Vietnam ICT Market Size To Exhibit a CAGR of 7.74% during 2024-2032

Vietnam ICT market is projected to exhibit a growth rate (CAGR) of 7.74% during 2024-2032.

The rapid digital transformation, the shift towards remote work, the rollout of 5G networks, the increasing frequency and sophistication of cyber threats, the rising need to protect sensitive data and infrastructure, and the growth of e-commerce and the shift towards digital payments are some of the key factors driving the market.

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Factors Affecting the Growth of the Vietnam ICT Industry:

• Rising Development of Smart Cities:

The development of smart cities involves the integration of Internet of Things (IoT) technologies to enhance urban efficiency and livability. IoT devices, such as sensors and smart meters, are deployed throughout cities to collect real-time data on various aspects like traffic flow, air quality, energy consumption, and waste management in Vietnam. This data is then analyzed and used to make informed decisions for improving city services and infrastructure. Smart cities aim to optimize resource allocation, reduce environmental impact, and enhance the quality of life of residents by enabling improved transportation and energy efficiency.

• Rapid Digitalization:

The rising utilization of mobile banking and digital payment solutions due to rapid digitalization in Vietnam is contributing to the growth of the market. In addition, the increasing adoption of smartphones and smart devices among individuals in the country is impelling the market growth. Furthermore, mobile banking apps and digital payment platforms allow users to perform tasks like transferring funds, paying bills, and making purchases seamlessly from their mobile devices. This not only enhances financial inclusion but also promotes cashless transactions, thereby enhancing efficiency, security, and financial accessibility while reducing the reliance on traditional banking methods.

• Wide Availability of Internet Facilities:

The increasing adoption of ICT due to the wide availability of internet facilities in the country is bolstering the growth of the market. This expansion is primarily driven by investments in digital infrastructure, including the deployment of high-speed broadband networks and the increase in mobile internet services. As a result, the wide availability of internet facilities assists in facilitating enhanced connectivity, online education, e-commerce, and digital communication, which is supporting the market growth in Vietnam. In line with this, it makes information more accessible and enables organizations and individuals to participate in the digital economy.

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Vietnam ICT Market Report Segmentation:

By Type:

• Hardware
o Network Switches
o Routers and WLAN
o Servers and Storage
o Others
• Software
• IT and Infrastructure Services
• Telecommunication Services

On the basis of type, the market has been classified into hardware (network switches, routers and WLAN, servers and storage, and others), software, IT and infrastructure services, and telecommunication services.

By Industry Vertical:

• BFSI
• IT and Telecom
• Government
• Retail and E-commerce
• Manufacturing
• Energy and Utilities
• Others

Based on the industry vertical, the market has been divided into BFSI, IT and telecom, government, retail and e-commerce, manufacturing, energy and utilities, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Region-wise, the Vietnam ICT market has been segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam.

Vietnam ICT Market Trends:

The growing focus on sustainable and eco-friendly technologies due to rising environmental concerns among people in Vietnam is offering a positive market outlook. In line with this, increasing preferences for green ICT solutions and practices to reduce the environmental impact of the industry are bolstering the market growth in the country.
The rising awareness among individuals about cybersecurity is impelling the market growth. Apart from this, there is an increase in the demand for cybersecurity solutions and services to protect crucial information of companies and individuals.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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