The report titled “Vietnam Cybersecurity Market Outlook to 2025 By Solution Source (Foreign/Imported Solutions and Domestic Solutions), By End User (Banking and Finance, Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail & E-Commerce, Healthcare and others), By Solution type (Standalone Products, Managed Security Services and Professional Services), By Standalone Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways and Others), By Managed Security Services Type (SOC, Network Security, Application Security, Email Security, Cloud Security, Mobile Security, Content Security and Others), By Professional Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting, Security Training and Others)” provides a comprehensive analysis on the status quo of the cybersecurity industry in Vietnam. The report covers various aspects including the cyber threat landscape in the country along with the major cyber attacks, the role of the government in improving information security infrastructure, key entities in the supply and demand side, Vietnam’s cybersecurity ecosystem as compared with ASEAN counterparts, cybersecurity product ecosystem in the country, end user trends, decision making parameters, impact of technologies on developing cybersecurity solutions, competition landscape, challenges faced on both the demand and supply end, impact of the pandemic, future landscape of the market and strategies for new entrants in the market.
Vietnam Cybersecurity Market Overview and Size
Cybersecurity in Vietnam is in the growing phase with the presence of more than 80 companies licensed to distribute cybersecurity solutions in the country. Market revenues have been increasing at an impressive CAGR of 17.4% over 2014-2019, buoyed by governmental impetus to development in the local product infrastructure along with the rising cyber threat ecosystem in the country. The number of domestic information security products in the country has also grown 2x from 2018, signaling the focus on local research and development. The growing end user cybersecurity requirement primarily from banks, government offices & departments, retail companies and healthcare entities has also supported a strong growth in revenues.
Vietnam Cybersecurity Market Segmentation
When it comes to the major sources for solutions in the country, foreign companies have been dominating the ecosystem due to their global brand name and superior technology. However, the local government has been focused to enhance local solution development capabilities in the country. The major end users for cybersecurity solutions in the country include the banking and finance industry, the public sector/government, aerospace and defense and retail companies. Banks and government entities face a large proportion of the country’s cyber attacks and hence it becomes more important for enterprises in these sectors to secure their databases and information systems. Standalone products such as firewall, antivirus, Intrusion Prevention System/Intrusion Detection Systems are majorly demanded by enterprises in the country. With the mandatory requirements for government departments to maintain a 4-tier cybersecurity infrastructure, Security Operations Center is one such solution that has been gaining increasing traction as the solution ensures two key levels of the 4-tier infrastructure system mandated.
Competitive Landscape of Vietnam Cybersecurity Market
The cybersecurity market in Vietnam is moderately fragmented with the top 5 players holding 47% share of the market in terms of revenues. While foreign products still dominate the solution ecosystem in the country, local products are now an option in ~90% of the product categories of cybersecurity in Vietnam.
Vietnam Cybersecurity Market Future Outlook & Projections
The cybersecurity market is expected to grow at a CAGR of 16.9% over the period 2019 to 2025. Increasing adoption of cybersecurity solutions by SMEs and other enterprise segments is expected to drive market growth. New kinds of cyber threats such as Advanced Persistent Threats and IoT device attacks will encourage cybersecurity organizations in the country to enhance product capabilities and develop technologically advanced and efficient products. The modernization of technology in industries such as Banking, Healthcare and E-Commerce will also drive increased adoption of information security solutions.
Key Segments Covered:-
By Solution Source (Foreign/Imported Solutions and Domestic Solutions).
By End User (Banking and Finance, Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail & E-Commerce, Healthcare and others).
By Solution type (Standalone Products, Managed Security Services and Professional Services).
By Standalone Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways and Others).
By Managed Security Services Type (SOC, Network Security, Application Security, Email Security, Cloud Security, Mobile Security, Content Security and Others).
By Professional Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting, Security Training and Others.
Viettel Cyber Security
FPT Information System
Key Target Audience:-
Banks, Healthcare companies, Retail Companies, E-commerce Platforms, Government Departments
Time Period Captured in the Report:-
Historical Period: 2014-2019
Forecast Period: 2020-2025
Key Topics Covered in the Report:-
End User Analysis
Governmental Role in Solving the Cybersecurity Problem
Operating Models for Information Security Companies
Vietnam’s standing in the ASEAN Cybersecurity Ecosystem
Vietnam’s Cybersecurity Product Ecosystem
Role of Cutting-Edge Technologies in Developing Cybersecurity Solutions
Tender Process for Partnering with a Cybersecurity Firm
Challenges Faced by Service Providers in the Industry
Mapping the Impact of the Pandemic on Cybersecurity in Vietnam
Interview with Chief Strategy Officer at Viettel Cyber Security
Opportunities in the Vietnam Cybersecurity Ecosystem
License Requirements for New Cybersecurity Businesses in Vietnam
Launching a Cybersecurity Solution in the Vietnam Market
For More Information on the research report, refer to below link:
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Ankur Gupta, Head Marketing & Communications