-edge services.
Growing Acceptance of
Industry 4.0 is Fueling the Market Growth
The manufacturing sector
is changing because of the advancement of digital technologies. Using the Internet
of Things in the manufacturing sector lowers operational costs, boosts
productivity, and improves worker safety, among other benefits that are
expected to drive demand for the IoT market in Vietnam. Moreover, the growing
trend of linked device usage in both the residential and industrial sectors is
advantageous for the IoT industry. Ownership of IoT devices, a supplier of
mobile, linked auto, and smart home solutions, is increasing 10% year-over-year.
Voice assistant modules are becoming more and more prevalent in the domestic
market, which has enhanced the use of smart appliances such as Bluetooth
speakers, smart thermostats, lights, and metering solutions. The government's support of industrial automation,
increasing investments in Industry 4.0, and the demand for high productivity
and efficiency are the main factors driving this market's expansion. Moreover,
it is expected that the use of industrial IoT for predictive maintenance and a
rise in the number of data centers would present sizable prospects for market
expansion. The absence of standardization and expensive capital and operating
costs, however, may impede market expansion.
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Digital Transformation
in the Banking Sector
Vietnam currently places
a high emphasis on achieving the goal of the banking sector's digital
transformation. Building electronic finance is essential to establishing a
modern, sustainable, open, and transparent digital financial foundation based
on big data, open financial data, and a digital financial ecosystem on the
foundation of open financial industry data to carry out the banking industry's
digital transformation. For instance, the use of big data processing and
analysis technologies for risk management, anti-smuggling, tax inspection and
examination; the analysis of big data from social networks to manage fraud and
tax loss in online business activities; the application of the Internet of
Things in the management of customs supervision; the analysis of data from
social networks and the use of AI to support securities transaction monitoring
and combat manipulation. Implement electronic payments, test small-scale
e-commerce using telecoms accounts to pay for digital content services and
assess how well this model may be replicated (mobile money). Developing FinTech
and digital banking to reduce the share of cash in total payments to under 10%
by the end of 2020. These factors are boosting demand for IoT adoption in
Vietnam.
Rising Adoption of
Wearable Technology Applications is Driving Market Growth
Using
sensor-based devices, wearable technology uses the most up-to-date biometric
data, such as pulse rate, footsteps, etc., in addition to environmental and
mobile data, such as position, temperature, and others. The increasing use of
wearable technology is a key factor anticipated to aid the demand of Internet
of Things services across Vietnam. Moreover, the use of data analytics to
inform decision-making is encouraging businesses to use a variety of data
gathering techniques, increasing the demand for technologies that are
integrated into systems that gather and transfer data for analysis. Enterprises are benefiting from the expanding
developments in data analytics in several areas, such as supply chain
management, resource planning, inventory management, and production analysis.
The advantages of the technology are anticipated to grow even further with the
addition of AI and machine learning, coupled with accuracy.
Rising
Demand from Healthcare Sector is Driving Market Growth
IoT has proved to be one
of the most important applications in the field of healthcare. Devices such as
sensors, medical equipment, health monitors and other medical devices are set
to become a part of IoT, owing to which IoT adoption in the medical sector is
expected to grow at a robust pace. Virtual assistants and mobile health
applications have proved to be very helpful to monitor patient health at home,
which is expected to boost the demand of Internet of Things market across the
country.
Growing Need for
Intelligent Transportation Systems is Driving the Market Growth
Intelligent
transportation systems are a hybrid application of ICT for various modes of
transportation such as road, railways, etc., for ensuring smooth and safe
travel. Increasing vehicle fleet size across the country is leading to growing
traffic congestion on roads and rising number of accidents. Therefore,
deployment of Internet of Things is expected to make transportation much safer,
smoother, and lawful, which is expected to drive the market.
Growing Adoption of
Bring Your Own Device (BYOD) is Steering the Market Growth
The concept of Bring
your Own Device (BYOD) is gaining popularity across the country, as it provides
flexibility and mobility to both the employee as well as the employer, by
avoiding the constraints related to workstations. BYOD includes devices such as
tablets, phablets, smartphones, and laptops, etc. Rising adoption of advanced
technology, coupled with increasing purchasing power are driving the market for
BYOD. Devices under BYOD concept use different types of sensors such as, image
sensors, touch sensors, motion sensors, etc., which generate a large amount of
useful data. To handle and analyze such large volume of data, the need for Internet
of Things services for analytics, security, etc., is also projected to increase
during forecast period.
The Privacy, Security,
And Connectivity Of Data, As Well As The Interoperability Of Devices
IoT is one example of a technology
that expands a network's surface area, increasing the possibility of attack
vectors. An active cyberattack on the network might be launched from even a
single unprotected device linked to it. IoTs are being used in
an increasing number of private network and device intrusions. For instance, a
consumer who owned Xiaomi Mijia cameras connected to a Google Nest Hub received
images from other people's homes at random when the consumer streamed content
from the camera to a Google Nest Hub, which led to the recent cybersecurity
issue with Xiaomi Mijia smart security cameras, which triggered the Google ban
on supporting its devices further. These are hindering the growth in the Vietnam
IoT market.
Recent Development
- With a
LoRaWan streetlighting project in 2018, VIoT introduced IoT smart-city
applications in Vietnam. Since then, it has expanded its offering to include
vertical-market applications like smart metering by utilities, end-to-end
air-water-quality monitoring, and early flood-incident management system.
Market Segmentation
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 if further bifurcated into device and gateways.
Based on service, the market is further divided into professional and managed.
Based on application, the market is fragmented into consumer electronics, smart
mobility & transportation, building & home automation, connected
logistics, smart retail, and others.
Company Profiles
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, and
Oracle Vietnam Pte Ltd. are among the major market players in the country
platform that lead the market growth of the Vietnam Internet of Things market.
Attribute
|
Details
|
Base
Year
|
2022
|
Historical
Years
|
2018 –
2021
|
Estimated
Year
|
2023
|
Forecast
Period
|
2024 – 2028
|
Quantitative
Units
|
Revenue
in USD Billion and CAGR for 2018-2022 and 2023E-2028F
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
Segments
Covered
|
Platform
Component
o
Software
o
Hardware
o
Service
Application
Region
|
Regional
Scope
|
Southern
Vietnam, Northern Vietnam, Central Vietnam
|
Key
Companies Profiled
|
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, and Oracle
Vietnam Pte Ltd.
|
Customization
Scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
Pricing
and Purchase Options
|
Available
of customized purchase options to meet your exact research needs. Explore purchase options
|
Delivery
Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
|
Report Scope:
In this report, the Vietnam Internet of
Things market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
·
Vietnam
Internet of Things Market, By Platform
o Network Management
o Application Management
o Device Management
·
Vietnam
Internet of Things Market, By Component
o Software
o Hardware
o Service
·
Vietnam
Internet of Things Market, By Application
o Consumer Electronics
o Smart Mobility & Transportation
o Building & Home Automation
o Connected Logistics
o Smart Retail
o Others
·
Vietnam
Internet of Things Market, By Region:
o Southern Vietnam
o Northern Vietnam
o Central Vietnam
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Vietnam Internet of Things market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
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