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Report Description

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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, Opportunity, and Forecast, 2018-2028F 2018-2028

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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.