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Vietnam Cyber Security Market Outlook to 2028

Region:Asia

Author(s):Mukul

Product Code:KROD3673

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Published On

October 2024

Total pages

98

About the Report

Vietnam Cyber Security Market Overview

  • The Vietnam Cyber Security market size by revenue USD 290 million, driven by a rising wave of cyber threats and increasing digitization across industries. This growth is underpinned by the rapid adoption of cloud computing, the expansion of digital payment platforms, and the government's focus on building a secure digital ecosystem. With the Vietnamese government implementing stringent data protection laws, the demand for advanced cybersecurity solutions is accelerating.
  • In Vietnam, dominant cities like Ho Chi Minh City and Hanoi lead the cyber security market due to their high concentration of financial institutions, large-scale corporations, and rapid urbanization. These cities have experienced significant cyberattacks, propelling organizations to invest heavily in robust cybersecurity infrastructure. The dominance of these urban centers is further fueled by the concentration of IT and telecom industries, which are more susceptible to data breaches.
  • The National Cybersecurity Strategy of Vietnam, launched in 2022, outlines the government's long-term vision for securing the nation's digital infrastructure. In 2024, the strategy received a funding boost of $100 million, which is being used to strengthen public sector cybersecurity and enhance collaboration with international cybersecurity agencies. The strategy aims to develop a cybersecurity workforce, improve national resilience to cyberattacks, and promote the adoption of advanced security technologies across various sectors.

Vietnam Cyber Security Market Size by Revenue

Vietnam Cyber Security Market Segmentation

  • By Solution Type: The Vietnam Cyber Security market is segmented by solution type into network security, endpoint protection, application security, cloud security, and data encryption. Network security dominated the market due to the proliferation of advanced cyberattacks targeting corporate networks. Organizations prioritize network security to safeguard sensitive business data and ensure compliance with national cybersecurity regulations. The rapid adoption of Internet of Things (IoT) devices and cloud-based applications has also increased vulnerabilities, making network security a critical need.

Vietnam Cyber Security Market Segmentation by Solution Type

  • By Deployment Mode: The Vietnam Cyber Security market is further segmented by deployment mode into on-premises and cloud-based. Cloud-based solutions dominated the market due to the growing shift towards cloud computing and the flexibility it offers to businesses. Organizations in Vietnam are increasingly adopting cloud-based cybersecurity solutions as they provide cost-effective protection, scalability, and the ability to update and respond to threats in real-time. Furthermore, the integration of AI-powered tools in cloud-based security solutions ensures efficient monitoring of complex systems.

Vietnam Cyber Security Market Segmentation by Deployment Mode

Vietnam Cyber Security Market Competitive Landscape

The Vietnam cyber security market is dominated by both local and global players. Companies such as Bkav, CyRadar, and Viettel Cyber Security have secured strong market positions, offering comprehensive solutions tailored to local needs. Additionally, global companies like Palo Alto Networks and Cisco Systems provide cutting-edge technologies, strengthening their foothold in the Vietnamese market.

Company

Establishment Year

Headquarters

Employees

Revenue (USD)

Key Services

Technology Focus

Key Markets

Mergers & Acquisitions

Global Partnerships

Bkav

1995

Hanoi

 

 

 

 

 

 

 

CyRadar

2015

Hanoi

 

 

 

 

 

 

 

Viettel Cyber Security

2000

Ho Chi Minh City

 

 

 

 

 

 

 

Palo Alto Networks

2005

California, USA

 

 

 

 

 

 

 

Cisco Systems

1984

California, USA

 

 

 

 

 

 

 

