Vietnam Cybersecurity Market Size (2024 - 2029)

Vietnam Cyber Security Market Analysis

The Vietnam cybersecurity market is expected to register a CAGR of 16.8% during the forecast period (2022-2027). With the recent COVID-19 pandemic, organizations across the country respond proactively to cyber threats that have witnessed a spike during the pandemic. Therefore, cyber resilience, which refers to a sector or organization's ability to respond to, prepare for, and recover from cyberattacks, has become an absolute necessity rather than an option in the current scenario.

• The internet has become a crucial part of modern society's daily life due to its ease of information sharing, accessibility, communications, and applications, among other things. The rising number and diversity of connected devices and digital services pose security concerns for businesses and individuals.
• These security concerns are only likely to exacerbate as the internet becomes more and more convenient for a range of everyday applications such as banking, online bill payments, online shopping, online entertainment services, texting, and sharing media, among others.
• Vietnam is one of the growing economies, with expanding IT infrastructure investment and rising smartphone and internet adoption. Although the country is advancing toward advanced ICT, it lacks adequate cybersecurity protections, which hackers exploit. As a result, the expanding number of IoT connections is increasing the need for cybersecurity solutions.
• Businesses' widespread use of cloud computing services to reduce operational and maintenance expenses and eliminate the need for investment purchases and infrastructure setup in office premises is driving growth in the Vietnamese cyber security market.
• The Vietnam National Cyber Security Centre (NCSC) detected 718 cyber intrusions in June 2021 alone. It registered 2,915 cyber attacks in the first six months of 2021, an increase of 898 over the previous year.
• According to the Vietnam National Cyber Security Centre (NCSC), there were 1,383 cyberattacks registered in Vietnam in the first month of 2022, a 10.29% rise over December 2021.
• Because of the COVID-19 epidemic, people turned to the internet more for study, work, and trading. The pandemic created conditions for attackers to distribute fake news and fraud, as well as harmful malware and data theft. The most common are fraudulently stealing personal information and impersonating financial institutions. The most significant barrier is that many users still have poor digital and information security skills, making them easily deceived.
• According to the International Telecommunication Union (ITU) report, Vietnam's ranking in Global Cybersecurity Index (GCI) increased significantly by 25 compared to the previous year, to 25th out of 194 countries and territories.

Vietnam Cyber Security Industry Segmentation

Cybersecurity solutions help organizations monitor, report, and counter cyber threats to maintain data confidentiality. The adoption of cybersecurity solutions is expected to grow in line with the rising internet penetration among developing and developed countries. The need for cybersecurity has increased as every system in today's world is connected to the internet, making data more accessible to cybercriminals.

Vietnam Cybersecurity Market is Segmented by Offering (Security Type, and Services), by Deployment (Cloud, On-Premise), and by End User (BFSI, Healthcare, Manufacturing, Government and Defense, IT and Telecommunication).