Vietnam Cloud Service Market Set to Grow at over 15% CAGR through 2025

Lower cost of ownership, rising need for data storage, growing small & medium-sized enterprises (SMEs) and enterprise mobility to boost Vietnam cloud service market through 2025

According to TechSci Research report, “Vietnam Cloud Service Market By Service Type, By Type, By End Use Application, By Region, Competition, Forecast & Opportunities, 2025’’, Vietnam cloud service market is projected to grow at a CAGR of over 15% during 2020 - 2025 on account of lower cost of ownership, growing internet of things (IoT) enabled devices, surging adoption of cloud computing services and rapid development of SMEs across Vietnam. Moreover, rising need for data storage and instant implementation of cloud service across different organizations is further strengthening the growth of cloud service market in Vietnam. Additionally, enterprise mobility coupled with network virtualization is anticipated to fuel growth in Vietnam cloud service market during forecast period. Furthermore, increasing flexibility and scalability is aiding to the growth of cloud service market in the country. According to Asia Cloud Computing Association, Vietnam ranked 14th in cloud readiness index in 2020.

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Vietnam cloud service market is segmented based on service type, type, end use application and region. Based on service type, the market can be further segmented into Infrastructure-as-a-Service, Platform-as-a-Service & Software-as-a-Service segments. Out of which, Software-as-a-Service is anticipated to grow at a fastest CAGR during the forecast period owing to its lower cost of ownership. Moreover, in the wake of COVID-19, many organizations are forced to work from home. As a result, demand for Software-as-a-Service is expected to increase significantly for remote working/learning to foster business continuity and increasing productivity. Based on type, the market can be categorized into public cloud, private cloud and hybrid cloud. Among types of cloud service, public cloud is the major segment in Vietnam cloud service market in 2019 and is expected to continue dominating the market throughout the forecast period due to its lower cost of ownership. Moreover, public cloud segment is anticipated to grow at the fastest pace during forecast period owing to the fact that SMEs are increasing at a significant rate in Vietnam who are the major user of public cloud in the country. Based on region, the market can be bifurcated into Northern Vietnam, Southern Vietnam and Central Vietnam. Northern Vietnam dominated the cloud service market in the country during 2015-2019 and is likely to maintain its dominance during forecast period as well owing to the presence of large number of corporates/private organizations, government & defense base along with the growing number of SMEs in the region.

FPT Corporation, Viettel-CHT Limited Company, CMC Corporation, IBM Vietnam Company, Microsoft Vietnam, Amazon Web Services Vietnam Company Limited, Mat Bao Corporation, NTC Cloud Computing Company Limited, SAP Asia (Vietnam) Co. Ltd., HPT Vietnam Corporation, Google LLC and Salesforce.com, Inc. are some of the leading players operating in the Vietnam cloud service market.

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“Infrastructure-as-a-service dominated the Vietnam cloud service market in 2019 and is forecast to hold it dominant position throughout the forecast period as it reduces the cost associated with hardware like servers, storage, networking, etc., and it enables multiple users to work a single piece of hardware anywhere and anytime. However, software-as-a-service is expected to witness the fastest growth during forecast period as it helps companies in lowering the up-front cost.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Vietnam Cloud Service Market By Service Type, By Type, By End Use Application, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Vietnam cloud service market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along with indispensable drivers, challenges and opportunities in Vietnam Cloud Service Market.

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