Emerging Players in Vietnam Cybersecurity Market — Ken Research
1. Vietnam Cybersecurity industry is growing at an impressive CAGR owing to government’s intiative to boost adoption in the country.
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Cybersecurity in Vietnam is in the growing phase with the presence of more than 80 companies licensed to distribute cybersecurity solutions in the country. The industry revenues have been increasing at a positive CAGR of ~18% over the review period 2014-2019. Presently, the market is supported by governmental measures to enhance adoption, and growing adoption of digital services & systems among Financial Institutions, Healthcare entities, Retail companies & SMEs. Moreover, Banks, Financial Institutions, Government Institutions, Aerospace entities, E-Commerce Websites are facing ~30 cyber threats daily. Therefore, increasing investment (~7% of IT project budget) in Information Security Systems & Infrastructure being made by companies. This has further accelerated the growth of the cybersecurity sector in Vietnam.
2. Limited Information Security Awareness & Know-How about Solution Ecosystem, making End User Entities susceptible to Cyber Attacks.
Increasing over-dependence on cybersecurity experts from the supplier angle arises due to lack of technical knowledge among end user enterprises & organizations. Also, limited IT resources in organizations and low importance of information security training ultimately compound the problem of the already insufficient know-how about information security.
Additionally, employees in organizations often violate data protection guidelines of their employers by clicking on spurious links, opening restricted websites & sharing company data outside the permissible network. Specially during the COVID-19 period, organizations haven’t been able to ensure that employees abide by the company’s information security protocols due to remote working mechanisms. Moreover, Vietnam has on an average higher downtime in case of cyber-attacks than other ASEAN or other global countries and organizations are not in a position to manage threats appropriately.
3. With rising mobile internet penetration and desktop usage, the market will witness double digit growth rate by 2025F.
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The cybersecurity sector is expected to expand over the period 2019 to 2025F. Increased Online Cyber Risk due to COVID-19 will prompt more investment into cybersecurity. Nationally targeted cyber-attacks are forecasted to rise in future as Vietnam improves its position in the global cyberspace landscape. This will increase the adoptions of new solutions like Multi-Factor Authentication. It can reduce the risk of unauthorized identity by 99%, and is expected to be in demand going forward. SIEM (Security Information & Event Management) and SOC (Security Operations Center) solutions expected to grow in adoption, as demand for consolidated solutions rises. The modernization of technology in Banking, Healthcare, E-Commerce, Retail and Government Sectors will also drive the growth of this sector in future.
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