The report titled “Vietnam Cloud Service Market” assesses the regional and local market on the basis of the service type, type, organization type, end use, and region. A comprehensive report provides an in-depth historical and future market size with trend analysis. The report underlines the competition analysis, strategic imperatives, growth avenues, and competition assessment for the concerned players in the Vietnam cloud service market.
Market Overview and Dynamics
The Vietnam cloud service market value is expected to grow at a CAGR of more than 25% during the forecast period of 2022-2028. Rapid digital transformation across the country is one of the primary factors fueling the market growth. The significant presence of a mix of foreign and domestic players offering a broad range of cloud services further augments the regional market growth.
Government and public stakeholders are focusing on building the foundational infrastructure to accelerate the Vietnam cloud service market growth. In recent times, few applications have been developed and deployed singularly in some organizations without mass integration, reflecting enormous potential. Education, training, and management are the focused areas for the government and stakeholders with education facilities planning to incorporate cloud services. For instance, Vinh Long University of Technology Education (VLUTE) implemented a private cloud module VLUTE-Cloud for education, training, and management in 2018.
The Vietnam cloud service market was valued at over US$ 240 Million in 2021 and is expected to surpass US$ 1,200 Million by the end of 2028.
Further, the COVID-19 pandemic has pushed the regional market growth strongly in recent times. The cloud computing market has observed nearly 40% growth due to the pandemic. Industry players, the government, along with the key end users, are focusing on establishing and promoting digital solutions for a variety of applications which is spurring the demand for cloud services in the region. For instance, the State Bank of Vietnam amended its policies to allow banks to perform digital know-your-customer (KYC) due diligence checks for account opening and transactions, paving the way for banks and citizens to go digital for their banking needs.
- Based on the service type, Software-as-a-Service (SaaS) is expected to grow at the fastest CAGR during the forecast period of 2022-2028.
- On the basis of organization type, the enterprise segment held a dominating market share in 2021, owing to the wide adoption of cloud services by SMEs and enterprises.
- Based on region, Northern Vietnam is expected to grow significantly on account of rapid urbanization and digital transformation in the region.
Competition Analysis: Foreign players dominate the regional market
The Vietnam cloud service market is characterized by the presence of a mix of a significant number of international and domestic cloud service providers. International players such as Google LLC, Amazon.com Inc., IBM Corp., SAP SE, Salesforce Inc., and Oracle Corp. dominate the Vietnam cloud service market with nearly 80% market share in 2021 on account of brand presence and wide service offerings. Whereas domestic players such as Viettel-CHT Ltd. Co., FPT Corp., HPT Vietnam Corp., CMC Corp., Mat Bao Corp., VCC Vinaphone (VNPT Cloud Contact Center), and VNG Corp., among others, held the remaining market share.
Leading industry players are making significant investments to gain a competitive edge over other players and as well as increase market share in the market space. Key developments observed in recent years in the market include,
- In October 2021, VIB Bank and Microsoft Vietnam announced a 3-year partnership to deploy multi-cloud on Microsoft Azure premises.
- In October 2021, Vietinbank cooperated with Amazon Web Services (AWS) to launch a digital banking service named VietinBank iPay, which is entirely deployed on cloud computing.
- In September 2021, Techcombank chose AWS as a strategic partner to supply cloud computing services, including inclusive training packages AWS Skills Guild.
RationalStat has segmented the Vietnam cloud service market on the basis of service type, type, organization type, end user, and region.
- By Service Type
- Infrastructure-as-a-Service (IaaS)
- Platform-as-a-Service (PaaS)
- Software-as-a-Service (SaaS)
- By Type
- By Organization Type
- Large Enterprises
- Public Administration
- By End-Use
- Banking, Financial Services & Insurance (BFSI)
- Retail & Warehousing
- IT & Telecom
- Media & Entertainment
- Public & Government
- Others (Agriculture etc.)
- By Region
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
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