Increased Demand for Cyber Security Solutions in Vietnam Driven by Surging Digital Penetration, Investments by the SMEs on Cyber Security Solutions and Increase in Cyber Threat Incidents: Ken Research
“The constantly improving internet infrastructure in telecom industry, increasing digital presence across various sectors and domestic enterprises increasing their IT spending to upgrade their IT infrastructure consisting of servers, network equipment, cyber security equipment and software has positively impacted the cyber security industry of Vietnam.”
The report titled “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)” by Ken Research recommends that the companies operating in cyber security market of Vietnam can expand their market share and increase revenue generated by adopting technological advancements, increase in the investments in cyber security market, enhancing the physical infrastructure in the sector, developing cyber security manpower base and encouraging home grown talents and grabbing the opportunities. The market is expected to register a positive CAGR of 14.8% in terms of revenue during the forecast period 2018P-2023E.
Increasing Internet Penetration: Over the years, Vietnam has witnessed an increase in the number of internet users along with the increase in the social media users who are always at the risk of cyber threats in Vietnam. According to government statistics, the internet users in Vietnam were witnessed to be around 64 million with active social media users to be around 62 million, in addition to this, mobile social media user reached approximately 58 million and the mobile subscription of Vietnam was witnessed around 143.3 million in the first quarter of 2019. The online payment transactions have increased which has increased the threat probability pertaining to user’s data and systems. This has augmented the growth of cyber security market in Vietnam.
Cyber Security Regulations in Vietnam: Vietnam faces a lack of cyber security regulations to manage the cyberspace of the country. The first initiative in the cyber security market in Vietnam was in the year 2010 with a dedicated government roadmap. Prior to this government roadmap, the initiatives in this domain were scattered and area focused. According to the industry statistics, around 61% of the personal computers in Vietnam are infected by malware and is among the top countries having the highest rate worldwide of personal devices infected with virus or malware. Therefore a detailed and structured cyber security law is of utmost importance for Vietnam in current scenario.
Emergence of Domestic Companies: Over the years, Vietnam has been observed to grow in terms of the number of cyber crime and is on the edge of becoming a mid-tier cyber crime hub, opening opportunities for cyber security companies looking to tap this market. Some of the major cyber crimes that the country witness during 2018 were crypto mining malware, ransom ware and others. Almost 60% of network system of agencies and enterprises were infected with crypto mining malware during the year 2018. Vietnam being a price-sensitive economy, the domestic cyber security companies are grabbing this opportunity by providing low-cost security solutions. Majority of the domestic companies in Vietnam are only 10-12 years old and new domestic companies are expected to enter the market in future. In addition to this, companies in the cyber security sector are expected to further push Vietnam into new areas of security solutions and services such as cloud security and Artificial Intelligence (AI) giving an optimistic outlook towards the market.
For more information, refer to below link: Vietnam Cyber Security Market
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