What Are The Major Challenges In The Vietnam Cyber Security Market?
Lack of government regulations is posing one of the biggest challenges in the Vietnam cyber security market which has been one of the major reasons in the exposure of the Vietnamese market to the cyber threats.
Vietnam is a very price-sensitive economy where people tend to opt for low-priced products and services, hence, budget constraint is one of the biggest challenges that the Small and the Medium Enterprises (SMEs) are facing in Vietnam due to the expensive security services and solutions.
Various companies/enterprises in Vietnam avoid availing the cyber security services for their operations because of the Budget constraints. Cyber security requires both technological expertise and legal compliances which though present, is in small proportions in the country. The country lacks in digital and human resources skills, poor IT platform for digital transformation and lack in the IT workforce which results as a challenge in the cyber security market. Awareness and capacity for safe use of the internet by the majority of Vietnamese users is still limited despite the series of laws on information security and network security.
Competitive Landscape in Vietnam Cyber Security Market
Competition within the Vietnam cyber security market was witnessed to be moderately fragmented with the presence of both international as well as domestic players of services and solutions in the country. Some of major companies such as Juniper Network, Cisco, Check Point Software Technologies, Symantec Corporation were witnessed to lead in terms of market share, followed by Hewlett Packard Enterprise Development LP, Kaspersky, Fortinet, CMC Corporation and others. Vietnam, cyber security companies are gaining momentum in the country due to the increase in the awareness about the cyber crimes in the country. With the development of the economy their exposure to the cyber crimes has also seen an increase. Cyber security companies are adopting a certain combination of strong distribution network and innovative mid-price models along with added features to make a value-add to the end user. These companies are offering multiple value added services such as advisory services, implementation services, managed services, onsite technical services, remote operational services and many more.
Vietnam Cyber Security Market Future Outlook and Projections
Over the forecast period 2019-2023E, the Vietnam Cyber Security market revenues are further anticipated to increase to USD ~ million by the year 2023E, thus showcasing a CAGR of ~%. Apart from the consistent growth in the corporate market, the security services and solutions sales in the Vietnam was observed to be driven by increase in the sophisticated cyber threats, digital development of SMEs and digital penetration across other various industry sectors. The trend is expected to stay the same in the near future. Owing to the growth cyber crimes, Vietnam is on the edge of becoming a mid-tier cyber crime hub which could open opportunities for many international companies looking to tap the Vietnam cyber security markets. This will further augment the growth of cyber security market in Vietnam and resulting in new product offerings in the market. Other factors that would contribute in the growth of this market include technological upgradation, increase in the awareness of the cyber crimes in the country, and increased investment in cyber security solutions by private and home users.
Key Segments Covered:-
Cyber Security Market
By Imported & Domestic Security Solutions
Imported Services and Solutions
Domestic Services and Solutions
By Type of Solutions:-
Firewall and Unified Threat Management (UTM)
Intrusion Detection System (IDS/IPS)
Identity and Access Management (IAM)
Data Loss Prevention (DLP)
By End User:-
Banking & Finance
IT & Telecom
Energy & Power
By Type of Security:-
End- Point Security
Mobile & Wireless Security
Key Target Audience:-
Banks and Financial Institutions
Hospitals and Clinics
Cloud Computing Services Companies
Time Period Captured in the Report:-
Historical Period - 2013-2018
Forecast Period - 2019-2023E
Major Companies Covered:-
Check Point Software Technologies Ltd
Hewlett Packard Enterprise Development LP
Vietnam Security Network (VSEC)
Vietnam Cyberspace Security technology (VNCS)
For More Information, refer to below link:-
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
Ankur Gupta, Head Marketing & Communications