In the Asia Pacific region, the Cyber Security Market is at a growth stage and has a wide capacity to increase in the region. The market has presented an auspicious growth in the terms of revenue. The growth is not only owing to the growing cyber crimes in the regions, but additionally owing to the advancement in the region and growing digital existence around the dissimilar segments namely IT, Banking, Small and Medium Enterprises and Education and many more. The increasing internet penetration in the region was witnessed underwriting to the cyber security market with the increasing cyber crimes on the internet.
Not only has this, by the imported and domestic security and solution, the imported services and solutions registered the cyber security market in the Vietnam during the recent past years due to the restricted solutions suggested by the domestic corporates demonstrate in the Vietnam. It was observed that, the Vietnamese business corporates and the home user desire purchasing from the international corporates and the domestic corporates are the widely preferred in the case of cyber security services.
Whereas, based on the type of solution, the market of cyber security in the Asia Pacific region is sectored into Firewall and UTM, antivirus, detection system, Identity and Access management, Encryption, disaster recovery, data loss prevention and IoT devices. In addition, it is anticipated that the firewall and unified threat management (UTM) attributed the majority of the market share in the terms of revenue during the recent past years. The UTM is the most primarily security solutions and involves the Antivirus, Firewall, Email Security, Intrusion Detection system, web content security and several others. The outstanding market share was attributed by the Antivirus, Intrusion detection system, Identity and access management and several other solutions during the recent past years.
Although, in the Asia Pacific region, the Vietnam cyber security market was extremely registered by the banking and financial services end user sector in the recent past years owing the wide requirement of the security services and solutions for this industry as they deal with the widely trustworthy user data and the monetary transactions. For instance, the remaining market share was attributed by the government, retail, IT, healthcare, private users, energy and power and several other end users during the recent past years.
Nonetheless, in the Asia Pacific region, the Vietnam cyber security market was effectively witnessed to be temperately scrappy in the Mother Nature with the efficient existence of both the international as well as domestic players in the services and solutions sector. Few of the foremost corporates 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 many others. The cyber security solution merchants in the Vietnam contend on the basis of price of the security solutions, technological advancements, product contributions, supply chain management, after-sales services and number of clientele.
Therefore, in the coming years, it is anticipated that the market of cyber security in the Asia Pacific region will increase more significantly over the near future with the huge investment by the coming and existing players.
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Ankur Gupta, Head Marketing & Communications