Vietnam Cybersecurity Market to grow at a CAGR of 16.52% until 2026 – TechSci Research

Growing demand for digital services in the public and private sector is driving the growth of Vietnam Cybersecurity Market.

According to TechSci Research report, “Vietnam Cybersecurity Market, By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others), By 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 & Others), By Deployment Mode (Cloud & On premise), By End-User Industry (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology & Others), By Region, By Top 10 Provinces, Competition, Forecast & Opportunities, 2016-2026”, the Vietnam Cybersecurity Market is forecast to grow at a rate of 16.52% to reach USD350.48 million by 2026. Growth in the market can be attributed to the leaning of the Vietnamese government towards investigating, detecting and prosecuting cybercrimes in the last few years. Vietnam has been ranked 25th out of 182 countries in Global Cyber Security Index (GCI) 2020 by the International Telecommunication Union – the United Nation’s ICT-specialized agency. Cybersecurity Market has been primarily influenced by the massive potential of cloud services in Vietnam. The National Assembly of Vietnam has adopted the Law on Cybersecurity (“LCS”) that aims to protect national security and ensure social order and safety in cyberspace. This law will act as a catalyst for adoption of cybersecurity by various enterprises. According to the National Cyber Security Centre (NCSC) of the Vietnam Authority of Information Security, in 2020, more than 90% of the cybersecurity products and services were made in Vietnam.

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" Vietnam Cybersecurity Market "

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The Vietnam Cybersecurity Market is segmented by security type, by solution type, by deployment mode, by end-user industry and by region. In terms of security type, the market can be segregated into Network Security, Application Security, Cloud Security, Endpoint Security, Content Security and Others. Out of these, the network security segment registered a dominant market share in 2020. The network security is dominating the Vietnam Cybersecurity Market as it is one of the most important aspects to consider when working over the internet or the cloud. Moreover, robust network security systems help businesses reduce the risk of falling victim to data theft. Implementing network security solutions allows computers, users, and programs to perform their permitted critical functions within a secure environment.

Based on solution type, the market is segmented into Firewall, Antivirus & Anti Malware, Risk & Compliance Management, Identity & Access Management, Unified Threat Management, Data Loss Prevention, Encryption & Decryption, Intrusion Detection/Prevention System, Infrastructure Security, Others. Out of these, firewall solutions dominated the Vietnam Cybersecurity Market in 2020 as these solutions provide protection against outside cyber attackers by shielding the device or network from malicious or unnecessary network traffic.

Based on deployment mode, the Vietnam Cybersecurity Market is bifurcated into Cloud & On-premise. Cloud dominated the market as the cloud computing technology is being widely adopted by the country. According to the Ministry of Information and Communications, in recent years the cloud computing market has been growing at 30 percent on average, and in 2020 the growth rate reached 40 percent due to the COVID-19 pandemic.

In terms of end-user industry, the market is segmented into BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology, Others. The BFSI industry dominated the Vietnam Cybersecurity Market in 2020. Digital transformation of banking sector has changed the consumer buying behavior with preference for online shopping. The banking firms are investing aggressively into cybersecurity in quest to protect the customers’ personal information, passwords, and financial information from cybercriminals.

Viettel Cyber Security Company, FPT Corporation, CMC Cybersecurity, IBM Vietnam Company Ltd., HPT Vietnam Corporation, Microsoft Vietnam Limited Liability Company, Amazon Web Services Vietnam Company Limited, SAP Vietnam Co. Ltd., Vietnam Posts and Telecommunications Group, Salesforce.com, Inc., Cisco Systems, Inc., CrowdStrike Holdings, Inc., FireEye, Inc., McAfee LLC, etc. are among the leading players operating in the Vietnam Cybersecurity Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Vietnam Cybersecurity Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support the competitive Vietnam Cybersecurity Market.

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“The digital transformation of the country including e-Government, e-business, and an e-society will drive the growth of the Vietnam cybersecurity market. Moreover, the passing of the “Law on Cybersecurity” in 2018, has encouraged Vietnamese firms that use advanced technologies and solutions to invest in cybersecurity which has led to the development of ecosystem of 'Make in Vietnam' cybersecurity products. This growing awareness of the consumers towards cyberattacks and regulatory measures being taken by the government to protect the cyberspace is expected to act as a catalyst for the Vietnam Cybersecurity Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Cybersecurity Market, By Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Content Security & Others), By 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 & Others), By Deployment Mode (Cloud & On premise), By End-User Industry (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Education Technology & Others), By Region, By Top 10 Provinces, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of cybersecurity in Vietnam Cybersecurity Market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Vietnam Cybersecurity Market.”

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