Vietnam Cyber Security Industry Analysis

Vietnam Cyber Security Market Growth Drivers

  • Increasing Cyber Attacks: Vietnam witnessed a significant rise in cyberattacks in recent years, with over 10,000 phishing attacks reported in 2023 alone. The cost of cybercrime in the country has also escalated, with ransomware demands reaching millions of U.S. dollars, threatening enterprises across sectors. As industries move towards digitalization, hackers are targeting critical infrastructure and businesses in sectors like healthcare, finance, and e-commerce. These threats necessitate increased investment in cybersecurity solutions, with over $3 million allocated in 2024 towards strengthening national defense against such attacks.
  • Rising Cloud Adoption: Vietnam's cloud computing market has grown exponentially as businesses continue their digital transformation journeys. In 2024, the government recorded a 35% increase in cloud adoption by enterprises, with sectors like banking and retail leading the charge. However, with rising cloud usage comes increased vulnerability to data breaches and other cyber threats, fueling demand for cloud security solutions. Cloud security investments by Vietnamese enterprises in 2024 surpassed $2 billion, with a particular focus on securing data centers and protecting sensitive information stored on the cloud.
  • Industry 4.0 Advancements: Vietnam's push towards Industry 4.0 and smart cities has driven the need for advanced cybersecurity measures. The government's plans to transform Ho Chi Minh City and Hanoi into smart cities by 2025 include heavy investments in IoT technologies, which will require robust cybersecurity to safeguard interconnected devices and systems. Vietnam currently has over 40 million IoT-connected devices in operation, which increases the risk of cyberattacks targeting critical infrastructure. To mitigate these threats, Vietnam invested over $50 million in 2024 towards securing industrial IoT systems

Vietnam Cyber Security Market Restraints

  • Lack of Cybersecurity Talent: One of the biggest challenges in Vietnam's cybersecurity landscape is the shortage of skilled professionals. According to the Ministry of Information and Communications, Vietnam is currently facing a shortage of over 500,000 cybersecurity experts, which significantly hampers the country's ability to defend against sophisticated cyber threats. Despite efforts to enhance training programs and partnerships with international educational institutions, the skills gap continues to be a major bottleneck for businesses seeking to protect their digital assets. Government initiatives in 2024 aim to provide specialized training for 20,000 cybersecurity professionals.
  • Budget Constraints for SMEs: For many small and medium-sized enterprises (SMEs) in Vietnam, the high cost of implementing robust cybersecurity measures remains a major challenge. In 2024, it was estimated that over 60% of Vietnamese SMEs faced budgetary constraints, making it difficult for them to invest in advanced cybersecurity technologies. Although government subsidies and incentives exist, they are often insufficient to cover the full scope of cybersecurity needs. This has left many businesses vulnerable to cyberattacks, with over 2,000 SMEs reporting data breaches in 2023

Vietnam Cyber Security Market Future Outlook

Over the next five years, the Vietnam Cyber Security market is expected to grow significantly due to the increasing adoption of digital transformation technologies, such as AI and IoT, which heighten the risks of cyber threats. Government-led initiatives, such as the National Cybersecurity Strategy, are expected to further boost the market, making cybersecurity a top priority for businesses across various sectors. As businesses increasingly migrate to cloud-based systems, the demand for integrated cybersecurity solutions is expected to rise exponentially.

Market Opportunities

  • Growing Demand for Endpoint Protection Solutions: With the increase in remote work and digital transformation across Vietnam, endpoint protection solutions have become critical to safeguarding devices connected to organizational networks. In 2024, the number of cyberattacks targeting endpoints rose by 40%, particularly through phishing and ransomware attempts. Vietnamese companies have responded by investing heavily in endpoint security, with over $500 million spent on advanced endpoint protection solutions to prevent data breaches. The trend is expected to continue as more businesses adopt flexible working models that require secure endpoint management.
  • Integration of AI in Cybersecurity: Artificial intelligence (AI) and machine learning (ML) are becoming integral to Vietnam's cybersecurity framework. In 2024, over 30% of enterprises in Vietnam had implemented AI-based threat detection systems to identify and mitigate cyber risks in real-time. The government's commitment to fostering innovation in AI, as outlined in its National AI Strategy, is expected to drive further adoption of AI-powered cybersecurity solutions. AI's ability to process large amounts of data and detect anomalies has made it an essential tool in defending against increasingly sophisticated cyberattacks.

