Vietnam Internet of Things Market: Analyzing Demand and Growth Trends
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A TechSci Research report titled “Vietnam Internet of Things Market – By Region, Competition, Forecast & Opportunities, 2018-2028” forecasts robust growth for the Vietnam Internet of Things (IoT) market from 2024 to 2028. The market’s expansion is driven by the increasing adoption of various connection technologies, advanced sensors, and blockchain applications across various industries in Vietnam. Additionally, the rising adoption of artificial intelligence and machine learning technologies is contributing to market growth. Technological advancements in manufacturing, transportation, and logistics sectors are further stimulating market growth. However, concerns regarding the high cost of IoT technology and issues related to data security, privacy, and encryption are expected to hinder market growth throughout the forecast period.
Rising demand for smart devices, expanding government initiatives, and the growing need for analytics are expected to drive sharp market growth during the forecast period. The increasing use of IoT in applications such as connected logistics, consumer electronics, building and home automation is also fueling market demand. Furthermore, the adoption of cloud platforms, improved data analytics, and advancements in wireless networking technologies are anticipated to drive market growth over the forecast period.
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Various stakeholders, including government bodies, companies, startups, and development communities, are contributing to the market’s growth by offering technological solutions and engaging in research and production activities. However, the COVID-19 pandemic has temporarily paused investments in IoT deployment across industries, impacting growth rates in 2022, particularly in sectors like personal and consumer services, manufacturing, transportation, and others.
The Vietnam IoT market is segmented based on platform, component, application, and region. The software segment dominated the market in 2022, with real-time streaming analytics holding the largest share due to the increased use of smart CCTV supervision across the country. Smart mobility & transportation are projected to witness the fastest growth in the application segment, driven by the demand for efficient and cost-effective transportation solutions utilizing communication and digital technologies.
Key service providers of the Internet of Things market include:
- FPT Corporation
- Viettel-CHT Limited (Viettel IDC)
- CMC Corporation
- Vietnam Posts and Telecommunications Group
- KDDI Vietnam Corporation
- Microsoft Services Asia
- IBM Vietnam Co. Ltd.
- Amazon Web Services Vietnam Company Limited
- Cisco Systems Vietnam Ltd,
- Oracle Vietnam Pte. Ltd.
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“IoT is revolutionizing various industries by enhancing efficiency, automation, data tracking, and decision-making accuracy. New trends emerging in the IoT landscape are boosting revenue and productivity, thereby impacting Vietnam’s digital transformation significantly,” said Mr. Karan Chechi, Research Director with TechSci Research.
The report “Vietnam Internet of Things Market Segmented By Platform, Component, Service, Application, Region, Competition, Forecast, and Opportunities, 2018-2028F” provides insights into the market’s future growth potential, structure, size, share, and emerging trends. It aims to provide comprehensive market intelligence to assist decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes essential drivers, challenges, and opportunities in the Vietnam IoT market.
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