Internet of Things - Vietnam

  • Vietnam
  • Vietnam is expected to experience significant growth in the Internet of Things market (IoT) market.
  • By 2024, the projected revenue is estimated to reach US$2,749.00m.
  • Among the various segments within the IoT market, Automotive IoT is predicted to dominate with a projected market volume of US$747.70m in 2024.
  • This indicates the country's potential in the automotive sector within the IoT market.
  • Furthermore, the IoT market in Vietnam is expected to display a steady growth rate.
  • With an annual growth rate (CAGR 2024-2029) of 13.23%, the revenue is projected to reach US$5,117.00m by 2029.
  • This growth signifies the increasing adoption of IoT technologies in various industries withVietnam.
  • In comparison to other countries, in the United States is expected to generate the highest revenue in the IoT market.
  • In 2024, the projected revenue for the United States is estimated to be US$342.50bn.
  • This highlights the dominance of the United States in the global IoT market.
  • Overall, Vietnam's IoT market is poised for significant growth, offering opportunities for both local and international businesses to capitalize on the country's potential in this market segment.
  • Vietnam's Internet of Things market is rapidly growing, with an increasing number of companies developing innovative solutions for agriculture and manufacturing sectors.

Key regions: United States, Australia, Canada, China, India

Region comparison

Analyst Opinion

The Internet of Things is one of the technologies driving Industry 4.0 and it’s not a surprise that the market is seeing a CAGR of over 16% over a 10-year-period (2018-2028). Even as the global semiconductor shortage has slowed down the market supply and growth from the pre-pandemic levels, the demand for smart solutions ranging from industrial to security use cases is still on the rise. With revenues of more than US$141 billion in 2022, the U.S. is the market leader, followed by China, which is the leading manufacturer of IoT devices.

The Internet of Things market growth coincides with the development of other important technologies, such as 5G and cloud computing. The deployment of 5G communication standards paves the way for a faster and smoother connection among smart devices.

Moreover, cybersecurity remains a big challenge, which can have significant effects both on personal and professional levels. As more data is collected and transmitted from one device to another and stored in the cloud, the challenge of securing the data and assuring privacy is more present than ever.


Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.


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