Report Overview

Vietnam Cyber Security Market- Industry Trends & Forecast Report 2027

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). Security solutions have gained traction in Vietnam as a result of cyber-attacks expanding at an unprecedented rate. Over time, antivirus software and firewalls have become more sophisticated, but they have proven effective in blocking threats. Cybersecurity and defense against online threats have become increasingly important in today’s rapidly changing digital environment due to the growing incidence of fraud, cybercrime, threats, and vulnerabilities.

Source: Blue Weave Consulting

Vietnam Cyber Security Market Overview

Cybersecurity refers to protecting the data, hardware, and software of internet-enabled devices from cyber threats. Individuals and businesses use it to prevent unauthorized access to data centers and other digital systems. A robust and comprehensive cybersecurity strategy can safeguard an organization's or user's data against unauthorized access, alteration, deletion, destruction, or extortion by malicious hackers. Additionally, cyber security is vital to prevent attacks that attempt to damage or destroy a system or device

Vietnam Cyber Security  Market Trend

Growth Drivers

The Rising Demand for Cybersecurity Mesh is Fuelling Market Growth

Cybersecurity mesh architectures are a new paradigm in security. It enables businesses to deliver and extend security where it's needed most. Currently, it is one of the most popular tactics for securing users' or computers' identities. On-premises or in the cloud aims to limit access to an organization's network to authorized users (or systems). In theory, the cybersecurity mesh assists IT professionals in managing protection across all access points while preventing attackers from gaining access to the system.

The cybersecurity mesh concept relies on the idea that physical boundaries do not constrain networks. Organizations need to create a secure border around their users to access assets safely from anywhere and on any device. According to this approach, a cloud service would enforce policies on assets rather than devices. An IT security mesh focuses on building smaller, unique perimeters around each access point instead of building a perimeter around all the devices or nodes of the IT network when designing and implementing IT security infrastructure.

Restraints

High Installation Cost and Low Cybersecurity Budget Hampering the Market Growth

The cybersecurity budgets of Vietnam’s budding startups are inadequate to adopt the implementation of Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technology. Additionally, small businesses in Vietnam find it challenging to embrace cybersecurity solutions due to a lack of investment and money. Managing projected budget money for operational difficulties and business continuity is a major task for small businesses. Thus, due to limited financial resources, such businesses lack the essential IT security infrastructure, which results in the slow adoption of new technologies and enterprise security solutions.

Impact of COVID-19 on Vietnam Cyber Security Market

Following the COVID-19 outbreak, several cybercrime incidents and instances have been reported across a variety of industries across Vietnam. Cybercriminals who practice cybercrime as a business have increasingly targeted every demographic searching for Coronavirus-themed scam messages by using malicious domain names with the name COVID-19 or Coronavirus. World’s leading cybersecurity company Palo Alto Networks estimates that roughly 40,261 suspiciously registered domain names were discovered by the end of March 2020. In addition, fraudsters are increasingly using identical business email addresses to perpetrate fraudulent activities. Additionally, businesses are exposed to cyberattacks due to the transition to remote working. Increasing concerns about cyber threats have encouraged organizations to implement solutions and configure malware protection, detection, and mitigation techniques, which has has fueled the market growth.

Vietnam Cyber Security  Market: By Deployment Mode

Based on deployment modes, the Vietnam cyber security market is grouped into cloud, and on-premises segment. The cloud segment is likely to grow at the highest CAGR during the projected period. Conversely, the low upfront costs and maintenance costs of cloud computing are driving the adoption of on-premise systems. The segment's growth also stems from the demand for mobile apps accessible from various devices and locations. Another reason for this segment’s growth is its advantages, such as faster application deployment and better payment flexibility.

Source: BlueWeave Consulting

Vietnam Cyber Security Market: By Organization Size

Based on organization size, the Vietnam cyber security market is segmented into small & medium-sized enterprises and large Enterprises. Small & medium-sized enterprises are likely to register  the highest CAGR during the forecast period. Cyberattacks against small businesses are on the rise. Small and medium-sized businesses (SMEs) face cyberattacks because they rely more on digital apps and cloud-based solutions. The lack of proper security policies and procedures also makes SMEs more vulnerable to cyberattacks. Increased cyber attacks are also fueled by the expanding usage of endpoint devices, the availability of alternative open-source security solutions, and a lack of staff awareness and training. Therefore, enforcing or developing policies and procedures for employees has become a top priority for SMEs, driving the adoption of cybersecurity solutions.

Vietnam Cyber Security Market: Industry Vertical

Based on industry verticals, the Vietnam cyber security market is categorized into aerospace & defense, government, banking, financial services, & insurance, IT, healthcare, retail, manufacturing, and others. Among these, the government segment held the largest market share in 2020 and is likely to dominate during the forecast period as well.  Government and intelligence agencies operate in a hostile environment, with state-sponsored hacktivists constantly attacking them. The government sectors, therefore, seek highly secure technologies as part of their defense strategy. Rapid technological improvements and the presence of complicated supply chain communities and diverse communication platforms necessitate advanced secured and encrypted solutions. Because of the increasing frequency of cyberattacks, government spending on cyber security solutions is likely to increase.

Vietnam Cyber Security Market: Competitive Landscape

The Vietnam cyber security market is moderately fragmented due to the presence of limited domestic and international players. Additionally, the emergence of new players has resulted in healthier competition among long-established service providers in the industry. The 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.

