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.