Vietnam’s security market reached an estimated US$601.6 million in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 13.18 percent, hitting US$1.83 billion by 2033, according to IMARC Group.
The report note key drivers include:
- Rapid urbanisation and industrialisation are fuelling demand for surveillance, access control, and perimeter security systems.
- The expansion of smart city initiatives and IoT devices is pushing integration between physical and digital security solutions.
- Vietnam’s growing reliance on digital platforms—such as e-commerce and cloud services—is increasing demand for robust cybersecurity frameworks.
- Government-led efforts to boost public safety and cybersecurity awareness are spurring both funding and regulatory development.
- The private sector is investing heavily in threat detection, data encryption, and network protection amid rising cyber threats.
As Vietnam’s economy modernises and integrates further into the global digital ecosystem, the convergence of physical and cyber security is becoming essential. The market’s strong growth outlook reflects mounting pressure on both government agencies and businesses to proactively manage risks and protect critical infrastructure.
See also: Technology in Vietnam: Industry Overview