Vietnam cloud services market projected to reach $291 million by 2024

Vietnam's cloud services market is forecast to grow at a tremendous pace in the next five years

The study shows that growth in the market is 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).

Moreover, cloud is cost-efficient as users are not required to install any hardware or software. Additionally, enterprise mobility, along with rising need for data storage, is further anticipated to drive growth in the Vietnamese cloud service market in the coming years.

By service type, Infrastructure-as-a-service dominates the Vietnamese cloud service market as it involves various solutions such as servers, storage, networking, and virtualisation, among others, which saves IT staff time as numerous users can work on a single piece of hardware anywhere and anytime.

However, Software-as-a-Service is expected to grow at the fastest CAGR during the forecast period because it helps companies lower up-front cost as it is subscription-based and has no up-front license fees resulting in lower initial costs.

Among end-use applications, corporates/private organisations account for the majority in the Vietnamese cloud service market, owing to the low costs of cloud services as well as open and transparent costs policy, which attract corporates/private organisations.

Northern Vietnam is the leading region in the Vietnamese cloud service market due to the presence of large corporates/private organisations, government and defence institutions, coupled with the growing number of SMEs in the region. Key players in the Vietnamese cloud service market are FPT Corporation, Viettel-CHT Limited Company, CMC Corporation, IBM Vietnam Company, Microsoft Vietnam, Amazon Web Services Vietnam Co., Ltd., Mat Bao Corporation, NTC Cloud Computing Co., Ltd., SAP Asia (Vietnam) Co., HPT Vietnam Corporation, Google LLC, and Salesforce.com, Inc.