Evolving Cyber Threat Ecosystem and Increased Focus on Cybersecurity by SMEs will lead to growth in Information Security Ecosystem in Vietnam: Ken Research

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Evolving Cyber Threat Ecosystem and Increased Focus on Cybersecurity by SMEs will lead to growth in Information Security Ecosystem in Vietnam: Ken Research

September 13
21:24 2021
Evolving Cyber Threat Ecosystem and Increased Focus on Cybersecurity by SMEs will lead to growth in Information Security Ecosystem in Vietnam: Ken Research
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 report provides a comprehensive analysis on the status quo of the cybersecurity industry in Vietnam. The report covers various aspects including the cyber threat landscape in the country along with the major cyber attacks, the role of the government in improving information security infrastructure, key entities in the supply and demand side, Vietnam’s cybersecurity ecosystem as compared with ASEAN counterparts.
  • The COVID-19 situation aggravated the vulnerability of the country to cyber threats as a lot of employees accessed malicious links while operating in remote working situations.
  • Organizations and public enterprises have increased their investment in information security systems on the back of increased awareness towards the importance of data security. Companies are also expected to increase the appointment of IT professionals in dedicated cybersecurity roles.
  • Frequent cloud migration is also expected to improve the demand for services such as Cloud Security, as organizations look to secure their servers and databases.

Advanced Cybersecurity Solutions expected to gain prominence- With the threat of new and sophisticated cyber threats expected to go up in the future, advanced solutions such as Security Investigation and Event Management, Security Orchestration, Automation, and Response and Security Operations Center will be gaining more adoption in the future.

Vietnam’s Improving Position in Global Cyberspace: A strong local product infrastructure, regulatory infrastructure in place and a high demand from end users would be pushing Vietnam’s place in global cybersecurity rankings and improving the country’s position in global geo-politics as well. Currently ranking at 50 in ITU’s Global Cybersecurity Rankings 2018, Vietnam aims to enter the group of top 40 countries by 2025 and the top 30 countries by 2030. The Ministry of Information and Communications in the country issued the national digital transformation program to achieve the goal.

Consolidated Solutions expected to gain popularity: With a large segment of the end user enterprises and SMEs sourcing cybersecurity solutions from 10+ companies and receiving lot of threats alerts, the ecosystem would adapt towards including a consolidated product solution encompassing threat detection, analysis, response and mitigation. Hence, companies would focus upon developing consolidated solutions in the future.

Analysts at Ken Research in their latest publication Vietnam Cybersecurity Market Outlook to 2025 By Solution Source (Foreign/Imported Solutions and Domestic Solutions), By End User (Banking and Finance, Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail & E-Commerce, Healthcare and others), By Solution type (Standalone Products, Managed Security Services and Professional Services), By Standalone Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM,  Security Gateways and Others), By Managed Security Services Type (SOC, Network Security, Application Security, Email Security, Cloud Security, Mobile Security, Content Security and Others), By Professional Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting, Security Training and Others)observed that Vietnam is destined to improve its position in the global cybersecurity infrastructure rankings, in the future. The government has put in place a strong institutional framework to regulate threats, manage information security operations and promote local collaboration in the field of information security. Technology enhancement will also impact the market growth positively in the future. Market revenues are expected to register a CAGR of 16.9% during the period of 2019 to 2025.

Key Segments Covered:-

By Solution Source (Foreign/Imported Solutions and Domestic Solutions).

By End User (Banking and Finance, Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail & E-Commerce, Healthcare and others).

By Solution type (Standalone Products, Managed Security Services and Professional Services).

By Standalone Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways and Others).

By Managed Security Services Type (SOC, Network Security, Application Security, Email Security, Cloud Security, Mobile Security, Content Security and Others).

By Professional Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting, Security Training and Others.

Companies Covered:-

Viettel Cyber Security

FPT Information System

CyStack

CMC Cybersecurity

Bkav

Fortinet

KasperSky

Juniper Networks

Cisco

Check Point

Trend Micro

Key Target Audience:-

Cybersecurity companies

Banks, Healthcare companies, Retail Companies, E-commerce Platforms, Government Departments

Government Associations

Industry Associations

Time Period Captured in the Report:-

Historical Period: 2014-2019

Forecast Period: 2020-2025

For More Information on the research report, refer to below link:

Vietnam Cybersecurity Market

Related Reports:-

Philippines Electronic Security Market Outlook to 2024-Emergence of Technology Integrated Electronic System and Growth in Infrastructure Projects

 

Among the 5 ASEAN countries such as Indonesia, Malaysia, Philippines, Thailand, and Vietnam, the Philippines has the second-highest annual growth rate of around 6.5% in GDP from (2018-19). The economic expansion sets the stage for similar growth in the Philippines’ electronic security industry, which is at a relatively young stage compared to other mature Asian markets yet has a lot of room to grow. The electronic security market in the Philippines has grown tremendously over the last few years, on the grounds of an increasing number of criminal and terrorist activities that have stimulated the need for surveillance at public places, commercial buildings, banks, and financial institutions. The electronic security market in the Philippines has grown at a promising CAGR during the period 2014-2019.

 

Europe Cyber Security Industry Outlook to 2023 – By Solutions (Firewall, Intrusion detection system, Antivirus, Identity and Access Management, Encryption, Data Loss Prevention, UTM, Disaster Recovery and Others (IoT Devices), By Industry Verticals (Banking & Finance, Government, IT & Telecom, Retail, Healthcare, Energy & Power, Private User and Others), By Security Deployed (Network Security, Application Security, End-Point Security, Mobile Security, Content Security and Cloud Security)

The cyber security market of Europe is presently in its growth stage. The market displays a strong competitive scenario where international players which hold majority of the stake are constantly trying to increase their existing market share in the industry. The entry of Domestic players and Start-ups in previous 5 years has lead to a shift in the import oriented market to rely heavily on the In-House products and services. The market is also very receptive to newness, innovations and next generation solutions. . Increased use of mobile phones and internet are the major growth drivers of this market. Network security is the most widely used technology in the market and holds a major share of market. Rising awareness amongst European Union and Government of different countries in EU along with SME’s and mid-caps has helped the industry to gain momentum. Majority of companies in Europe are SME’s which are going through digital transformation supported by funds from the EU. The cyber security market is growing parallel to digitization of companies in entire Europe.

Middle East Cyber Security Market Outlook to 2022 – By Solutions (Firewall, Intrusion Detection System, Antivirus, Identity and Access Management, Encryption, Data Loss Prevention, Unidentified Threat Management, Disaster Recovery) and By Region

 

Cyber security industry in Middle East registered a positive five year CAGR during 2012-2017. The market size grew constantly from 2012 to 2017. The growth was mainly driven by threat arising from increasing number of cyber attacks on critical infrastructure which were of national importance. Technological innovations and increasing focus on infrastructure development has also resulted in increase in demand for cyber security. The cyber crimes are one of the biggest concerns for the companies today. The number shows that the companies have to face a lot of loss which are in both tangible as well as intangible form.

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Ken Research

Ankur Gupta, Head Marketing & Communications

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+91-9015378249

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