Vietnam Cloud Computing Market Size Booming at Robust CAGR of 19.48% to Reach USD 4.8 Billion by 2030

Published | 24 January 2024

Vietnam Cloud Computing Market is flourishing due to the growing pace of digital transformation among SMEs and an increasing focus on reducing IT cost.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Cloud Computing Market size at USD 1,638.33 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Cloud Computing Market size to expand at a CAGR of 19.48% reaching a value of USD 4,765.85 million by 2030. The Cloud Computing Market in Vietnam is propelled by the growing influence from expanding digitalization trends. Notably, the increased requirements for remote work, a flourishing startup ecosystem, a rising demand for scalable and efficient cloud services, and ongoing technological advancements are expected to further contribute to the market growth. Vietnam's robust digital transformation strategy propels a shift towards cloud-based solutions, creating an ideal environment for technology adoption. Vietnamese enterprises increasingly embrace modern IT architectures, notably cloud technology, enhancing operational efficiencies and fueling market expansion. Another driving factor is the surge in e-commerce and remote work, accelerated by the COVID-19 pandemic, amplifies the demand for cloud services in data analytics, storage, and cybersecurity, fostering market growth. Regulatory support through data protection laws and tax incentives encourages local investment in data centers. Also, the market benefits from global cloud giants establishing infrastructure, offering reliable, scalable, and secure services. Growing awareness among SMEs, ongoing R&D, and strategic partnerships contribute to market diversification. Rapid advancements in IoT, ML, and AI technologies present lucrative opportunities for cloud computing service providers across sectors in Vietnam.

Opportunity - Focus on hybrid and multi-cloud strategies

Amidst the recovery from the COVID-19 pandemic, Vietnam has witnessed an accelerated digital transformation, with the government prioritizing public digital platforms and technological migration. Cloud computing has played a pivotal role, experiencing significant growth as organizations embrace the technological shift. Predicted to be a burgeoning cloud market in Vietnam is expected to grow exponentially in the coming years. Despite these opportunities, enterprises face challenges on their cloud journey, including regulatory compliance, lack of holistic approaches, and technology change concerns. However, with a focus on hybrid and multi-cloud strategies, the Vietnam Cloud Computing Market is poised for substantial growth, contributing to the nation's digital development.

Impact of Geopolitical Tensions on Vietnam Cloud Computing Market

The Vietnam Cloud Computing Market is impacted by geopolitical tensions in several ways. Ongoing tensions pose potential disruptions to international trade and data flows, potentially impacting the seamless operation of cloud services. Companies may face heightened regulatory scrutiny and compliance requirements, adding complexity to their cloud strategies. Moreover, geopolitical uncertainties could influence investment decisions, shaping the allocation of resources for cloud infrastructure development. Despite the challenges arising from global uncertainties, the region, especially Vietnam, has experienced a remarkable surge in cloud adoption, leading Southeast Asia at a substantial CAGR of more than 30% from 2018 to 2023, as per industry estimates. Additionally, Southeast Asian countries, including Vietnam, strategically leverage cloud technologies to improve customer experiences, strengthen in-house development capacity, and advance digital transformation initiatives.

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Vietnam Cloud Computing Market

Segmental Information

Vietnam Cloud Computing Market – By Enterprise Size

By enterprise size, the Vietnam Cloud Computing Market is bifurcated into Large Enterprises and Small & Medium-sized Enterprises (SMEs) segments. The SMEs segment holds a higher share in the Vietnam Cloud Computing Market by enterprise size. It can be attributed to the substantial presence of SMEs in the country. According to the Vietnam Association of Small and Medium-sized Enterprises, nearly 98% of the country's over 800,000 enterprises fall within the SME category. Actively pursuing digitization efforts to elevate their business value, more than 30% of SMEs in Vietnam are now leveraging digital platforms, as indicated by the MIC. Cloud services offer a plethora of advantages to SMEs, allowing them to operate on-demand, exercise cost control, and scale rapidly. However, SMEs grapple with challenges in implementing their digital transformation strategies and sustaining their IT infrastructure.

Competitive Landscape

The Vietnam Cloud Computing Market is fragmented, with numerous players serving the market. The key players dominating the Vietnam Cloud Computing Market include VNG Cloud, Viettel IDC, FPT Corporation, Vietnam Posts and Telecommunications Group (VNPT), CMC Corporation, NextTech Group, Mat Bao Corporation, VCCloud, Vietnam National Television Corporation (VTC), and HPT Vietnam Corporation. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Vietnam Cloud Computing Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Vietnam Cloud Computing Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Cloud Computing Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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