Scope of the Report

Solution Type

Network Security

 

Application Security

 

Cloud Security

 

Endpoint Protection

 

Data Encryption

Deployment Mode

On-Premises

 

Cloud-Based

End User

Government

 

BFSI

 

Healthcare

 

IT & Telecom

 

Manufacturing

Organization Size

Small and Medium Enterprises (SMEs)

 

Large Enterprises

Region

Northern Vietnam

 

Central Vietnam

 

Southern Vietnam

Products

Key Target Audience

  • IT & Telecom Providers
  • Banking and Financial Institutions
  • Government and Regulatory Bodies (Ministry of Information and Communications)
  • Cloud Service Providers
  • Managed Security Service Providers (MSSPs)
  • Large Enterprises
  • E-commerce Companies
  • Investments and Venture Capitalist Firms

Time Period Captured in the Report:

  • Historical Period: 2018-2023 
  • Base Year: 2023 
  • Forecast Period: 2023-2028 

Companies

  • Bkav
  • CyRadar
  • Viettel Cyber Security
  • CMC Corporation
  • VNG Corporation
  • FPT Corporation
  • Kaspersky Lab
  • Palo Alto Networks
  • Cisco Systems
  • Fortinet
  • Trend Micro
  • McAfee Corp
  • Sophos
  • Check Point Software Technologies
  • FireEye

Table of Contents

1. Vietnam Cyber Security Market Overview

1.1. Definition and Scope
1.2. Market Taxonomy
1.3. Market Growth Rate
1.4. Market Segmentation Overview

2. Vietnam Cyber Security Market Size (In USD Mn)

2.1. Historical Market Size
2.2. Year-On-Year Growth Analysis
2.3. Key Market Developments and Milestones

3. Vietnam Cyber Security Market Analysis

3.1. Growth Drivers
3.1.1. Government Initiatives for Digital Transformation (Cybersecurity Policy)
3.1.2. Increasing Cyber Attacks (Phishing, Ransomware, Advanced Persistent Threats)
3.1.3. Rising Cloud Adoption (Cloud Security)
3.1.4. Industry 4.0 Advancements (Industrial IoT and Smart Cities)

3.2. Market Challenges
3.2.1. Lack of Cybersecurity Talent (Workforce Shortage)
3.2.2. Budget Constraints for SMEs (Cost of Cybersecurity Solutions)
3.2.3. Sophisticated Threat Landscape (Complex Attack Vectors)

3.3. Opportunities
3.3.1. Growing Demand for Endpoint Protection Solutions
3.3.2. Integration of AI in Cybersecurity (AI and Machine Learning in Threat Detection)
3.3.3. Growth in Managed Security Services Providers (MSSPs)
3.3.4. Increased Investments in Cybersecurity Startups

3.4. Trends
3.4.1. Zero Trust Architecture Adoption
3.4.2. Increasing Focus on Cybersecurity Awareness Training
3.4.3. Rise of Multi-Factor Authentication Solutions (MFA)
3.4.4. Data Protection and Privacy Regulations (GDPR and Local Laws)

3.5. Government Regulations
3.5.1. Vietnam Cybersecurity Law
3.5.2. National Cybersecurity Strategy
3.5.3. Data Localization Requirements
3.5.4. Collaboration with International Cybersecurity Agencies

3.6. SWOT Analysis
3.6.1. Strengths
3.6.2. Weaknesses
3.6.3. Opportunities
3.6.4. Threats

3.7. Stakeholder Ecosystem
3.7.1. Government Bodies
3.7.2. Private Sector (B2B)
3.7.3. Academic Institutions

3.8. Porter’s Five Forces Analysis
3.9. Competition Ecosystem Analysis

4. Vietnam Cyber Security Market Segmentation

4.1. By Solution Type (In Value %)
4.1.1. Network Security
4.1.2. Application Security
4.1.3. Cloud Security
4.1.4. Endpoint Protection
4.1.5. Data Encryption

