According to the TechSci Research report, “Vietnam Cybersecurity Market - By Region, Competition, Forecast & Opportunities, 2018-2028F,” the 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.
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Cybersecurity is the practice of protecting sensitive information and critical systems from cyber threats. These threats can originate from both internal and external sources, prompting the need for robust cybersecurity measures. It encompasses the protection of networks, computers, servers, mobile devices, electronic systems, and data from malicious attacks. Other terms used for cybersecurity include electronic information security and information technology security.
Attribute | Details |
Market size value in 2022 | USD187.74 million |
Revenue Forecast in 2028 | USD509.13 million |
Growth Rate | 18.42% |
Industry Key Highlights
The Vietnam cybersecurity market is witnessing significant transformations, particularly with the entry of international cloud service giants like Google, Amazon Web Services (AWS), and Alibaba. The booming IT sector in Vietnam has encouraged both local and international providers to adopt cloud-based business models in the public sector. Additionally, the increasing popularity of cloud computing services, valued for their accessibility, affordability, and high performance, is fueling the expansion of the Vietnam cybersecurity market.
Government Initiatives
The Vietnamese government has initiated several projects to enhance cybersecurity measures, aiming to establish a solid foundation for social stability and national security. For instance, the government has issued a national cybersecurity strategy to address cyberspace concerns until 2025. This strategy aims to position Vietnam among the top 25 to 30 countries in the global cybersecurity rankings by 2025. Other government programs, such as "Make in Vietnam" and the "Law on Cybersecurity," are also contributing to the market's growth.
Market Segmentation
The Vietnam cybersecurity market is segmented based on security type, solution type, deployment mode, and end-user industry. The key segments are as follows:
- Security Type: Network Security, Application Security, Cloud Security, Endpoint Security, Content Security, and Others.
- Solution Type: Firewall, Antivirus & Anti-Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security, and Others.
- Deployment Mode: Cloud and On-premise.
- End-User Industry: BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology, and Others.
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Key Market Players
Prominent players in the Vietnam cybersecurity market include:
- FPT Corporation
- SAP Vietnam Co. Ltd
- IBM Vietnam Company Ltd
- Microsoft Vietnam Limited Liability Company
- Amazon Web Services Vietnam Limited
- Cisco Systems Vietnam Ltd
- Viettel Cybersecurity Company
- Vietnam Posts and Telecommunications Group
- Salesforce Inc
- HPT Vietnam Corporation
- Accenture Inc
- Trellix Cybersecurity Company
- CMC Corporation
- CrowdStrike Holdings Inc.
Emerging Trends
Rise of Cloud Security
The cloud security segment is the fastest-growing security type in the Vietnam cybersecurity market, with a projected CAGR of 19.53% for the forecast period. This growth is driven by the widespread adoption of cloud-based platforms across various industries. The cloud computing revolution has significantly altered resource usage, organizational structures, storage, distribution, and processing within the IT sector.
Impact of COVID-19
The COVID-19 pandemic significantly affected start-ups and SMEs, increasing the adoption of public cloud solutions due to their lower total cost of ownership compared to private and hybrid clouds. This shift has enhanced corporate productivity and continuity, driving the growth of the cybersecurity market.
Adoption of Firewall Solutions
Firewall solutions dominated the Vietnam cybersecurity market in 2022, holding a market share of 16.34%. They are expected to continue dominating the market due to their role as the first line of defense against external threats, malware, and hackers. Firewalls facilitate network traffic monitoring and protect systems by applying predefined rules and filters to network traffic.
Drivers of Growth
Government Initiatives
The Vietnamese government’s proactive approach to cybersecurity, including the introduction of national cybersecurity strategies and laws, is a major driver of market growth. These initiatives aim to strengthen national security and position Vietnam as a leader in global cybersecurity rankings.
Increased Cyber Threats
The rise in cyber threats, including advanced persistent threats (APTs) and ransomware attacks, is driving the demand for robust cybersecurity solutions. Organizations are increasingly investing in cybersecurity measures to protect sensitive data and ensure business continuity.
Digital Economy Expansion
The rapid expansion of the digital economy in Vietnam is contributing to the growth of the cybersecurity market. The increasing use of digital platforms for business operations necessitates enhanced cybersecurity measures to protect against cyber threats.
Growing Social Media Usage
The rise in social media usage in Vietnam is another significant driver. The country has seen an increase in social media users, which has led to a higher number of security and data privacy incidents. Consequently, there is a growing demand for cybersecurity solutions to protect user data on social media platforms.
Future Outlook
The future of the Vietnam cybersecurity market looks promising, with several key trends expected to shape its growth. These include the continued adoption of cloud security solutions, increased investment in advanced firewall technologies, and the growing importance of cybersecurity in the digital economy. As organizations increasingly rely on digital platforms for their operations, the demand for robust cybersecurity solutions is expected to rise.
Key Predictions
- Increased Cloud Security Adoption: With the ongoing digital transformation, the adoption of cloud security solutions is expected to accelerate, driven by their scalability, cost-effectiveness, and advanced security features.
- Advanced Firewall Technologies: The development and adoption of next-generation firewall (NGFW) technologies will continue to grow, providing enhanced protection against sophisticated cyber threats.
