Vietnam’s Cloud Service Market Projected to Reach USD 291 million by 2024

Oct 2020

According to the latest study by Research and Markets, in 2018 Vietnam’s cloud service market was valued at USD 165 million and is projected to reach USD 291 million by 2024. If realized, this development will translate into a double-digit CAGR of 10% between 2019 and 2024.

The Vietnamese market is currently led by the surging adoption of cloud services such as Infrastructure-as-a-Service and Software-as-a-Service, and a growing number of small- and medium-sized enterprises (SMEs).

According to the APAC SMB Digital Maturity Index released in April 2019, 18% of SMEs in Vietnam kickstarted their digital transformation journey through investing in cloud computing.

The increasing cloud adoption rate is reflected in the growth of Vietnam’s international connectivity: in 2019, Vietnam ranked 57th in the Global Connectivity Index, up from 101th in 2018.

FPT Corporation, Viettel-CHT Limited Company, CMC Corporation, IBM Vietnam Company, etc., are some of the major companies operating in the Vietnamese cloud service market.

However, some challenges could act as barriers to future growth. Vietnam needs to strengthen its digital ecosystem across these strategic areas: Digital Skills and Talent, Insights into Operational and Customer Data, and Robust IT platform.

(Sources: W. Media, Vietnam Investment Review)

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