Vietnam Cyber Security Market Maintaining its Winning Streak—Slated to Grow at a CAGR of 15.4% by 2027
Published | 26 October 2021
As the number of cyber-attacks has expanded at an unprecedented rate, security solutions have gained traction across Vietnam. While antivirus software and firewalls have become more complex over time, they have shown to be effective in blocking threats and attacks…
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam cyber security market was worth USD 143.1 million in 2020 and is further projected to reach USD 389.2 million by 2027 at a CAGR of 15.4% during the forecast period (2021-2027). As work from home and remote services initiatives have grown in popularity, the focus has shifted toward securing remote infrastructure and IP, which has led to market growth. Vietnam cyber security market will likely be driven by a rise in wallet share for security policies and infrastructure since cybersecurity has become a core business function rather than a support function.
The Rising demand for Cybersecurity in Aerospace Industry is Favoring the Market Growth
The aerospace sector is rapidly expanding with the introduction of new technology, such as improved navigation and guidance systems. A number of these technologies are installed in airplanes that are highly vulnerable to cyberattacks. As a result of cyber-attacks on Tan Son Nhat and Noi Bai international airports in July 2016, airports across Vietnam were ordered to increase aviation security. As a result of the increased risk of cyber-attacks and the increasing need to protect computer networks in the air, investment in security infrastructure is increasing. The aircraft industry’s increased investment in security infrastructure has resulted in a higher demand for cybersecurity, driving the market's growth.
Vietnam Cyber Security Market: By Component
The Vietnam Cyber Security market is divided into hardware, software, and services. Among these, the hardware segment registered the highest CAGR in 2020. Next-generation technology and devices that secure an organization's IT networks by monitoring harmful situations such as encrypted USB flash drives, firewalls, and Intrusion Prevention Systems (IPS) are some examples of hardware devices. Large businesses and Internet Service Providers (ISPs) with several computers to control network activities use these hardware systems and equipment. The hardware equipment adds another layer of protection to the network, protecting it from attacks and attempts to break into the system.
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Vietnam Cyber Security Market: By Security Type
Based on security types, the Vietnam cyber security market is categorized as endpoint security, cloud security, network security, application security, infrastructure protection, data security, and others. Among these, the cloud security segment registered the highest CAGR during the forecast period. The increased adoption of cloud-based solutions among companies and the associated data breach risks are driving the segment’s expansion. The increasing number of threat actors and malware infiltration across cloud layers are encouraging enterprises to adopt cloud security solutions and services. In addition, the increasing demand for filtering media traffic accessed via the internet will likely drive segment growth.
Impact of COVID-19
The COVID-19 pandemic has positively impacted the Vietnam cyber security market. Cybercriminals have been taking advantage of the public's attention to cyber-attacks, virus distribution, and fraud. As of September 2021, the Authority of Information Security under the Ministry of Information and Communications reported 1,074 cyberattacks that disrupted information systems in Vietnam, a 6.45% drop from the previous month. The authority documented 3,241 cyberattacks during the third quarter of 2021, including 547 phishing, 579 web defacing, and 2,115 malware attacks, a 57% increase over the previous year and a 97% increase over the second quarter of 2021. The number of attacks in the first nine months of 2021 was 6,156, including 1,404 phishing, 1,109 site defacing, and 3,643 malware attacks, up 30.15% year over year. As a result, the increased number of cyberattacks has impacted market growth over the projection period.
Vietnam Cyber Security Market: Competitive Landscape
The Vietnam cyber security market is moderately fragmented due to the limited players involved in the market. Companies active in new product development, expansion, and acquisition can stay competitive in the market. Some of the leading players are reinforcing their global footprint by purchasing overseas producers. Some key players in the Vietnam Cyber Security market are The Vietnam Security Network, CyStack, Oivan, MeU Solutions INC, Iglu, Shift Asia, Terralogic Solutions Inc, FromLabs Pte. Ltd., and other prominent players.
In August 2021, Terralogic Software Solutions Inc. and Aparavi partnered to assist businesses to reduce data complexity and footprint by 6%-46% and save costs by 8%-40%, besides providing customers with value-based data to manage risk better. The two firms will support their clients by delivering services that transform and consolidate scattered data worldwide with Aparavi's Data Intelligence & Automation services. Terralogic ensures that the framework is in place and remains relevant to the company's aims and objectives.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam cyber security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam cyber security market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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