Vietnam IoT in Manufacturing Market Set to Grow at a CAGR of over 21% until 2024

Rising demand for analytics in manufacturing industry, growing adoption of cloud computing and smart devices, increasing demand for Industrial Internet of Things (IIoT) and supporting government initiatives to drive Vietnam IoT in manufacturing market through 2024

According to TechSci Research report, “Vietnam IoT In Manufacturing Market By Component, By Application Area, By Vertical, Competition, Forecast & Opportunities, 2024”, Vietnam internet of things (IoT) market is projected to grow at the double-digit CAGR of over 21% during 2019-2024 on account of technological advancements and increasing use of the technology in various applications like energy & utilities, oil & gas, electronics and electricals, automotive, etc. Moreover, increasing adoption of smart sensors and beacons, growing use of new technologies in manufacturing sector, adoption of IoT in supply chain is further expected to positively influence the Vietnam IoT in manufacturing market. FPT Corporation, Viettel-CHT Limited (Viettel IDC), CMC Corporation, Vietnam Posts and Telecommunications Group, KDDI Vietnam Corporation, etc., are among the leading players operating in Vietnam IoT in manufacturing market. The companies operating in the market are using organic strategies such as product launches, and mergers and collaborations in order to register positive growth in the market.

Browse 52 market data Figures spread through 105 Pages and an in-depth TOC on “Vietnam Internet of Things (IoT) Market”

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Vietnam IoT in manufacturing market can be segmented based on component, application area, vertical and region. In terms of component, the market can be segmented into solutions, services and platforms. Solutions acquired the largest share in the market in 2018. However, services segment is expected to grow at the highest CAGR during forecast period owing to increasing demand for managing connected devices and improving the operational efficiency. Among application area, Business Process Optimization is expected to grow at the highest CAGR as it improves product utilization and enable value-added services in manufacturing sector.  

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“Among verticals, electronics and electricals segment is projected to grow at an impressive rate through 2024 on the back of increasing adoption of smart sensors and beacons. Moreover, increasing demand for handling challenges such as data privacy & security issue, inconsistent network availability, etc., along with increasing investment by the Vietnam government on industry 4.0 and Adoption of 5G is further promoting the growth of IoT in manufacturing in Vietnam.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Vietnam Internet of Things (IoT) Market  By Component, By Application Area, By Vertical, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Vietnam IoT in manufacturing market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Vietnam IoT in manufacturing market.

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