Recent Developments

• In October 2021, Web Security, a powerful tool for scanning and monitoring websites and applications for cyber security flaws, was formally introduced by CyStack Vietnam.

• In July 2021, The International Telecommunication Union – the UN's ICT-specialized organization – ranked Vietnam 25th out of 182 nations in the Global Cyber Security Index (GCI) 2020, up from 50th and 100th places in 2018 and 2017, respectively. This achievement has surpassed Vietnam's goal of entering the GCI's top 30 countries by 2030 (Prime Minister's Decision No. 749/QD-TTg dated 3 June 2020), demonstrating the country's commitment to cybersecurity and combating cybercrime.

Scope of the Report:

• By Component
  • • • Hardware
      • Software
        • Advanced Persistent Threat
        • Threat Intelligence
        • Security and Information Event Management
        • Security and Vulnerability Management
        • Network Access Control
        • Antivirus/Antimalware
        • Others
      • Services
        • Professional Services
        • Managed Services
• By Security Type
  • • • Endpoint Security
      • Cloud Security
      • Network Security
      • Application Security
      • Infrastructure Protection
      • Data Security
      • Others
• By Deployment Mode
  • • • Cloud
      •  On–Premises
• By Organization Size
  • • • Small and Medium–Sized Enterprises
      • Large Enterprises
• By Industry Vertical
  • • • Aerospace and Defense
      • Government
      • Banking, Financial Services, and Insurance
      • IT
      • Healthcare
      • Retail
      • Manufacturing
      • Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Primary & Secondary Research Application
      2. Secondary Research
      3. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Vietnam Cyber Security Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Recent Development
   4. Technological Advancements
   5. Regulatory Framework
   6. Porter’s Five Forces Analysis
      1. Bargaining Application of Suppliers
      2. Bargaining Application of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Vietnam Cyber Security Market Overview
   1. Market Size & Forecast by Value, 2017-2027
      1. By Value (USD Million)        
   2. Market Share & Forecast
      1. By Component
         1. Hardware
         2. Software
            1. Advanced Persistent Threat
            2. Threat Intelligence
            3. Security and Information Event Management
            4. Security and Vulnerability Management
            5. Network Access Control
            6. Antivirus/Antimalware
            7. Others
         3. Services
            1. Professional Services
            2. Managed Services
      2. By Security Type
         1. Endpoint Security
         2. Cloud Security
         3. Network Security
         4. Application Security
         5. Infrastructure Protection
         6. Data Security
         7. Others
      3. By Deployment Mode
         1. Cloud
         2.  On–Premises
      4. By Organization Size
         1. Small and Medium–Sized Enterprises
         2. Large Enterprises
      5. By Industry Vertical
         1. Aerospace and Defense
         2. Government
         3. Banking, Financial Services, and Insurance
         4. IT
         5. Healthcare
         6. Retail
         7. Manufacturing
         8. Others
6. Competitive Landscape
   1. Company Market Share Analysis, 2020
   2. Competitive Benchmarking, By Product Offerings
   3. List of Key Players and their Offerings
7. Impact of COVID-19 across Industry
8. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
   1. The Vietnam Security Network
   2. CyStack
   3. Oivan
   4. MeU Solutions INC
   5. Iglu
   6. Shift Asia
   7. Terralogic Solutions Inc
   8. FromLabs Pte. Ltd.
   9. Other Prominent Players
9. Key Strategic Recommendations

*Financial details of unlisted companies will be available as per data availability in final deliverable

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable.

List of Figures

Fig 1: Vietnam Cyber Security Segmentation

Fig 2: Vietnam Cyber Security Market Value Chain Analysis

Fig 3: Company Market Share Analysis, 2020

Fig 4: Vietnam Cyber Security Market Size, By Value (USD Million), 2017-2027

Fig 5: Vietnam Cyber Security Market Share, By Component, By Value, 2017-2027

Fig 6: Vietnam Cyber Security Market Share, By Security Type, By Value, 2017-2027

Fig 7: Vietnam Cyber Security Market Share, By Deployment Mode, By Value, 2017-2027

Fig 8: Vietnam Cyber Security Market Share, By Organization Size, By Value, 2017-2027

Fig 9: Vietnam Cyber Security Market Share, By Industry Vertical, By Value, 2017-2027

List of Tables

Table 1: Vietnam Cyber Security Market Size, By Component, By Value, 2017-2027

Table 2: Vietnam Cyber Security Market Size, By Security Type, By Value, 2017-2027

Table 3: Vietnam Cyber Security Market Size, By Deployment Mode, By Value, 2017-2027

Table 4: Vietnam Cyber Security Market Size, By Organization Size, By Value, 2017-2027

Table 5: Vietnam Cyber Security Market Size, By Industry Vertical, By Value, 2017-2027

Table 6: The Vietnam Security Network Business Overview

Table 7: The Vietnam Security Network Financial Analysis

Table 8: CyStack Business Overview

Table 9: CyStack Financial Analysis

Table 10: Oivan Business Overview

Table 11: Oivan Financial Analysis

Table 12: MeU Solutions INC Business Overview

Table 13: MeU Solutions INC Financial Analysis

Table 14: Iglu Business Overview

Table 15: Iglu Financial Analysis

Table 16: Shift Asia Business Overview

Table 17: Shift Asia Financial Analysis

Table 18: Terralogic Solutions Inc Business Overview

Table 19: Terralogic Solutions Inc Financial Analysis

Table 20: FromLabs Pte. Ltd. Business Overview

Table 21: FromLabs Pte. Ltd. Financial Analysis