4.2. By Deployment Mode (In Value %)
4.2.1. On-Premises
4.2.2. Cloud-Based

4.3. By End User (In Value %)
4.3.1. Government
4.3.2. BFSI
4.3.3. Healthcare
4.3.4. IT & Telecom
4.3.5. Manufacturing

4.4. By Organization Size (In Value %)
4.4.1. Small and Medium Enterprises (SMEs)
4.4.2. Large Enterprises

4.5. By Region (In Value %)
4.5.1. Northern Vietnam
4.5.2. Central Vietnam
4.5.3. Southern Vietnam

5. Vietnam Cyber Security Market Competitive Analysis

5.1 Detailed Profiles of Major Companies
5.1.1. Bkav
5.1.2. CyRadar
5.1.3. FPT Corporation
5.1.4. Viettel Cyber Security
5.1.5. CMC Corporation
5.1.6. VNG Corporation
5.1.7. Kaspersky Lab
5.1.8. McAfee Corp
5.1.9. Cisco Systems
5.1.10. Palo Alto Networks
5.1.11. Fortinet
5.1.12. Trend Micro
5.1.13. Check Point Software Technologies
5.1.14. Sophos
5.1.15. FireEye

5.2 Cross Comparison Parameters

Market Share

Revenue

No. of Employees

Geographical Presence

Technology Portfolio

Key Customers

Partnership Network

Service Offerings

5.3 Market Share Analysis
5.4 Strategic Initiatives
5.5 Mergers and Acquisitions
5.6 Investment Analysis
5.7 Venture Capital Funding
5.8 Government Grants
5.9 Private Equity Investments

6. Vietnam Cyber Security Market Regulatory Framework

6.1. Cybersecurity Compliance Requirements
6.2. Data Privacy Regulations
6.3. Certification Processes
6.4. International Standards and Guidelines

7. Vietnam Cyber Security Future Market Size (In USD Mn)

7.1. Future Market Size Projections
7.2. Key Factors Driving Future Market Growth

8. Vietnam Cyber Security Future Market Segmentation

8.1. By Solution Type (In Value %)
8.2. By Deployment Mode (In Value %)
8.3. By End User (In Value %)
8.4. By Organization Size (In Value %)
8.5. By Region (In Value %)

9. Vietnam Cyber Security Market Analyst’s Recommendations

9.1. TAM/SAM/SOM Analysis
9.2. Customer Cohort Analysis
9.3. White Space Opportunity Analysis
9.4. Marketing Initiatives

Disclaimer

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Research Methodology

Step 1: Identification of Key Variables

This step involves constructing an ecosystem map of all major stakeholders within the Vietnam Cyber Security Market. Extensive desk research is conducted to gather industry-level information from reliable databases and government sources. The primary objective is to identify the critical variables that influence market dynamics, such as adoption rates, government regulations, and technological advancements.

Step 2: Market Analysis and Construction

This phase compiles and analyzes historical data pertaining to market penetration, revenue generation, and service providers' market share. The data is evaluated to estimate the current state of the market and project its future trajectory. Service quality statistics are assessed to ensure the accuracy and reliability of revenue estimates.

Step 3: Hypothesis Validation and Expert Consultation

Key market hypotheses are validated through expert consultations using computer-assisted telephone interviews (CATIs). Experts from cybersecurity firms and related industries are interviewed to gain insights into operational challenges, financial performance, and market drivers. This phase ensures that market data is grounded in real-world dynamics.

Step 4: Research Synthesis and Final Output

Engagement with cybersecurity companies provides insights into product segments, market trends, and consumer preferences. This data is cross-referenced with bottom-up analyses to ensure a comprehensive and validated assessment of the Vietnam Cyber Security market. The final report delivers a holistic view of market performance and growth potential.

Frequently Asked Questions

01. How big is the Vietnam Cyber Security market?

The Vietnam Cyber Security market size by revenue 290 million, primarily driven by the increasing adoption of cloud services, the rising threat of cyberattacks, and government-led digital transformation initiatives.

02. What are the challenges in the Vietnam Cyber Security market?

Key challenges include the shortage of cybersecurity professionals, the increasing complexity of cyber threats, and budget constraints faced by SMEs in implementing advanced cybersecurity solutions.

03. Who are the major players in the Vietnam Cyber Security market?

The major players include Bkav, CyRadar, Viettel Cyber Security, Cisco Systems, and Palo Alto Networks, all of which dominate the market through their diverse cybersecurity offerings and innovative solutions.

04. What are the growth drivers of the Vietnam Cyber Security market?

Growth drivers include the government's focus on digital security, increased demand for cloud-based solutions, the rise of Industry 4.0, and the rapid growth of online services in sectors such as banking and e-commerce.

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