Vietnam Cyber Security Market is Expected to Reach about USD 215 Million in Terms of Revenue by the Year Ending 2023: Ken Research
02 Sep, 2019, 15:00 BST
GURUGRAM, India, Sept. 2, 2019 /PRNewswire/ --
- According to the Ministry of Information and Communication (MIC), Vietnam, the country witnessed around 4,770 cyber attacks incidents in the first quarter of 2019 which was more than half the figure of the total number of incidents reported last year.
- The Vietnam retail market is expected to grow at a growth rate of 26% by the next 5 years owing to rise in investments in this sector. This has resulted in increase in number of credit card transactions which has increased the need for efficient cyber security solutions in this sector.
- The ICT Industry is further expected to grow at a fast pace due to the Vietnam government's desire to turn Vietnam into an ICT Power for growth and transformation of the Vietnamese economy.
Retail and ICT Industry gaining Traction in Vietnam: Vietnam is witnessing growth in its retail and ICT sector due to the overall development in the Vietnam economy. According to the Vietnam Bank Proprietary data, the retail market witnessed an increase in the number of credit card transactions from 10 million in the year 2013 to 46 million in the year 2018, which has also increased the number of cyber threats incidents in this sector. The Vietnam's ICT sector is the driving force for growth and transformation in the Vietnamese economy as Vietnam has emerged as a production center for both IT hardware and services such as software development outsourcing.
Digitization in the Small and Medium Enterprises (SMEs) Sector: The SMEs in Vietnam are digitalizing rapidly and exploiting the power of technology to increase its revenue and cater to a larger number of customers within and beyond their geographical boundaries. Owning an efficient and effective IT infrastructure plays a very important role in the growth of Vietnamese SMEs. The growing number of SMEs in Vietnam is moving towards adopting security solutions that will positively impact the cyber security market in Vietnam in the near future.
Change in Vietnam Cyber Security Law: A law requiring Internet companies in Vietnam to remove content that the communist authorities deem to be against the state came into effect in early 2019. The legislation requires internet companies to remove content the government regards as "toxic". Tech giants such as Facebook and Google will also have to hand over user data if asked by the government, and open representative offices in Vietnam.
Technological Advancement: Threat from cybercriminals is becoming increasingly sophisticated, so security needs to be able to adapt in order to keep up with upcoming cyber threats. The adoption of the technologies such as IoT security, cloud technology, block chain, artificial intelligence and others has been growing in Vietnam resulting in the growth of the cyber security market. The adoption of these technologies would increase the cyber crimes in the country which in result would witness a higher demand for the security solutions for protecting these technologies from the cyber crimes.
Analysts at Ken Research in their latest publication "Vietnam Cyber Security Industry Outlook to 2023 – By Solutions (Firewall & UTM, Intrusion Detection System, Antivirus and Others), By End Users (Banking & Finance, Government, IT & Telecom, Retail and Others), By Import and Domestic Security Solutions, By Security (Network Security, Application Security, End-Point Security, Mobile & Wireless Security, Content Security and Cloud Security)" believe that the cyber security industry in Vietnam is expected to expand further due to increase in number of cyber crime incidents, rising awareness of security solutions among firms, growth in the sectors such as Retail, ICT and other end user industries, increasing digital penetration in the country and increase in the demand for data security solutions by the Small and Medium Enterprises (SMEs). The market is expected to register a positive CAGR of 14.8% for cyber security market in terms of revenue during the forecast period 2019-2023.
Key Segments Covered:
- Cyber Security Market
- By Imported & Domestic Security Solutions
- Imported Services and Solutions
- Domestic Services and Solutions
- By Type of Solutions
- Firewall and Unified Threat Management (UTM)
- Intrusion Detection System (IDS/IPS)
- Antivirus/Antimalware
- Identity and Access Management (IAM)
- Encryption
- Data Loss Prevention (DLP)
- Disaster Recovery
- IoT Devices
- By End User
- Banking & Finance
- Government
- IT & Telecom
- Retail
- Healthcare
- Energy & Power
- Private Use
- Others
- By Type of Security
- Network Security
- Application Security
- End- Point Security
- Mobile & Wireless Security
- Content Security
- Cloud Security
Key Target Audience
- Banks and Financial Institutions
- Government Organizations
- Retail Companies
- Hospitals and Clinics
- Airports
- Cloud Computing Services Companies
- IT- Companies
- Home Users
Time Period Captured in the Report:
- Historical Period - 2013-2018
- Forecast Period - 2019E-2023E
Major Companies Covered:
- Juniper Network
- Cisco
- Check Point Software Technologies Ltd
- Symantec Corporation
- Hewlett Packard Enterprise Development LP
- Kaspersky
- Fortinet
- CMC Corporation
- Other Players
- Vietnam Security Network (VSEC)
- Vietnam Cyberspace Security technology (VNCS)
- BAE Systems
- CyRadar
- IBM Corporation
- Trend Micro
- Oracle
- Wanders
- Sophos
- Sentry Bay
- AVG Technologies
- Fire Eye
Key Topics Covered in the Report
- Executive Summary
- Research Methodology
- Major Cyber Attacks in Vietnam
- Snapshot of Cyber Security Market in ASEAN Countries
- Trends and Growth Drivers in Vietnam Cyber Security Market
- Vietnam Cyber Security Market
- Introduction to Vietnam Cyber Security Market
- Value Chain Analysis of Vietnam Cyber Security Market
- Vietnam Cyber Security Market Size, 2013-2018
- Vietnam Cyber Security Market Segmentation, 2013-2018
- Competition Landscape in the Vietnam Cyber Security Market
- Vietnam Cyber Security Market Future Outlook and Projections, 2018-2023E
- Issues and Challenges in Vietnam Cyber Security Market
- Decision Making Parameters in Hiring a Cyber Security Company in Vietnam
- Pain Points faced by the end users after purchasing a security Solution in Vietnam
- Technologies used in the Cyber Security Market
- SWOT Analysis of Vietnam Cyber Security Market
- Government Regulations in the Vietnam Cyber Security Market
- Company Profiles of Major Players in Vietnam Cyber Security Market
- Analyst Recommendations
For more information on the market research report please refer to the link below:
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SOURCE Ken Research