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

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