- Focus on AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) in cybersecurity solutions will become more prevalent, enabling advanced threat detection and response capabilities.
- Regulatory Compliance: Compliance with international cybersecurity standards and regulations will become increasingly important for organizations operating in Vietnam, driving the adoption of comprehensive cybersecurity solutions.
10 Benefits of the Research Report
- In-Depth Market Analysis: Provides a comprehensive analysis of the Vietnam cybersecurity market, including market size, share, and growth projections.
- Emerging Trends Identification: Highlights emerging trends and technologies shaping the future of the cybersecurity market in Vietnam.
- Government Initiatives Insight: Offers detailed insights into government initiatives and policies driving market growth.
- Competitive Landscape: Analyzes the competitive landscape, profiling key market players and their strategies.
- Security Type Analysis: Examines different security types and their adoption rates, providing a clear understanding of market dynamics.
- Solution Type Evaluation: Evaluates various cybersecurity solutions and their market penetration, helping stakeholders make informed decisions.
- Deployment Mode Insights: Provides insights into the adoption of cloud and on-premise cybersecurity solutions.
- End-User Industry Breakdown: Analyzes the adoption of cybersecurity solutions across different end-user industries.
- Market Forecast: Offers reliable market forecasts, helping stakeholders plan their investments and strategies.
- Customization Options: Provides the option for report customization, allowing stakeholders to focus on specific aspects of the market.
Competitive Analysis
The Vietnam cybersecurity market is highly competitive, with several key players driving innovation and growth. These players include both local and international companies, each bringing unique strengths and capabilities to the market.
Key Players
- FPT Corporation: A leading IT services provider in Vietnam, FPT Corporation offers a wide range of cybersecurity solutions, including network security, cloud security, and endpoint security.
- SAP Vietnam Co. Ltd: A subsidiary of the global software giant SAP, the company provides comprehensive cybersecurity solutions tailored to the needs of Vietnamese businesses.
- IBM Vietnam Company Ltd: Known for its advanced cybersecurity technologies, IBM offers a range of solutions, including threat intelligence, identity and access management, and data protection.
- Microsoft Vietnam Limited Liability Company: Microsoft provides robust cybersecurity solutions, leveraging its cloud platform, Azure, to offer advanced threat protection and compliance solutions.
- Amazon Web Services Vietnam Limited: AWS offers a comprehensive suite of cloud security services, helping businesses secure their cloud environments and comply with regulatory requirements.
- Cisco Systems Vietnam Ltd: Cisco is a global leader in networking and cybersecurity solutions, providing advanced firewall, intrusion detection, and network security solutions.
- Viettel Cybersecurity Company: A subsidiary of Viettel Group, Viettel Cybersecurity offers a wide range of cybersecurity services, including security consulting, threat detection, and incident response.
- Vietnam Posts and Telecommunications Group: VNPT provides a range of cybersecurity solutions, focusing on network security, cloud security, and data protection.
- Salesforce Inc: Salesforce offers cloud-based cybersecurity solutions, helping businesses secure their customer data and comply with privacy regulations.
- HPT Vietnam Corporation: HPT provides comprehensive cybersecurity solutions, including network security, endpoint security, and threat intelligence.
- Accenture Inc: A global management consulting firm, Accenture offers a range of cybersecurity services, including risk management, compliance, and incident response.
- Trellix Cybersecurity Company: Trellix provides advanced cybersecurity solutions, focusing on threat detection, endpoint security, and incident response.
- CMC Corporation: CMC offers a wide range of IT services, including cybersecurity solutions tailored to the needs of Vietnamese businesses.
- CrowdStrike Holdings Inc.: Known for its advanced threat intelligence and endpoint protection solutions, CrowdStrike helps businesses defend against sophisticated cyber threats.
Customers can also request for 10% free customization on this report.
Competitive Strategies
The key players in the Vietnam cybersecurity market are adopting various strategies to maintain their competitive edge. These strategies include:
- Innovation and R&D: Companies are investing heavily in research and development to innovate and develop advanced cybersecurity solutions.
- Strategic Partnerships: Collaborations and partnerships with local and international firms are helping companies expand their market reach and enhance their service offerings.
- Customer-Centric Approach: Companies are focusing on understanding customer needs and providing tailored cybersecurity solutions to meet specific requirements.
- Regulatory Compliance: Ensuring compliance with international and local cybersecurity regulations is a key focus for companies, helping them build trust with customers and stakeholders.
- Training and Awareness Programs: Companies are conducting training and awareness programs to educate businesses and individuals about the importance of cybersecurity and best practices.
Conclusion
The Vietnam cybersecurity market is poised for significant growth in the coming years, driven by government initiatives, increased cyber threats, and the rapid expansion of the digital economy. As organizations increasingly rely on digital platforms for their operations, the demand for robust cybersecurity solutions will continue to rise. The market offers numerous opportunities for both local and international players, with innovation, strategic partnerships, and customer-centric approaches being key to maintaining a competitive edge. With a strong focus on regulatory compliance and continuous investment in research and development, the Vietnam cybersecurity market is set to become a leading force in the global cybersecurity landscape.
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