Vietnam Cloud Service Market to grow at a CAGR of 18.88 % until 2026 – TechSci Research

Increasing focus towards cloud computing with the industrial shift to remote work is a key driver expected to drive the growth of the Vietnam Cloud Service Market.

According to TechSci Research report, “Vietnam Cloud Service Market, By Service Type (Infrastructure as a Service, Platform as a Service and Software as a Service), By Type (Public Cloud, Private Cloud, and Hybrid Cloud), By End Use Application (Corporates/Private Organizations, BFSI, Government & Defense, Retail, Healthcare, Academic & Education Institutions and others), By Region (Northern Vietnam, Southern Vietnam and Central Vietnam), Competition, Forecast & Opportunities, 2016-2026”, the Vietnam Cloud Service Market is forecast to grow at a CAGR of 18.88% to reach USD603.34 million by 2026. Growth in the market can be attributed to the increasing adoption of cloud services in small & medium-sized enterprises along with the rising need for data security & storage. The overall demand of enterprise mobility with the rise in digital transformation is expected to drive the Vietnam Cloud Service Market. The market has been primarily influenced by increasing potential of hybrid cloud to manage high network traffic and ensure safety of sensitive data. Moreover, the launch of 5G is expected to revolutionize many sectors including cloud service in the future. Vietnam is one of the earliest countries to successfully pilot 5G technology. All these factors have resulted in a positive impact on the Vietnam Cloud Service Market.

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The Vietnam Cloud Service Market is segmented based on service type, type, end use application and region. In terms of the service type, the market can be segmented into Infrastructure as a Service, Platform as a Service and Software as a Service. Out of these, Infrastructure as a Service dominated the market in 2020 with a market share of 41.74% owing to its high scalability, cost-effectiveness, pay-on-demand for utilities, location independence, redundancy and the security of the user’s data. Moreover, Infrastructure as a Service allows business activities to grow, which is expected to enhance the Vietnam Cloud Service Market in the forecast period.

In terms of type, the market can be divided into Public Cloud, Private Cloud and Hybrid Cloud. Out of these, the Public Cloud segment dominated the market in 2020 with a market share of 65.44% owing to its lower costs, no maintenance and near-unlimited scalability with on demand resources. But the Hybrid Cloud is the fastest growing segment and is forecast to grow at a swiftest pace until 2026. The growth of the hybrid cloud is due to its better support for a remote workforce and improved security and risk management along with the accessibility of multiple vendors and platforms by a single user.

In terms of end use application, Corporates/Private Organizations dominated the Vietnam Cloud Service Market with the largest market share of 41.14% in 2020. This growth is due to the growing need for security and safety of the official data of various organizations across the country. In terms of region, Northern Vietnam dominates the Vietnam Cloud Service Market with a market share of 44.92% in 2020 owing to accelerated urbanization and digital transformation of the region.

FPT Corporation, Viettel-CHT Ltd. Co., CMC Corporation, IBM Vietnam Company Ltd., Microsoft Vietnam Limited Liability Company, Amazon Web Services Vietnam Company Limited, Mat Bao Corporation, NTC Cloud Computing Company Limited, SAP Vietnam Co. Ltd., HPT Vietnam Corporation, Google LLC, Salesforce.com, Inc. etc. are among the leading players operating in the Vietnam Cloud Service Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Vietnam Cloud Service Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting security with high funding in services, and merging with small players to support the competitive Vietnam Cloud Service Market.

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“The growth in IT sector in Vietnam during the pandemic has attracted many foreign cloud service giants such as Google, Amazon Web Services (AWS) and Alibaba to the market which is expected to create profitable opportunities for the growth of the Vietnam Cloud Service Market. Moreover, the various supportive government initiatives launched to accelerate the development of cloud computing platforms for national digital transformation is anticipated to boost the growth of the market in forecast period. These platforms include Viettel Cloud platform, VNPT Cloud platform, VNG Cloud platform, CMC Cloud platform and BizFly Cloud computing platform. Additionally, the adoption of edge computing which is an explicitly hybrid approach to cloud computing that controls the data flowing to and from the primary network is propelling the growth of the Vietnam Cloud Service Market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Cloud Service Market, By Service Type (Infrastructure as a Service, Platform as a Service and Software as a Service), By Type (Public Cloud, Private Cloud, and Hybrid Cloud), By End Use Application (Corporates/Private Organizations, BFSI, Government & Defense, Retail, Healthcare, Academic & Education Institutions and others), By Region (Northern Vietnam, Southern Vietnam and Central Vietnam), Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of cloud services in the Vietnam market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Vietnam Cloud Service Market.”

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